Middle East: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in the Middle East

The Middle Eastern refined soybean oil market rose rapidly to $X in 2022, surging by X% against the previous year. The total consumption indicated a resilient expansion 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, consumption increased by X% against 2020 indices. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Refined Soybean Oil Production in the Middle East

In value terms, refined soybean oil production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2015 with an increase of X%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2022.

Refined Soybean Oil Exports

Exports in the Middle East

In 2022, the amount of refined soybean oil and its fractions exported in the Middle East fell dramatically to X tons, reducing by X% compared with the previous year. Total exports indicated a slight increase 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. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2021, and then contracted rapidly in the following year.

In value terms, refined soybean oil exports dropped to $X in 2022. Over the period under review, exports, however, saw a tangible increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

The United Arab Emirates was the largest exporter of refined soybean oil and its fractions in the Middle East, with the volume of exports resulting at X tons, which was near X% of total exports in 2022. Iran (X tons) ranks second in terms of the total exports with a X% share, followed by Saudi Arabia (X%). Turkey (X tons) took a little share of total exports.

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

In value terms, the United Arab Emirates ($X) remains the largest refined soybean oil supplier in the Middle East, comprising X% of total exports. The second position in the ranking was held by Iran ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

In the United Arab Emirates, refined soybean 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 Saudi Arabia (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. Over the period under review, the export price continues to indicate a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

Refined Soybean Oil Imports

Imports in the Middle East

Refined soybean oil imports amounted to X tons in 2022, picking up by X% compared with the previous year's figure. Total imports 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, imports increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Overall, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Jordan (X tons) was the largest importer of refined soybean oil and its fractions, making up X% of total imports. The United Arab Emirates (X tons) took the second position in the ranking, followed by Kuwait (X tons), Oman (X tons), Israel (X tons) and Lebanon (X tons). All these countries together took near X% share of total imports. Saudi Arabia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined soybean oil imports into Jordan stood at X%. At the same time, the United Arab Emirates (X%), Oman (X%), Kuwait (X%) and Israel (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. By contrast, Lebanon (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. Jordan (X p.p.), Kuwait (X p.p.), the United Arab Emirates (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total imports, while Lebanon and Saudi Arabia 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, Jordan ($X) constitutes the largest market for imported refined soybean oil and its fractions in the Middle East, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Jordan totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, picking up by X% against the previous year. Import 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 import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the United Arab Emirates ($X per ton) and Oman ($X per ton), while Saudi Arabia ($X per ton) and Jordan ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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