Oman: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Oman

The Omani refined rapeseed oil market amounted to $X in 2022, approximately mirroring the previous year. Overall, consumption, however, continues to indicate a mild contraction. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Refined Rapeseed Oil Production in Oman

In value terms, refined rapeseed oil production reached $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 30%. Refined rapeseed oil production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Refined Rapeseed Oil Exports

Exports from Oman

In 2022, the amount of refined rape, colza or mustard oil exported from Oman fell markedly to X tons, reducing by -26.5% on 2021 figures. In general, exports recorded a precipitous decline. The most prominent rate of growth was recorded in 2017 with an increase of 300%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined rapeseed oil exports shrank markedly to $X in 2022. Overall, exports showed a significant contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 296% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for refined rapeseed oil exports from Oman, accounting for a 96% share of total exports. Moreover, refined rapeseed oil exports to Saudi Arabia exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia amounted to -20.6%.

In value terms, Saudi Arabia ($X) remains the key foreign market for refined rape, colza or mustard oil exports from Oman, comprising 95% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 4.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia totaled -24.9%.

Export Prices by Country

In 2022, the average refined rapeseed oil export price amounted to $X per ton, declining by -2.1% against the previous year. In general, the export price showed a deep downturn. The most prominent rate of growth was recorded in 2015 an increase of 7.1%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, 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 Saudi Arabia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+44.3%), while the prices for the other major destinations experienced a decline.

Refined Rapeseed Oil Imports

Imports into Oman

In 2022, supplies from abroad of refined rape, colza or mustard oil decreased by -85.6% to X tons, falling for the fourth year in a row after seven years of growth. Overall, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 482% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, refined rapeseed oil imports fell significantly to $X in 2022. Over the period under review, imports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2016 with an increase of 444% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Sri Lanka (X tons) and Bangladesh (X tons) were the main suppliers of refined rapeseed oil imports to Oman, with a combined 92% 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 Sri Lanka (with a CAGR of -3.5%), while imports for the other leaders experienced a decline.

In value terms, the United Arab Emirates ($X), Sri Lanka ($X) and Bangladesh ($X) constituted the largest refined rapeseed oil suppliers to Oman, with a combined 87% share of total imports.

In terms of the main suppliers, Sri Lanka, with a CAGR of +7.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, picking up by 27% against the previous year. In general, the import price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 61% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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 Canada ($X per ton), while the price for Sri Lanka ($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 (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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