MENA: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in MENA

The MENA's crude groundnut oil market soared to $X in 2023, increasing by X% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2023, the growth of the market remained at a lower figure.

Crude Groundnut Oil Production in MENA

In value terms, crude groundnut oil production surged to $X in 2023 estimated in export price. In general, production, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2023, production growth remained at a somewhat lower figure.

Crude Groundnut Oil Exports

Exports in MENA

In 2023, overseas shipments of crude groundnut oil were finally on the rise to reach X tons for the first time since 2018, thus ending a four-year declining trend. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, crude groundnut oil exports totaled $X in 2023. Over the period under review, exports saw a prominent expansion. The growth pace was the most rapid in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

Exports by Country

Iraq dominates exports structure, recording X tons, which was approx. X% of total exports in 2023. Kuwait (X tons) held a minor share of total exports.

Iraq was also the fastest-growing in terms of the crude groundnut oil exports, with a CAGR of X% from 2012 to 2023. At the same time, Kuwait (X%) displayed positive paces of growth. While the share of Iraq (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Kuwait (X p.p.) displayed negative dynamics.

In value terms, Iraq ($X) remains the largest crude groundnut oil supplier in MENA, comprising X% of total exports. The second position in the ranking was held by Kuwait ($X), with an X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in Iraq totaled X%.

Export Prices by Country

In 2023, the export price in MENA amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price showed a pronounced curtailment. The growth pace was the most rapid in 2015 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while Iraq totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kuwait (X%).

Crude Groundnut Oil Imports

Imports in MENA

In 2023, purchases abroad of crude groundnut oil decreased by X% to X tons, falling for the fifth consecutive year after three years of growth. In general, imports recorded a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of X%. The volume of import peaked at X tons in 2018; however, from 2019 to 2023, imports failed to regain momentum.

In value terms, crude groundnut oil imports shrank to $X in 2023. Overall, imports continue to indicate a pronounced shrinkage. The growth pace was the most rapid in 2017 with an increase of X%. As a result, imports attained the peak of $X. From 2018 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Qatar represented the major importing country with an import of about X tons, which accounted for X% of total imports. Israel (X tons) ranks second in terms of the total imports with a X% share, followed by Yemen (X%) and Saudi Arabia (X%). The United Arab Emirates (X tons) held a relatively small share of total imports.

From 2012 to 2023, average annual rates of growth with regard to crude groundnut oil imports into Qatar stood at X%. At the same time, Israel (X%), Yemen (X%) and Saudi Arabia (X%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Israel, Yemen and Saudi Arabia increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Qatar ($X) constitutes the largest market for imported crude groundnut oil in MENA, comprising X% of total imports. The second position in the ranking was taken by Israel ($X), with a X% share of total imports. It was followed by Saudi Arabia, with an X% share.

In Qatar, crude groundnut oil imports decreased by an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Israel (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2023, rising by X% against the previous year. Over the period under review, the import price recorded a temperate expansion. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Qatar ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform