Saudi Arabia: Vegetable Oils Market 2024

Vegetable Oils Market Size in Saudi Arabia

In 2023, the Saudi vegetable oils market was finally on the rise to reach $X for the first time since 2020, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2023, consumption stood at a somewhat lower figure.

Vegetable Oils Production in Saudi Arabia

In value terms, vegetable oils production stood at $X in 2023 estimated in export price. In general, production, however, continues to indicate modest growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. Vegetable oils production peaked at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.

Vegetable Oils Exports

Exports from Saudi Arabia

In 2023, shipments abroad of vegetable fats and oils decreased by X% to X tons, falling for the sixth consecutive year after two years of growth. Overall, exports faced a abrupt decline. The pace of growth was the most pronounced in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2023, the exports stood at a somewhat lower figure.

In value terms, vegetable oils exports dropped to $X in 2023. Over the period under review, exports showed a mild reduction. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), the UK (X tons) and Lebanon (X tons) were the main destinations of vegetable oils exports from Saudi Arabia, with a combined X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of X%), while the other leaders experienced a decline.

It was followed by the UK, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lebanon (X% per year) and the UK (X% per year).

Export Prices by Country

The average vegetable oils export price stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the export price showed buoyant growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Saudi Arabia

For the third consecutive year, Saudi Arabia recorded decline in supplies from abroad of vegetable fats and oils, which decreased by X% to X tons in 2023. Over the period under review, imports faced a abrupt decline. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, vegetable oils imports amounted to $X in 2023. In general, imports continue to indicate a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, Malaysia (X tons) constituted the largest supplier of vegetable oils to Saudi Arabia, accounting for a X% share of total imports. Moreover, vegetable oils imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. Spain (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Malaysia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Spain (X% per year).

In value terms, Malaysia ($X) constituted the largest supplier of vegetable fats and oils to Saudi Arabia, comprising X% of total imports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total imports. It was followed by Spain, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Malaysia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Spain (X% per year).

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2023, approximately mirroring the previous year. Overall, the import price continues to indicate slight growth. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2023.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the highest price was recorded for prices from the United Arab Emirates ($X per ton) and Spain ($X per ton), while the price for Egypt ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform