Oman: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Oman

In 2022, the Omani chemically modified oils market decreased by -1% to $X, falling for the second year in a row after nine years of growth. Over the period under review, consumption, however, showed significant growth. Chemically modified oils consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chemically Modified Oils Production in Oman

In value terms, chemically modified oils production stood at $X in 2022 estimated in export price. In general, production showed a significant increase. The growth pace was the most rapid in 2017 with an increase of 137% against the previous year. Chemically modified oils production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from Oman

Chemically modified oils exports from Oman surged to X tons in 2022, rising by 60% on the previous year's figure. Overall, exports continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 233%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, chemically modified oils exports skyrocketed to $X in 2022. In general, exports showed a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 187% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), the UK (X tons) and Pakistan (X tons) were the main destinations of chemically modified oils exports from Oman, with a combined 81% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +53.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Oman, comprising 60% of total exports. The second position in the ranking was held by Somalia ($X), with a 14% share of total exports. It was followed by the UK, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands amounted to +56.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Somalia (+29.0% per year) and the UK (+10.1% per year).

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, falling by -17.8% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average export price increased by 26%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Somalia ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Somalia (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Oman

Chemically modified oils imports into Oman declined dramatically to X tons in 2022, waning by -17.9% against the previous year's figure. Over the period under review, imports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2015 when imports increased by 682%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, chemically modified oils imports fell to $X in 2022. In general, imports, however, showed a pronounced increase. The growth pace was the most rapid in 2015 when imports increased by 231% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest chemically modified oils supplier to Oman, with a 87% share of total imports. Moreover, chemically modified oils imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 3% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at +46.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.2% per year) and the United Arab Emirates (-12.2% per year).

In value terms, Malaysia ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Oman, comprising 70% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by Thailand, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at +26.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.3% per year) and Thailand (+29.7% per year).

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2022, picking up by 3.8% against the previous year. Over the period under review, the import price, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 when the average import price increased by 72% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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