Oman: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Oman

The Omani evaporated and condensed milk market declined modestly to $X in 2022, dropping by -4.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a measured expansion 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, consumption increased by +7.0% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Evaporated And Condensed Milk

Exports from Oman

In 2022, approx. X tons of evaporated and condensed milk were exported from Oman; picking up by 25% against 2021. Over the period under review, exports saw significant growth. The pace of growth was the most pronounced in 2017 when exports increased by 463%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, evaporated and condensed milk exports soared to $X in 2022. Overall, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 509% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Libya (X tons) was the main destination for evaporated and condensed milk exports from Oman, accounting for a 47% share of total exports. Moreover, evaporated and condensed milk exports to Libya exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. The third position in this ranking was taken by Yemen (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Libya amounted to +71.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+115.8% per year) and Yemen (+91.2% per year).

In value terms, Libya ($X), Saudi Arabia ($X) and Yemen ($X) constituted the largest markets for evaporated and condensed milk exported from Oman worldwide, together accounting for 72% of total exports. The United Arab Emirates, Qatar and Jordan lagged somewhat behind, together accounting for a further 22%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +98.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average evaporated and condensed milk export price stood at $X per ton in 2022, remaining stable against the previous year. In general, the export price recorded a pronounced setback. The pace of growth was the most pronounced in 2021 when the average export price increased by 18% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Jordan (+26.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Evaporated And Condensed Milk

Imports into Oman

After two years of decline, overseas purchases of evaporated and condensed milk increased by 0.6% to X tons in 2022. Over the period under review, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 -23.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 47%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, evaporated and condensed milk imports dropped slightly to $X in 2022. In general, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 31% against the previous year. Over the period under review, imports reached the maximum 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 evaporated and condensed milk to Oman, with a 56% share of total imports. Moreover, evaporated and condensed milk imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+1.7% per year) and the Netherlands (-4.1% per year).

In value terms, the largest evaporated and condensed milk suppliers to Oman were the United Arab Emirates ($X), Saudi Arabia ($X) and the Netherlands ($X), with a combined 92% share of total imports.

Among the main suppliers, the United Arab Emirates, with a CAGR of +13.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average evaporated and condensed milk import price amounted to $X per ton, falling by -3.8% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 8.1%. As a result, import price reached the peak level of $X per ton, and then contracted slightly in the following year.

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 Netherlands ($X per ton), while the price for the United Arab Emirates ($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 (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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