Oman: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Oman

The Omani refined coconut oil market reached $X in 2022, growing by 2.7% against the previous year. In general, consumption saw strong growth. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in Oman

In value terms, refined coconut oil production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 81% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Refined Coconut Oil Exports

Exports from Oman

In 2022, shipments abroad of refined coconut (copra) oil decreased by -45% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2021 with an increase of 840% against the previous year. As a result, the exports reached the peak of X tons, and then contracted sharply in the following year.

In value terms, refined coconut oil exports declined significantly to $X in 2022. In general, exports, however, showed a strong increase. The growth pace was the most rapid in 2017 when exports increased by 902%. Over the period under review, the exports reached the maximum at $X in 2021, and then fell rapidly in the following year.

Exports by Country

Somalia (X tons) was the main destination for refined coconut oil exports from Oman, accounting for a 72% share of total exports. Moreover, refined coconut oil exports to Somalia 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 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to Somalia stood at +7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+17.6% per year) and Yemen (-11.8% per year).

In value terms, Somalia ($X) remains the key foreign market for refined coconut (copra) oil exports from Oman, comprising 66% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 21% share of total exports. It was followed by Qatar, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Somalia totaled +4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+27.6% per year) and Qatar (+5.4% per year).

Export Prices by Country

The average refined coconut oil export price stood at $X per ton in 2022, increasing by 4.4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 45%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, 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 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+25.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into Oman

Refined coconut oil imports into Oman rose sharply to X tons in 2022, surging by 5.4% against the year before. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.4% 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 -5.1% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 60%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, refined coconut oil imports rose significantly to $X in 2022. Overall, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 24% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), the United Arab Emirates (X tons) and Malaysia (X tons) were the main suppliers of refined coconut oil imports to Oman, with a combined 93% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +17.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), the United Arab Emirates ($X) and Malaysia ($X) constituted the largest refined coconut oil suppliers to Oman, together comprising 93% of total imports.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +21.3%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average refined coconut oil import price amounted to $X per ton, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2015 an increase of 74%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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