Oman: Essential Oils Market 2024

Essential Oils Market Size in Oman

The Omani essential oils market surged to $X in 2022, rising by 327% against the previous year. Over the period under review, consumption saw a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Essential Oils Production in Oman

In value terms, essential oils production soared to $X in 2022 estimated in export price. In general, production showed a mild increase. The most prominent rate of growth was recorded in 2014 with an increase of 2,084% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports from Oman

Essential oils exports from Oman fell to X tons in 2022, with a decrease of -11.4% against 2021. In general, exports showed a perceptible downturn. The most prominent rate of growth was recorded in 2014 with an increase of 1,282%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, essential oils exports expanded modestly to $X in 2022. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 1,593%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for essential oils exports from Oman, with a 62% share of total exports. Moreover, essential oils exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), sixfold. Ireland (X kg) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+34.5% per year) and Ireland (+153.7% per year).

In value terms, the United States ($X) remains the key foreign market for essential oils exports from Oman, comprising 72% of total exports. The second position in the ranking was taken by the UK ($X), with a 7.2% share of total exports. It was followed by Ireland, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+34.4% per year) and Ireland (+203.4% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, jumping by 17% against the previous year. Over the period under review, the export price, however, saw a deep setback. The pace of growth appeared the most rapid in 2019 an increase of 49%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to the Philippines ($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 Ireland (+19.6%), while the prices for the other major destinations experienced mixed trend patterns.

Essential Oils Imports

Imports into Oman

In 2022, the amount of essential oils imported into Oman skyrocketed to X tons, increasing by 400% compared with 2021. Overall, imports saw a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, essential oils imports skyrocketed to $X in 2022. In general, imports recorded a significant increase. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) was the main essential oils supplier to Oman, with a 91% share of total imports. It was followed by the Netherlands (X tons), with a 1.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at +30.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+279.4% per year) and Cyprus (+0.3% per year).

In value terms, India ($X) constituted the largest supplier of essential oils to Oman, comprising 90% of total imports. The second position in the ranking was held by Cyprus ($X), with a 1.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +29.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Cyprus (+5.6% per year) and the Netherlands (+414.5% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, waning by -2.4% against the previous year. Over the period under review, the import price continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2021 an increase of 49% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Cyprus ($X per ton), while the price for the Netherlands ($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 Netherlands (+35.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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