GCC: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in GCC

The GCC refined rapeseed oil market rose modestly to $X in 2023, picking up by X% against the previous year. The total consumption indicated buoyant growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Refined Rapeseed Oil Production in GCC

In value terms, refined rapeseed oil production expanded significantly to $X in 2023 estimated in export price. The total production indicated a buoyant increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, production reached the peak level at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Refined Rapeseed Oil Exports

Exports in GCC

In 2023, approx. X tons of refined rape, colza or mustard oil were exported in GCC; growing by X% on 2022 figures. Over the period under review, exports recorded a strong increase. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, refined rapeseed oil exports reduced to $X in 2023. In general, exports saw strong growth. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then dropped in the following year.

Exports by Country

The shipments of the one major exporters of refined rape, colza or mustard oil, namely the United Arab Emirates, represented more than two-thirds of total export.

The United Arab Emirates was also the fastest-growing in terms of the refined rape, colza or mustard oil exports, with a CAGR of X% from 2012 to 2023. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest refined rapeseed oil supplier in GCC.

In the United Arab Emirates, refined rapeseed oil exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, falling by X% against the previous year. Overall, the export price, however, recorded a modest increase. The most prominent rate of growth was recorded in 2022 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then contracted significantly in the following year.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2023, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Refined Rapeseed Oil Imports

Imports in GCC

Refined rapeseed oil imports fell markedly to X tons in 2023, declining by X% against the previous year. Over the period under review, imports, however, enjoyed a moderate increase. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2023, imports remained at a lower figure.

In value terms, refined rapeseed oil imports fell markedly to $X in 2023. Overall, imports, however, continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2023, imports remained at a lower figure.

Imports by Country

The United Arab Emirates was the major importing country with an import of about X tons, which finished at X% of total imports. Qatar (X tons) held the second position in the ranking, followed by Kuwait (X tons), Bahrain (X tons) and Oman (X tons). All these countries together held near X% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Qatar (X%), Bahrain (X%) and Oman (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. Kuwait experienced a relatively flat trend pattern. From 2012 to 2023, the share of the United Arab Emirates, Qatar and Bahrain 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, the United Arab Emirates ($X) constitutes the largest market for imported refined rape, colza or mustard oil in GCC, comprising X% of total imports. The second position in the ranking was held by Qatar ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (X% per year) and Kuwait (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, with a decrease of X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Oman ($X per ton) and Qatar ($X per ton), while Kuwait ($X per ton) and the United Arab Emirates ($X per ton) were 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 mixed trends in the import price figures.

Source: IndexBox Platform