Middle East: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in the Middle East

The Middle Eastern refined maize oil market stood at $X in 2022, increasing by X% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the market value increased by X%. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Refined Maize Oil Production in the Middle East

In value terms, refined maize oil production stood at $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. The level of production peaked at $X in 2018; afterwards, it flattened through to 2022.

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Refined Maize Oil Exports

Exports in the Middle East

Refined maize oil exports dropped to X tons in 2022, shrinking by X% on 2021. Total exports indicated a moderate expansion from 2012 to 2022: its volume 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 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 significantly to $X in 2022. Total exports indicated a slight 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when exports increased by X%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Turkey represented the largest exporting country with an export of around X tons, which accounted for X% of total exports. It was distantly followed by Saudi Arabia (X tons), the United Arab Emirates (X tons) and Oman (X tons), together comprising a X% share of total exports. The following exporters - Palestine (X tons) and Yemen (X tons) - each accounted for a X% share of total exports.

Exports from Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, Yemen (X%), the United Arab Emirates (X%) and Palestine (X%) displayed positive paces of growth. Moreover, Yemen emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2022. By contrast, Oman (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Yemen increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, rising by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, 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.

Refined Maize Oil Imports

Imports in the Middle East

For the sixth year in a row, the Middle East recorded decline in supplies from abroad of refined maize (corn) oil, which decreased by X% to X tons in 2022. Over the period under review, imports continue to indicate a mild curtailment. The growth pace was the most rapid in 2014 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports rose notably to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Saudi Arabia (X tons), Qatar (X tons) and Jordan (X tons) represented roughly X% of total imports in 2022. Israel (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Palestine (X%), Kuwait (X%) and Oman (X%). Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Oman (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates was relatively modest. In the other countries, the average annual rates were as follows: Qatar (X% per year) and Jordan (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: 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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