GCC: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in GCC

In 2022, the GCC crude soybean oil market increased by X% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in GCC

In value terms, crude soybean oil production reduced slightly to $X in 2022 estimated in export price. In general, production recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Crude Soybean Oil Exports

Exports in GCC

In 2022, the amount of crude soybean oil exported in GCC fell slightly to X tons, approximately equating the year before. Overall, exports recorded a pronounced reduction. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports reduced markedly to $X in 2022. Over the period under review, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia dominates exports structure, recording X tons, which was approx. X% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), committing a X% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of X% from 2012 to 2022. The United Arab Emirates (X%) illustrated a downward trend over the same period. While the share of Saudi Arabia (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest crude soybean oil supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia stood at X%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, dropping by X% against the previous year. Over the period under review, the export price continues to indicate a mild downturn. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped rapidly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Crude Soybean Oil Imports

Imports in GCC

Crude soybean oil imports shrank to X tons in 2022, reducing by X% compared with the previous year's figure. In general, imports continue to indicate a pronounced reduction. The pace of growth was the most pronounced in 2021 with an increase of X%. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, crude soybean oil imports rose remarkably to $X in 2022. Over the period under review, imports recorded a noticeable downturn. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) and Oman (X tons) represented the major importers of crude soybean oil in GCC, together mixing up X% of total imports. Saudi Arabia (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (X%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Oman (with a CAGR of X%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest crude soybean oil importing markets in GCC were the United Arab Emirates ($X), Oman ($X) and Saudi Arabia ($X), together comprising X% of total imports.

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

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price continues to indicate pronounced growth. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the United Arab Emirates ($X per ton) and Oman ($X per ton), while Saudi Arabia ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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