Oman: Chocolate Market 2024

Chocolate Market Size in Oman

After two years of decline, the Omani chocolate market increased by 9% to $X in 2022. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Chocolate Exports

Exports from Oman

In 2022, shipments abroad of chocolate and cocoa products decreased by -3% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports, however, posted prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by 272%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined slightly in the following year.

In value terms, chocolate exports dropped to $X in 2022. Overall, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 340% against the previous year. The exports peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Yemen (X tons) was the main destination for chocolate exports from Oman, with a 91% share of total exports. Moreover, chocolate exports to Yemen exceeded the volume sent to the second major destination, Qatar (X tons), more than tenfold. India (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume to Yemen totaled +65.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+7.9% per year) and India (-3.2% per year).

In value terms, Yemen ($X), Qatar ($X) and Saudi Arabia ($X) constituted the largest markets for chocolate exported from Oman worldwide, with a combined 96% share of total exports.

Yemen, with a CAGR of +91.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, shrinking by -2.5% against the previous year. In general, the export price, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2017 when the average export price increased by 173% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Yemen ($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 Saudi Arabia (+36.4%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Oman

In 2022, purchases abroad of chocolate and cocoa products was finally on the rise to reach X tons after two years of decline. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 23%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, chocolate imports amounted to $X in 2022. Over the period under review, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -12.3% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 36%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of chocolate to Oman, accounting for a 53% share of total imports. Moreover, chocolate imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. Egypt (X tons) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+11.9% per year) and Egypt (+9.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of chocolate and cocoa products to Oman, comprising 59% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 7.2% share of total imports. It was followed by Turkey, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+39.6% per year) and Turkey (+16.5% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, falling by -5.9% against the previous year. In general, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate import price increased by +45.9% against 2016 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by 18% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+24.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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