GCC: Groundnut Oil Market 2024

Groundnut Oil Market Size in GCC

The GCC groundnut oil market declined to $X in 2022, waning by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Groundnut Oil Production in GCC

In value terms, groundnut oil production fell slightly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Groundnut Oil Exports

Exports in GCC

In 2022, overseas shipments of groundnut oil were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports showed a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, groundnut oil exports surged to $X in 2022. Total exports indicated a slight 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 exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Oman was the key exporting country with an export of around X tons, which amounted to X% of total exports. The United Arab Emirates (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Saudi Arabia (X%).

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of X%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Oman ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Oman, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the export price, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2016 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Groundnut Oil Imports

Imports in GCC

In 2022, purchases abroad of groundnut oil decreased by X% to X tons, falling for the fifth year in a row after two years of growth. Overall, imports, however, continue to indicate a noticeable expansion. The pace of growth appeared the most rapid in 2017 with an increase of X%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, groundnut oil imports dropped notably to $X in 2022. In general, imports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importing country with an import of about X tons, which finished at X% of total imports. It was distantly followed by Kuwait (X tons), Qatar (X tons) and Oman (X tons), together committing a X% share of total imports. Bahrain (X tons) followed a long way behind the leaders.

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

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

In terms of the main importing countries, Kuwait, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, leveling off at the previous year. Overall, the import price, however, continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

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

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

Source: IndexBox Platform

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