Oman: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Oman

In 2022, the Omani refined olive oil market decreased by less than 0.1% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, enjoyed a strong expansion. Refined olive oil consumption peaked at $X in 2021, and then contracted slightly in the following year.

Refined Olive Oil Production in Oman

In value terms, refined olive oil production rose to $X in 2022 estimated in export price. Overall, production posted a strong increase. The growth pace was the most rapid in 2015 when the production volume increased by 89%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports from Oman

In 2022, the amount of refined olive oil exported from Oman shrank to X tons, remaining stable against the previous year's figure. Over the period under review, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 133% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports dropped to $X in 2022. Overall, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 136% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Somalia (X tons) was the main destination for refined olive oil exports from Oman, with a 72% share of total exports. Moreover, refined olive oil exports to Somalia exceeded the volume sent to the second major destination, Kuwait (X tons), fivefold. The third position in this ranking was taken by Bahrain (X tons), with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume to Somalia amounted to +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+15.6% per year) and Bahrain (+4.6% per year).

In value terms, Somalia ($X) emerged as the key foreign market for refined olive oil exports from Oman, comprising 71% of total exports. The second position in the ranking was held by Kuwait ($X), with a 14% share of total exports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Somalia stood at +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+14.8% per year) and the United Arab Emirates (+12.9% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, approximately mirroring the previous year. Overall, the export price enjoyed a strong expansion. The pace of growth appeared the most rapid in 2017 when the average export price increased by 67% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Bahrain ($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 Yemen (+7.9%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Olive Oil Imports

Imports into Oman

In 2022, approx. X tons of refined olive oil were imported into Oman; falling by -25.1% on the year before. In general, imports, however, recorded a tangible expansion. The most prominent rate of growth was recorded in 2021 with an increase of 99% against the previous year. As a result, imports reached the peak of X tons, and then contracted sharply in the following year.

In value terms, refined olive oil imports dropped significantly to $X in 2022. Overall, imports, however, showed a mild increase. The most prominent rate of growth was recorded in 2021 with an increase of 109% against the previous year. As a result, imports reached the peak of $X, and then shrank remarkably in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest refined olive oil supplier to Oman, accounting for a 53% share of total imports. Moreover, refined olive oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. Tunisia (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +17.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+0.1% per year) and Tunisia (-7.0% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of refined olive oil to Oman, comprising 58% of total imports. The second position in the ranking was held by Tunisia ($X), with a 17% share of total imports. It was followed by Spain, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled +16.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Tunisia (-6.5% per year) and Spain (-7.5% per year).

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, approximately equating the previous year. Overall, the import price saw a slight downturn. The growth pace was the most rapid in 2020 an increase of 21% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+5.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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