Oman: Animal Fats Market 2024

Animal Fats Market Size in Oman

In 2021, the Omani animal fats market decreased by -25.3% to $X for the first time since 2015, thus ending a five-year rising trend. Overall, consumption, however, showed a resilient expansion. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank notably in the following year.

Animal Fats Production in Oman

In value terms, animal fats production fell significantly to $X in 2021 estimated in export price. In general, production, however, recorded a prominent increase. The growth pace was the most rapid in 2019 with an increase of 103% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then dropped sharply in the following year.

Animal Fats Exports

Exports from Oman

In 2021, approx. X tons of animal fats and oils were exported from Oman; surging by 14% against the previous year's figure. Over the period under review, exports, however, continue to indicate a dramatic decrease. The most prominent rate of growth was recorded in 2019 with an increase of 140% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, animal fats exports contracted to $X in 2021. In general, exports, however, recorded a significant contraction. The pace of growth appeared the most rapid in 2019 when exports increased by 124%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Egypt (X tons), Qatar (X tons) and Yemen (X tons) were the main destinations of animal fats exports from Oman, with a combined 77% share of total exports. These countries were followed by Saudi Arabia and the United Arab Emirates, which together accounted for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of -18.4%), while the other leaders experienced a decline.

In value terms, Egypt ($X) remains the key foreign market for animal fats and oils exports from Oman, comprising 75% of total exports. The second position in the ranking was held by Yemen ($X), with an 8.9% share of total exports. It was followed by Qatar, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value to Egypt stood at -39.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-44.5% per year) and Qatar (-38.2% per year).

Export Prices by Country

The average animal fats export price stood at $X per ton in 2021, with a decrease of -17.7% against the previous year. Overall, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 an increase of 12%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Yemen (-7.8%), while the prices for the other major destinations experienced a decline.

Animal Fats Imports

Imports into Oman

In 2021, supplies from abroad of animal fats and oils decreased by -76.4% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, imports saw a precipitous curtailment. The growth pace was the most rapid in 2014 when imports increased by 404%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, animal fats imports dropped markedly to $X in 2021. Overall, imports saw a sharp reduction. The most prominent rate of growth was recorded in 2014 with an increase of 289% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) was the main animal fats supplier to Oman, accounting for a 98% share of total imports. It was followed by the United Arab Emirates (X kg), with a 1.6% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Malaysia totaled -23.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-31.6% per year) and Saudi Arabia (-45.9% per year).

In value terms, Malaysia ($X) constituted the largest supplier of animal fats and oils to Oman, comprising 98% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 0.8% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Malaysia stood at -22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-41.4% per year) and the United Arab Emirates (-42.1% per year).

Import Prices by Country

The average animal fats import price stood at $X per ton in 2021, surging by 72% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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