GCC: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in GCC

The GCC refined palm oil market contracted to $X in 2022, with a decrease of X% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X; afterwards, it flattened through to 2022.

Refined Palm Oil Production in GCC

In value terms, refined palm oil production reduced to $X in 2022 estimated in export price. In general, production, however, saw a resilient increase. The pace of growth was the most pronounced in 2019 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Refined Palm Oil Exports

Exports in GCC

In 2022, shipments abroad of refined palm oil increased by X% to X tons, rising for the fifth consecutive year after four years of decline. Over the period under review, exports saw prominent growth. The pace of growth was the most pronounced in 2013 with an increase of X%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, refined palm oil exports soared to $X in 2022. Overall, exports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

The United Arab Emirates (X tons) and Oman (X tons) represented roughly X% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), committing a X% share of total exports.

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

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

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

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, growing by X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($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 mixed trends in the export price figures.

Refined Palm Oil Imports

Imports in GCC

Refined palm oil imports fell to X tons in 2022, with a decrease of X% compared with the year before. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by X%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, refined palm oil imports rose rapidly to $X in 2022. Total imports indicated a tangible 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. Based on 2022 figures, imports increased by X% against 2018 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

The United Arab Emirates represented the largest importing country with an import of about X tons, which accounted for X% of total imports. It was distantly followed by Oman (X tons), Saudi Arabia (X tons) and Kuwait (X tons), together constituting a X% share of total imports. The following importers - Bahrain (X tons) and Qatar (X tons) - together made up X% of total imports.

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

In value terms, the United Arab Emirates ($X), Oman ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Kuwait, Bahrain and Qatar lagged somewhat behind, together comprising a further X%.

Qatar, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries 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, surging by X% against the previous year. Over the period under review, the import price saw a pronounced expansion. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :