Oman: Sugar Market 2022

Sugar Market Size in Oman

In 2021, the Omani sugar market increased by 13% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +36.5% against 2019 indices. Sugar consumption peaked in 2021 and is expected to retain growth in years to come.

Sugar Exports

Exports from Oman

In 2021, exports of sugar from Oman contracted markedly to X tons, falling by -41.9% compared with the year before. In general, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2015 when exports increased by 426% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, sugar exports declined remarkably to $X in 2021. Overall, exports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2015 with an increase of 281% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for sugar exports from Oman, accounting for a 59% share of total exports. Moreover, sugar exports to the United Arab Emirates exceeded the volume sent to the second major destination, Qatar (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates totaled +34.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+59.3% per year) and Yemen (+68.7% per year).

In value terms, Qatar ($X), the United Arab Emirates ($X) and Yemen ($X) appeared to be the largest markets for sugar exported from Oman worldwide, together accounting for 100% of total exports.

Among the main countries of destination, Yemen, with a CAGR of +77.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sugar export price stood at $X per ton in 2021, growing by 19% against the previous year. In general, the export price, however, continues to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2017 an increase of 21%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 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 ($X per ton), while the average price for exports to the United Arab Emirates ($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 Saudi Arabia (+7.9%), while the prices for the other major destinations experienced mixed trend patterns.

Sugar Imports

Imports into Oman

Sugar imports into Oman amounted to X tons in 2021, with an increase of 1.7% compared with the previous year's figure. Over the period under review, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +13.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 19%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, sugar imports rose sharply to $X in 2021. Overall, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +41.5% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 24% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

India (X tons), the United Arab Emirates (X tons) and the UK (X tons) were the main suppliers of sugar imports to Oman, with a combined 96% share of total imports. Morocco lagged somewhat behind, comprising a further 1.7%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Morocco (with a CAGR of +66.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of sugar to Oman, comprising 65% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 28% share of total imports. It was followed by the UK, with a 2.8% share.

From 2012 to 2021, the average annual growth rate of value from India totaled +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-1.1% per year) and the UK (+19.9% per year).

Import Prices by Country

The average sugar import price stood at $X per ton in 2021, with an increase of 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+4.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform