Oman: Soybean Oil Market 2025

Soybean Oil Market Size in Oman

In 2022, the Omani soybean oil market decreased by -17% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, recorded a strong increase. Soybean oil consumption peaked at $X in 2021, and then contracted sharply in the following year.

Soybean Oil Exports

Exports from Oman

In 2022, shipments abroad of soybean oil decreased by -39.9% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, recorded strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 405% against the previous year. As a result, the exports attained the peak of X tons, and then dropped rapidly in the following year.

In value terms, soybean oil exports reduced sharply to $X in 2022. In general, exports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2021 with an increase of 806% against the previous year. As a result, the exports reached the peak of $X, and then reduced notably in the following year.

Exports by Country

The United Arab Emirates (X tons), Qatar (X tons) and Bahrain (X tons) were the main destinations of soybean oil exports from Oman, together accounting for 97% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of +70.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Oman were the United Arab Emirates ($X), Qatar ($X) and Bahrain ($X), together comprising 96% of total exports.

Qatar, with a CAGR of +78.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, with a decrease of -7.5% against the previous year. In general, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +65.9% against 2020 indices. The pace of growth appeared the most rapid in 2014 an increase of 116% against the previous year. The export price peaked at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Mauritius ($X per ton), while the average price for exports to Kuwait ($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 Bahrain (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Oman

After two years of growth, purchases abroad of soybean oil decreased by -14.1% to X tons in 2022. In general, imports, however, posted a remarkable increase. The growth pace was the most rapid in 2013 with an increase of 160% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, soybean oil imports fell remarkably to $X in 2022. Over the period under review, imports, however, posted a strong increase. The pace of growth was the most pronounced in 2013 with an increase of 126% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell notably in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of soybean oil to Oman, with a 55% share of total imports. Moreover, soybean oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Argentina (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+31.5% per year) and Saudi Arabia (+45.9% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of soybean oil to Oman, comprising 48% of total imports. The second position in the ranking was taken by Argentina ($X), with a 22% share of total imports. It was followed by Saudi Arabia, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+28.7% per year) and Saudi Arabia (+45.0% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, with a decrease of -4.4% against the previous year. In general, the import price saw a perceptible curtailment. The growth pace was the most rapid in 2021 an increase of 31%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Egypt ($X per ton), while the price for Brazil ($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 (+21.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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