Egypt: Soybean Oil Market 2024

Soybean Oil Market Size in Egypt

In 2022, the Egyptian soybean oil market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Soybean Oil Production in Egypt

In value terms, soybean oil production amounted to $X in 2022 estimated in export price. In general, production showed mild growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. Soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Egypt

In 2022, after three years of growth, there was significant decline in shipments abroad of soybean oil, when their volume decreased by X% to X tons. In general, exports, however, continue to indicate a slight increase. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then fell significantly in the following year.

In value terms, soybean oil exports shrank sharply to $X in 2022. Over the period under review, exports, however, showed moderate growth. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank sharply in the following year.

Exports by Country

Algeria (X tons), Jordan (X tons) and Spain (X tons) were the main destinations of soybean oil exports from Egypt, together accounting for X% of total exports. Syrian Arab Republic, Libya, Morocco, Mauritius and Lebanon lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Morocco (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X), Jordan ($X) and Syrian Arab Republic ($X) were the largest markets for soybean oil exported from Egypt worldwide, with a combined X% share of total exports. Spain, Libya, Morocco, Mauritius and Lebanon lagged somewhat behind, together comprising a further X%.

Morocco, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price saw a mild expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Mauritius ($X per ton) and Lebanon ($X per ton), while the average price for exports to Spain ($X per ton) and Morocco ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Egypt

In 2022, the amount of soybean oil imported into Egypt soared to X tons, with an increase of X% compared with the previous year's figure. In general, imports showed resilient growth. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of soybean oil to Egypt, with a X% share of total imports. Moreover, soybean oil imports from Turkey exceeded the figures recorded by the second-largest supplier, Russia (X tons), twofold. Italy (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (X% per year) and Italy (X% per year).

In value terms, Turkey ($X) constituted the largest supplier of soybean oil to Egypt, comprising X% of total imports. The second position in the ranking was held by Russia ($X), with a X% share of total imports. It was followed by Italy, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (X% per year) and Italy (X% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, picking up by X% against the previous year. In general, the import price recorded a slight increase. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Netherlands ($X per ton) and Russia ($X per ton), while the price for Italy ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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