Oman: Maize Oil Market 2024

Maize Oil Market Size in Oman

The Omani maize oil market shrank rapidly to $X in 2022, waning by -15.4% against the previous year. Over the period under review, consumption, however, enjoyed a resilient increase. Over the period under review, the market attained the peak level at $X in 2021, and then shrank dramatically in the following year.

Maize Oil Production in Oman

In value terms, maize oil production shrank modestly to $X in 2022 estimated in export price. Overall, production recorded a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 78%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Maize Oil Exports

Exports from Oman

In 2022, overseas shipments of maize oil increased by 23% to X tons for the first time since 2016, thus ending a five-year declining trend. In general, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2016 when exports increased by 113% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, maize oil exports amounted to $X in 2022. Overall, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 108%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons), Qatar (X tons) and the United Arab Emirates (X tons) were the main destinations of maize oil exports from Oman, with a combined 86% share of total exports. Pakistan and Kuwait lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +55.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for maize oil exported from Oman were Saudi Arabia ($X), Qatar ($X) and the United Arab Emirates ($X), with a combined 85% share of total exports. Pakistan and Kuwait lagged somewhat behind, together accounting for a further 14%.

Kuwait, with a CAGR of +57.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, which is down by -17.8% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 42% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped notably in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Kuwait ($X per ton) and Qatar ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Oman

In 2022, supplies from abroad of maize oil was finally on the rise to reach X tons after three years of decline. Overall, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 85%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, maize oil imports shrank to $X in 2022. In general, imports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 90%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and the United States (X tons) were the main suppliers of maize oil imports to Oman, together comprising 84% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Saudi Arabia (with a CAGR of +49.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) constituted the largest supplier of maize oil to Oman, comprising 54% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 26% share of total imports. It was followed by the United States, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Saudi Arabia amounted to +44.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+23.1% per year) and the United States (-7.4% per year).

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, reducing by -13.9% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 58%. As a result, import price attained the peak level of $X per ton, and then reduced 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 Saudi Arabia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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