Middle East: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in the Middle East

In 2022, the Middle Eastern palm kernel oil market increased by X% to $X, rising for the third year in a row after two years of decline. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Palm Kernel Oil Production in the Middle East

In value terms, palm kernel oil production amounted to $X in 2022 estimated in export price. In general, production showed a precipitous setback. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Palm Kernel Oil Exports

Exports in the Middle East

After three years of growth, overseas shipments of palm kernel and babassu oil decreased by X% to X tons in 2022. Over the period under review, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2021, and then fell remarkably in the following year.

In value terms, palm kernel oil exports fell dramatically to $X in 2022. Overall, exports, however, saw a strong expansion. The pace of growth was the most pronounced in 2013 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2021, and then fell notably in the following year.

Exports by Country

Turkey dominates exports structure, reaching X tons, which was approx. X% of total exports in 2022. The United Arab Emirates (X tons) and Iran (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the palm kernel and babassu oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Iran (X%) displayed positive paces of growth. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by X percentage points.

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

In Turkey, palm kernel oil exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Iran (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Iran ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

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

Palm Kernel Oil Imports

Imports in the Middle East

In 2022, supplies from abroad of palm kernel and babassu oil decreased by X% to X tons, falling for the second consecutive year after three years of growth. Overall, imports, however, recorded a mild increase. The growth pace was the most rapid in 2013 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, palm kernel oil imports reached $X in 2022. The total import 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Turkey was the main importer of palm kernel and babassu oil in the Middle East, with the volume of imports accounting for X tons, which was near X% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), comprising an X% share of total imports. Iran (X tons), the United Arab Emirates (X tons) and Yemen (X tons) held a relatively small share of total imports.

Turkey experienced a relatively flat trend pattern with regard to volume of imports of palm kernel and babassu oil. At the same time, Saudi Arabia (X%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. Iran experienced a relatively flat trend pattern. By contrast, Yemen (X%) and the United Arab Emirates (X%) illustrated a downward trend over the same period. Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates and Turkey saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported palm kernel and babassu oil in the Middle East, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports. It was followed by Iran, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Iran (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, increasing by X% against the previous year. Import price indicated a slight 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, palm kernel oil import price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

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 ($X per ton), while Saudi Arabia ($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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