Oman: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Oman

In 2022, the Omani fish fat and oil market decreased by -13.3% to $X, falling for the second consecutive year after three years of growth. Overall, consumption continues to indicate a strong increase. Fish fat and oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Fish Fats And Oils in Oman

In value terms, fish fat and oil production expanded rapidly to $X in 2022 estimated in export price. In general, production continues to indicate a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 173% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Fish Fats And Oils

Exports from Oman

Fish fat and oil exports from Oman skyrocketed to X tons in 2022, growing by 196% compared with the previous year. Over the period under review, exports enjoyed significant growth. The pace of growth was the most pronounced in 2016 with an increase of 249%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, fish fat and oil exports surged to $X in 2022. Overall, exports recorded significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 412% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Norway (X tons), Turkey (X tons) and Belgium (X tons) were the main destinations of fish fat and oil exports from Oman, together comprising 65% of total exports. Chile, China, Malaysia, Spain, the United States, Japan, Australia, Bangladesh and France lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +215.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Norway ($X) emerged as the key foreign market for fish fats and oils exports from Oman, comprising 37% of total exports. The second position in the ranking was held by Turkey ($X), with a 16% share of total exports. It was followed by Belgium, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Norway amounted to +92.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+85.2% per year) and Belgium (+92.2% per year).

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, picking up by 18% against the previous year. In general, the export price continues to indicate a strong increase. The pace of growth was the most pronounced in 2014 an increase of 59%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($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 Chile (+18.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Oman

In 2022, supplies from abroad of fish fats and oils increased by 21% to X tons, rising for the fourth year in a row after three years of decline. Overall, imports recorded a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 6,700%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, fish fat and oil imports surged to $X in 2022. In general, imports showed a significant increase. The growth pace was the most rapid in 2015 when imports increased by 2,750%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Yemen (X tons) constituted the largest supplier of fish fat and oil to Oman, accounting for a 87% share of total imports. Moreover, fish fat and oil imports from Yemen exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), eightfold.

From 2012 to 2022, the average annual growth rate of volume from Yemen stood at +51.9%.

In value terms, Yemen ($X) constituted the largest supplier of fish fats and oils to Oman, comprising 61% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Yemen totaled +32.0%.

Import Prices by Country

In 2022, the average fish fat and oil import price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the import price faced a abrupt descent. The most prominent rate of growth was recorded in 2017 when the average import price increased by 149% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average 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 United Arab Emirates ($X per ton), while the price for Yemen stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Yemen (-13.1%).

Source: IndexBox Platform

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