GCC: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in GCC

The GCC soybean oilcake market declined to $X in 2022, reducing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Soybean Oilcake Production in GCC

In value terms, soybean oilcake production rose modestly to $X in 2022 estimated in export price. The total production indicated a prominent increase 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, production decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

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Soybean Oilcake Exports

Exports in GCC

In 2022, the amount of soybean oilcake exported in GCC fell sharply to X tons, waning by X% against the previous year. Overall, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell remarkably in the following year.

In value terms, soybean oilcake exports reduced markedly to $X in 2022. In general, exports, however, saw a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then declined remarkably in the following year.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the major exporter of soybean oilcake in GCC, comprising X% of total export.

The United Arab Emirates was also the fastest-growing in terms of the soybean oilcake exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest soybean oilcake supplier in GCC.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at X%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to continue growth in years to come.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Soybean Oilcake Imports

Imports in GCC

For the third year in a row, GCC recorded decline in supplies from abroad of soybean oilcake, which decreased by X% to X tons in 2022. Overall, imports, however, saw a slight expansion. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, soybean oilcake imports contracted dramatically to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. The level of import peaked at $X in 2021, and then reduced dramatically in the following year.

Imports by Country

Kuwait (X tons) and the United Arab Emirates (X tons) represented roughly X% of total imports in 2022. Oman (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (X%).

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 largest soybean oilcake importing markets in GCC were Kuwait ($X), the United Arab Emirates ($X) and Oman ($X), together accounting for X% of total imports. These countries were followed by Qatar, which accounted for a further X%.

Qatar, with a CAGR of X%, recorded 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, increasing by X% against the previous year. Import price indicated a moderate increase 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, soybean oilcake import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably 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 the United Arab Emirates ($X per ton) and Qatar ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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