Middle East: Palm Oil Market 2024

Palm Oil Market Size in the Middle East

In 2022, the Middle Eastern palm oil market increased by X% to $X, rising for the third year in a row after three years of decline. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Palm Oil Production in the Middle East

In value terms, palm oil production amounted to $X in 2022 estimated in export price. Overall, production, however, recorded a significant curtailment. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Palm Oil Exports

Exports in the Middle East

In 2022, shipments abroad of palm oil increased by X% to X tons, rising for the sixth consecutive year after three years of decline. In general, exports recorded strong growth. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, palm oil exports surged to $X in 2022. Overall, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, Turkey (X tons), distantly followed by the United Arab Emirates (X tons), Oman (X tons) and Saudi Arabia (X tons) represented the largest exporters of palm oil, together creating X% of total exports.

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

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

Turkey, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries 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 the Middle East amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, recorded a slight decline. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs 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, major exporting countries recorded the following prices: in Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton), while Oman ($X per ton) and Turkey ($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 a decline in the export price figures.

Palm Oil Imports

Imports in the Middle East

Palm oil imports dropped modestly to X tons in 2022, stabilizing at the previous year. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021, and then shrank slightly in the following year.

In value terms, palm oil imports expanded significantly to $X in 2022. Overall, imports, however, continue to indicate notable growth. The pace of growth was the most pronounced in 2021 with an increase of X%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Turkey was the major importer of palm oil in the Middle East, with the volume of imports accounting for X tons, which was approx. X% of total imports in 2022. Saudi Arabia (X tons) ranks second in terms of the total imports with a X% share, followed by Iran (X%), the United Arab Emirates (X%), Yemen (X%) and Oman (X%). Iraq (X tons) followed a long way behind the leaders.

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

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

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at X%. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, growing by X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while Yemen ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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