Oman: Ghee Market 2024

Ghee Market Size in Oman

The Omani ghee market rose markedly to $X in 2022, picking up by 11% against the previous year. Over the period under review, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.3% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Ghee Production in Oman

In value terms, ghee production surged to $X in 2022 estimated in export price. Overall, production saw a prominent expansion. The growth pace was the most rapid in 2020 with an increase of 125% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Ghee Exports

Exports from Oman

After two years of decline, shipments abroad of ghee increased by 34% to X tons in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 266%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, ghee exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by 275%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Yemen (X tons), the United Arab Emirates (X tons) and Saudi Arabia (X tons) were the main destinations of ghee exports from Oman, together accounting for 98% of total exports.

From 2012 to 2022, the biggest increases were recorded for Yemen (with a CAGR of +16.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for ghee exports from Oman, comprising 52% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 19% share of total exports. It was followed by Yemen, with a 17% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-5.9% per year) and Yemen (+16.5% per year).

Export Prices by Country

The average ghee export price stood at $X per ton in 2022, falling by -7.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The pace of growth was the most pronounced in 2020 an increase of 41%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Yemen ($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 the United Arab Emirates (+3.1%), while the prices for the other major destinations experienced mixed trend patterns.

Ghee Imports

Imports into Oman

In 2022, approx. X tons of ghee were imported into Oman; growing by 16% compared with the previous year's figure. In general, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, ghee imports rose notably to $X in 2022. Over the period under review, imports recorded notable growth. The pace of growth appeared the most rapid in 2017 when imports increased by 29% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), Malaysia (X tons) and the United Arab Emirates (X tons) were the main suppliers of ghee imports to Oman, together accounting for 62% of total imports. New Zealand, Uganda, Saudi Arabia, Kenya, Belgium, the Netherlands and Singapore lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Kenya (with a CAGR of +72.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest ghee suppliers to Oman were India ($X), Malaysia ($X) and the United Arab Emirates ($X), with a combined 63% share of total imports. New Zealand, Saudi Arabia, Uganda, the Netherlands, Kenya, Belgium and Singapore lagged somewhat behind, together accounting for a further 34%.

Kenya, with a CAGR of +103.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average ghee import price stood at $X per ton in 2022, with a decrease of -4.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.8%. The growth pace was the most rapid in 2017 when the average import price increased by 21%. The import price peaked at $X per ton in 2021, and then dropped modestly 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 ($X per ton), while the price for Uganda ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (+18.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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