GCC: Cotton-Seed Oil Market 2024

Cotton-Seed Oil Market Size in GCC

The GCC cotton-seed oil market reduced slightly to $X in 2023, falling by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

Cotton-Seed Oil Production in GCC

In value terms, cotton-seed oil production reduced to $X in 2023 estimated in export price. The total production indicated mild growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2021 indices. The growth pace was the most rapid in 2019 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2023, production stood at a somewhat lower figure.

Cotton-Seed Oil Exports

Exports in GCC

In 2023, exports of cotton-seed oil in GCC soared to X tons, growing by X% against the previous year's figure. Overall, exports, however, continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2014 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2015 to 2023, the growth of the exports remained at a lower figure.

In value terms, cotton-seed oil exports expanded notably to $X in 2023. Over the period under review, exports, however, continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, the United Arab Emirates (X tons) was the main exporter of cotton-seed oil, creating X% of total exports. Oman (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Saudi Arabia (X%). Kuwait (X tons) held a relatively small share of total exports.

From 2012 to 2023, average annual rates of growth with regard to cotton-seed oil exports from the United Arab Emirates stood at X%. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Saudi Arabia (X%) and Kuwait (X%) illustrated a downward trend over the same period. Oman (X p.p.) and Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest cotton-seed oil supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Oman ($X), with a X% share of total exports. It was followed by Saudi Arabia, with an X% share.

In the United Arab Emirates, cotton-seed oil exports plunged by an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, falling by X% against the previous year. Overall, the export price recorded a slight curtailment. The growth pace was the most rapid in 2017 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton), while Kuwait ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the export price figures.

Cotton-Seed Oil Imports

Imports in GCC

In 2023, supplies from abroad of cotton-seed oil increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. In general, imports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, cotton-seed oil imports contracted to $X in 2023. Over the period under review, imports, however, continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons) and Kuwait (X tons) represented the major importers of cotton-seed oil in 2023, recording near X% and X% of total imports, respectively. It was distantly followed by the United Arab Emirates (X tons), Oman (X tons) and Bahrain (X tons), together achieving a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Kuwait (with a CAGR of X%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest cotton-seed oil importing markets in GCC were Kuwait ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), together accounting for X% of total imports.

In terms of the main importing countries, Kuwait, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, declining by X% against the previous year. Overall, the import price continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2018 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Bahrain ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform