GCC: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in GCC

In 2022, after three years of decline, there was significant growth in the GCC palm kernel oil market, when its value increased by X% to $X. In general, consumption posted strong growth. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Palm Kernel Oil Production in GCC

In value terms, palm kernel oil production amounted to $X in 2022 estimated in export price. In general, production faced a precipitous slump. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Palm Kernel Oil Exports

Exports in GCC

After three years of growth, shipments abroad of palm kernel and babassu oil decreased by X% to X tons in 2022. Overall, exports faced a deep downturn. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then shrank rapidly in the following year.

In value terms, palm kernel oil exports fell notably to $X in 2022. In general, exports faced a precipitous shrinkage. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, the exports reached the peak of $X, and then dropped dramatically in the following year.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X tons, which was near X% of total exports in 2022. Oman (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to palm kernel oil exports from the United Arab Emirates stood at X%. Oman (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Oman increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest palm kernel oil supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Oman ($X), with a X% share of total exports.

In the United Arab Emirates, palm kernel oil exports decreased by an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, falling by X% against the previous year. Over the period under review, the export price showed a pronounced slump. The most prominent rate of growth was recorded in 2017 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably 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 Oman totaled $X per ton.

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

Palm Kernel Oil Imports

Imports in GCC

In 2022, overseas purchases of palm kernel and babassu oil decreased by X% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, palm kernel oil imports contracted rapidly to $X in 2022. In general, imports, however, posted strong growth. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia prevails in imports structure, resulting at X tons, which was near X% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons) and Kuwait (X tons), together mixing up a X% share of total imports. Bahrain (X tons) held a little share of total imports.

Imports into Saudi Arabia increased at an average annual rate of X% from 2012 to 2022. At the same time, Bahrain (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. Saudi Arabia (X p.p.), Kuwait (X p.p.) and Bahrain (X p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2022, respectively.

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

In Saudi Arabia, palm kernel oil imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, with a decrease of X% against the previous year. Overall, the import price showed a mild shrinkage. 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, and then dropped sharply in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kuwait ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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