Morocco: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Morocco

After four years of decline, the Moroccan refined soybean oil market increased by X% to $X in 2022. Over the period under review, consumption, however, showed a deep reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Morocco

In value terms, refined soybean oil production expanded sharply to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a slight decline. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

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Refined Soybean Oil Exports

Exports from Morocco

In 2022, shipments abroad of refined soybean oil and its fractions increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, refined soybean oil exports surged to $X in 2022. Over the period under review, exports saw a strong increase. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Syrian Arab Republic (X tons), Senegal (X tons) and Mauritania (X tons) were the main destinations of refined soybean oil exports from Morocco, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Senegal (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Syrian Arab Republic ($X), Senegal ($X) and Mauritania ($X) constituted the largest markets for refined soybean oil exported from Morocco worldwide, together accounting for X% of total exports.

Senegal, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, rising by X% against the previous year. Over the period under review, export price indicated a notable expansion 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, refined soybean oil export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Syrian Arab Republic ($X per ton) and Libya ($X per ton), while the average price for exports to Equatorial Guinea ($X per ton) and Mauritania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Libya (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Morocco

In 2022, supplies from abroad of refined soybean oil and its fractions decreased by X% to X tons, falling for the second consecutive year after five years of growth. Over the period under review, imports showed a dramatic shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports fell notably to $X in 2022. Overall, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, France (X tons) constituted the largest supplier of refined soybean oil to Morocco, with a X% share of total imports. Moreover, refined soybean oil imports from France exceeded the figures recorded by the second-largest supplier, Germany (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from France stood at X%.

In value terms, France ($X) and Germany ($X) appeared to be the largest refined soybean oil suppliers to Morocco.

France, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the import price recorded a resilient increase. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for France amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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