Oman: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Oman

In 2021, the Omani refined groundnut oil market decreased by -14.4% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a buoyant increase. Over the period under review, the market attained the peak level at $X in 2020, and then reduced in the following year.

Refined Groundnut Oil Production in Oman

In value terms, refined groundnut oil production reduced notably to $X in 2021 estimated in export price. Overall, production, however, recorded a prominent increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 53% against the previous year. As a result, production attained the peak level of $X, and then dropped rapidly in the following year.

Refined Groundnut Oil Exports

Exports from Oman

In 2021, overseas shipments of refined groundnut oil decreased by -50.3% to X tons, falling for the second year in a row after eight years of growth. Over the period under review, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 79% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, refined groundnut oil exports dropped significantly to $X in 2021. Overall, exports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2016 when exports increased by 63%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Yemen (X tons) was the main destination for refined groundnut oil exports from Oman, with a 100% share of total exports. It was followed by Qatar (X kg), with a 0.2% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Yemen totaled +16.8%.

In value terms, Yemen ($X) remains the key foreign market for refined groundnut oil exports from Oman, comprising 99% of total exports. The second position in the ranking was held by Qatar ($X), with a 0.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Yemen totaled +17.0%.

Export Prices by Country

The average refined groundnut oil export price stood at $X per ton in 2021, surging by 68% against the previous year. Overall, the export price, however, recorded a perceptible shrinkage. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Qatar ($X per ton), while the average price for exports to Yemen stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Yemen (+0.2%).

Refined Groundnut Oil Imports

Imports into Oman

In 2021, the amount of refined groundnut oil imported into Oman shrank dramatically to X tons, reducing by -47.7% against the previous year's figure. Overall, imports faced a deep slump. The pace of growth appeared the most rapid in 2016 when imports increased by 648%. 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, refined groundnut oil imports dropped rapidly to $X in 2021. Over the period under review, imports showed a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 990% 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 States (X tons) were the main suppliers of refined groundnut oil imports to Oman, together accounting for 91% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +34.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, India ($X), the United States ($X) and Saudi Arabia ($X) were the largest refined groundnut oil suppliers to Oman, with a combined 94% share of total imports.

India, with a CAGR of +31.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average refined groundnut oil import price amounted to $X per ton, picking up by 13% against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined groundnut oil import price increased by +26.1% against 2018 indices. The pace of growth was the most pronounced in 2016 an increase of 46% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: 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 India (+1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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