GCC: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in GCC

The GCC chemically modified oils market surged to $X in 2022, increasing by X% against the previous year. In general, consumption saw a strong increase. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Chemically Modified Oils Production in GCC

In value terms, chemically modified oils production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports in GCC

In 2022, shipments abroad of animal or vegetable fats and oils chemically modified decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, chemically modified oils exports shrank dramatically to $X in 2022. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 with an increase of X%. The level of export peaked at $X in 2021, and then contracted sharply in the following year.

Exports by Country

Saudi Arabia represented the largest exporter of animal or vegetable fats and oils chemically modified in GCC, with the volume of exports reaching X tons, which was near X% of total exports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total exports with a X% share, followed by Qatar (X%) and Kuwait (X%).

Exports from Saudi Arabia increased at an average annual rate of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%), Qatar (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. While the share of Kuwait (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest chemically modified oils supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Qatar ($X), together accounting for X% of total exports.

Qatar, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, declining by X% against the previous year. Export price indicated slight growth from 2012 to 2022: its price 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. Based on 2022 figures, chemically modified oils export price increased by X% against 2017 indices. The growth pace was the most rapid in 2021 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then dropped slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

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

Chemically Modified Oils Imports

Imports in GCC

In 2022, overseas purchases of animal or vegetable fats and oils chemically modified decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. The volume of import peaked at X tons in 2021, and then contracted modestly in the following year.

In value terms, chemically modified oils imports soared to $X in 2022. Over the period under review, imports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

The United Arab Emirates dominates imports structure, reaching X tons, which was near X% of total imports in 2022. Qatar (X tons) and Kuwait (X tons) took a little share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the animal or vegetable fats and oils chemically modified imports, with a CAGR of X% from 2012 to 2022. At the same time, Kuwait (X%) and Qatar (X%) displayed positive paces of growth. From 2012 to 2022, the share of the United Arab Emirates and Kuwait increased by X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in GCC, comprising X% of total imports. The second position in the ranking was taken by Qatar ($X), with a X% share of total imports.

In the United Arab Emirates, chemically modified oils imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Qatar (X% per year) and Kuwait (X% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, surging by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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