Oman: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Oman

In 2021, the Omani refined maize oil market was finally on the rise to reach $X after two years of decline. In general, consumption showed a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Refined Maize Oil Production in Oman

In value terms, refined maize oil production rose modestly to $X in 2021 estimated in export price. In general, production, however, saw a abrupt contraction. The growth pace was the most rapid in 2016 with an increase of 57% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Refined Maize Oil Exports

Exports from Oman

In 2021, shipments abroad of refined maize (corn) oil decreased by -34.4% to X tons, falling for the fifth consecutive year after three years of growth. Overall, exports showed a deep downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 115%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, refined maize oil exports reduced to $X in 2021. In general, exports recorded a abrupt decrease. The growth pace was the most rapid in 2016 with an increase of 110% against the previous year. 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

Saudi Arabia (X tons) was the main destination for refined maize oil exports from Oman, with a 46% share of total exports. Moreover, refined maize oil exports to Saudi Arabia exceeded the volume sent to the second major destination, Qatar (X tons), twofold. The United Arab Emirates (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to Saudi Arabia totaled -16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (-5.4% per year) and the United Arab Emirates (-8.3% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for refined maize (corn) oil exports from Oman, comprising 50% of total exports. The second position in the ranking was taken by Qatar ($X), with a 21% share of total exports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Saudi Arabia totaled -14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (-6.4% per year) and the United Arab Emirates (-0.2% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, jumping by 43% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Somalia ($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 Pakistan (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Oman

In 2021, the amount of refined maize (corn) oil imported into Oman surged to X tons, increasing by 67% compared with 2020. In general, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 344% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports soared to $X in 2021. Over the period under review, imports posted a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 288% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

The United States (X tons), France (X tons) and Tunisia (X tons) were the main suppliers of refined maize oil imports to Oman, together accounting for 83% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +73.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), France ($X) and Tunisia ($X) were the largest refined maize oil suppliers to Oman, with a combined 82% share of total imports.

France, with a CAGR of +71.6%, saw 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

In 2021, the average refined maize oil import price amounted to $X per ton, picking up by 31% against the previous year. Over the period under review, the import price, however, showed a slight decrease. The most prominent rate of growth was recorded in 2020 when the average import price increased by 32% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Saudi Arabia ($X per ton) and the United States ($X per ton), while the price for Tunisia ($X per ton) and South Africa ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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