GCC: Oil Crops Market 2024

Oil Crops Market Size in GCC

For the fourth year in a row, the GCC oil crops market recorded growth in sales value, which increased by X% to $X in 2022. The total consumption indicated a strong increase 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 2018 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Oil Crops Production in GCC

In value terms, oil crops production soared to $X in 2022 estimated in export price. Overall, production, however, showed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

The United Arab Emirates (X tons) constituted the country with the largest volume of oil crops production, accounting for X% of total volume. It was followed by Oman (X tons), with a X% share of total production.

In the United Arab Emirates, oil crops production increased at an average annual rate of X% over the period from 2012-2022.

The average oil crops yield shrank sharply to X tons per ha in 2022, which is down by X% compared with the year before. In general, the yield, however, continues to indicate a significant increase. The growth pace was the most rapid in 2019 when the yield increased by X% against the previous year. Over the period under review, the oil crops yield reached the maximum level at X tons per ha in 2020; however, from 2021 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of oil crops (primary) were harvested in GCC; remaining stable against 2021. The total harvested area indicated a modest expansion from 2012 to 2022: its figure 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, oil crops harvested area increased by X% against 2018 indices. The growth pace was the most rapid in 2020 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2021, and then contracted in the following year.

Oil Crops Exports

Exports in GCC

In 2022, overseas shipments of oil crops (primary) decreased by X% to X tons, falling for the second year in a row after five years of growth. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2013 with an increase of X%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, oil crops exports fell notably to $X in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the key exporter of oil crops (primary) in GCC, constituting X% of total export.

The United Arab Emirates was also the fastest-growing in terms of the oil crops (primary) exports, with a CAGR of X% from 2012 to 2022. From 2012 to 2022, the share of the United Arab Emirates increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at X%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, growing by X% against the previous year. Export price indicated a notable increase 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. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Oil Crops Imports

Imports in GCC

In 2022, imports of oil crops (primary) in GCC rose modestly to X tons, picking up by X% on the previous year's figure. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, oil crops imports rose remarkably to $X in 2022. Total imports indicated a pronounced increase 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, imports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The United Arab Emirates represented the main importing country with an import of around X tons, which amounted to X% of total imports. It was distantly followed by Saudi Arabia (X tons), making up a X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%).

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported oil crops (primary) in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports.

In the United Arab Emirates, oil crops imports increased at an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, increasing by X% against the previous year. Import price indicated a mild 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, oil crops import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Source: IndexBox Platform

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