MENA: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in MENA

In 2022, the MENA's refined maize oil market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw a slight contraction. The most prominent rate of growth was recorded in 2021 when the market value increased by X% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Maize Oil Production in MENA

In value terms, refined maize oil production reached $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Maize Oil Exports

Exports in MENA

In 2022, the amount of refined maize (corn) oil exported in MENA shrank to X tons, falling by X% compared with 2021 figures. In general, exports continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined maize oil exports expanded modestly to $X in 2022. Over the period under review, exports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Turkey (X tons) represented the largest exporter of refined maize (corn) oil, constituting X% of total exports. It was distantly followed by Saudi Arabia (X tons) and Tunisia (X tons), together constituting a X% share of total exports. Egypt (X tons), the United Arab Emirates (X tons), Oman (X tons) and Palestine (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the refined maize (corn) oil exports, with a CAGR of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%), Palestine (X%) and Egypt (X%) displayed positive paces of growth. By contrast, Oman (X%), Saudi Arabia (X%) and Tunisia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, the United Arab Emirates and Egypt increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest refined maize oil supplier in MENA, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total exports. It was followed by Tunisia, with a X% share.

In Turkey, refined maize oil exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Tunisia (X% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, rising by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Saudi Arabia ($X per ton), while Turkey ($X per ton) and Egypt ($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.

Refined Maize Oil Imports

Imports in MENA

Refined maize oil imports reduced markedly to X tons in 2022, waning by X% against 2021. Overall, imports showed a abrupt decline. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports shrank to $X in 2022. Over the period under review, imports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Libya represented the key importer of refined maize (corn) oil in MENA, with the volume of imports recording X tons, which was near X% of total imports in 2022. The United Arab Emirates (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (X%), Qatar (X%) and Jordan (X%). Israel (X tons), Palestine (X tons), Kuwait (X tons), Oman (X tons), Iraq (X tons) and Yemen (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined maize oil imports into Libya stood at X%. At the same time, Oman (X%), Qatar (X%), Saudi Arabia (X%) and Palestine (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2022. Yemen and Iraq experienced a relatively flat trend pattern. By contrast, Israel (X%), the United Arab Emirates (X%), Jordan (X%) and Kuwait (X%) illustrated a downward trend over the same period. While the share of Saudi Arabia (X p.p.), Qatar (X p.p.), the United Arab Emirates (X p.p.), Kuwait (X p.p.), Oman (X p.p.), Palestine (X p.p.), Jordan (X p.p.) and Israel (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Libya (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Libya ($X), the United Arab Emirates ($X) and Qatar ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Jordan, Saudi Arabia, Israel, Palestine, Kuwait, Oman, Iraq and Yemen lagged somewhat behind, together comprising a further X%.

Oman, with a CAGR of X%, recorded the highest growth rate of 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

The import price in MENA stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by X%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Yemen ($X per ton) was 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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