Oman: Groundnut Oil Market 2024

Groundnut Oil Market Size in Oman

In 2021, the Omani groundnut oil market was finally on the rise to reach $X for the first time since 2016, thus ending a four-year declining trend. Over the period under review, consumption, however, showed a deep downturn. Groundnut oil consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Groundnut Oil Production in Oman

In value terms, groundnut oil production fell to $X in 2021 estimated in export price. Over the period under review, production saw a mild decrease. The pace of growth was the most pronounced in 2020 when the production volume increased by 6.9%. Groundnut oil production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Groundnut Oil Exports

Exports from Oman

After nine years of growth, shipments abroad of groundnut oil decreased by -41.7% to X tons in 2021. Over the period under review, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 73% against the previous year. The exports peaked at X tons in 2020, and then reduced notably in the following year.

In value terms, groundnut oil exports dropped to $X in 2021. In general, exports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2016 when exports increased by 55% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Yemen (X tons) was the main destination for groundnut oil exports from Oman, accounting for a 96% share of total exports. Moreover, groundnut oil exports to Yemen exceeded the volume sent to the second major destination, Bolivia (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Yemen amounted to +28.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (0.0% per year) and Qatar (-27.3% per year).

In value terms, Yemen ($X) remains the key foreign market for groundnut oil exports from Oman, comprising 96% of total exports. The second position in the ranking was held by Bolivia ($X), with a 3.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Yemen amounted to +17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (0.0% per year) and Qatar (-31.2% per year).

Export Prices by Country

In 2021, the average groundnut oil export price amounted to $X per ton, growing by 51% against the previous year. Overall, the export price, however, faced a deep slump. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (-5.4%).

Groundnut Oil Imports

Imports into Oman

In 2021, the amount of groundnut oil imported into Oman declined dramatically to X tons, falling by -45% against 2020 figures. In general, imports saw a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 649%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, groundnut oil imports dropped sharply to $X in 2021. Over the period under review, imports saw a deep downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 993% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons), India (X tons) and the United Arab Emirates (X tons) were the main suppliers of groundnut oil imports to Oman, with a combined 94% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +35.1%), while imports for the other leaders experienced mixed trend patterns.

In value terms, India ($X) constituted the largest supplier of groundnut oil to Oman, comprising 63% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 15% share of total imports. It was followed by the United Arab Emirates, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from India totaled +38.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-16.8% per year) and the United Arab Emirates (-22.0% per year).

Import Prices by Country

In 2021, the average groundnut oil import price amounted to $X per ton, with an increase of 13% against the previous year. Overall, import price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, groundnut oil import price increased by +26.7% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 46%. The import price peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+29.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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