Over the past few decades, the Sultanate of Oman has joined the group of developed countries of the Persian Gulf, primarily due to the exploitation of the country's oil and gas resources. Oman has the highest self-sufficiency in food among the countries of the Cooperation Council of the Arab States of the Persian Gulf, its level is 47%. The peculiarity of the Oman market is the state control over food prices, and therefore the price issue is extremely important. Another significant factor is the young population, which causes the growth of fast food, as well as products convenient for consumption and cooking at home. Retail sales of organic and environmentally friendly products are actively developing, and soon the HoReCa channel will join this trend.
4.6% - planned growth in food consumption in 2023
$ 320 million - investment opportunities in the agricultural sector of Oman
$1.2 billion - the amount of investments in food-related projects in the period from 2022 to 2026
9.8% - growth in the agriculture and fisheries sector over the past few years
$ 1.3 billion - the amount of investments for the development of the infrastructure of the fishing and aquaculture sector
Modernization of agriculture, fisheries and development of rural farms are key elements of the Sustainable Development Strategy for the period up to 2040 of the Ministry of Agriculture and Fisheries of Oman, which is part of Oman Vision 2040. The Government is working to find new national income and is focusing on expanding non-oil sectors, such as agriculture, fishing, industry and mining, in an effort to diversify the economy and reduce dependence on oil exports.
In accordance with this vision, the Government has established the Oman Food Investment Holding Company (OFIC), which aims to develop, invest and implement environmentally sustainable programs and projects to stimulate agricultural production and food processing.
Oman's market has significant potential for the development of Russian exports of agricultural products, which is provided due to the high level of welfare and consumer spending of the population, serious dependence on food imports, a comfortable trading regime, a stable exchange rate of the national currency and low inflation rates. In addition, entering the Oman market opens up access to the markets of other GCC countries. The estimated potential for increasing the supply of Russian agricultural products to Oman exceeds $ 500 million. In particular, Russia has the opportunity to significantly increase shipments in such categories as carcasses and offal of domestic chickens, milk powder, chocolate, wheat, corn, sweet soft drinks, processed cheeses.