Middle East: Groundnut Oil Market 2023

Groundnut Oil Market Size in the Middle East

For the third year in a row, the Middle Eastern groundnut oil market recorded growth in sales value, which increased by 21% to $X in 2021. Over the period under review, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Groundnut Oil Production in the Middle East

In value terms, groundnut oil production rose slightly to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 42%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Groundnut Oil Exports

Exports in the Middle East

Groundnut oil exports surged to X tons in 2021, picking up by 43% against the year before. In general, exports, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2018 when exports increased by 138% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, groundnut oil exports declined remarkably to $X in 2021. Overall, exports, however, saw a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by 94% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Iraq prevails in exports structure, amounting to X tons, which was approx. 92% of total exports in 2021. It was distantly followed by Turkey (X tons), creating a 4.6% share of total exports.

Iraq was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of +102.5% from 2012 to 2021. At the same time, Turkey (+11.1%) displayed positive paces of growth. While the share of Iraq (+91 p.p.) and Turkey (+3.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iraq ($X) remains the largest groundnut oil supplier in the Middle East, comprising 82% of total exports. The second position in the ranking was held by Turkey ($X), with a 6.5% share of total exports.

In Iraq, groundnut oil exports increased at an average annual rate of +83.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, which is down by -47.7% against the previous year. Over the period under review, the export price saw a deep contraction. The pace of growth was the most pronounced in 2020 an increase of 15%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Turkey ($X per ton), while Iraq totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-4.4%).

Groundnut Oil Imports

Imports in the Middle East

In 2021, after three years of decline, there was significant growth in supplies from abroad of groundnut oil, when their volume increased by 7.5% to X tons. Overall, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 208%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, groundnut oil imports surged to $X in 2021. In general, imports recorded a resilient expansion. The growth pace was the most rapid in 2017 with an increase of 218% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Yemen was the largest importing country with an import of about X tons, which reached 38% of total imports. The United Arab Emirates (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Syrian Arab Republic (15%), Kuwait (11%), Saudi Arabia (6.1%) and Qatar (4.8%). Israel (X tons) took a relatively small share of total imports.

Imports into Yemen increased at an average annual rate of +58.9% from 2012 to 2021. At the same time, Syrian Arab Republic (+71.9%), Kuwait (+36.1%), Israel (+26.3%), the United Arab Emirates (+24.9%) and Saudi Arabia (+8.4%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +71.9% from 2012-2021. By contrast, Qatar (-12.5%) illustrated a downward trend over the same period. Yemen (+36 p.p.), Syrian Arab Republic (+15 p.p.), the United Arab Emirates (+9.8 p.p.) and Kuwait (+8.6 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and Qatar saw its share reduced by -3.3% and -46% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Syrian Arab Republic ($X) and Kuwait ($X) were the countries with the highest levels of imports in 2021, together accounting for 58% of total imports.

In terms of the main importing countries, Syrian Arab Republic, with a CAGR of +49.4%, recorded the highest rates of growth with regard to 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 2021, the import price in the Middle East amounted to $X per ton, with an increase of 25% against the previous year. Over the period under review, the import price, however, showed a mild downturn. The most prominent rate of growth was recorded in 2015 when the import price increased by 38%. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Israel ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+7.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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