Africa: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Africa

The African virgin olive oil market reached $X in 2022, with an increase of 2.9% against the previous year. The total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -11.3% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in Africa

In value terms, virgin olive oil production amounted to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.7% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 31% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Virgin Olive Oil Exports

Exports in Africa

In 2022, shipments abroad of virgin olive oil increased by 10% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports posted moderate growth. The growth pace was the most rapid in 2015 with an increase of 335% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports skyrocketed to $X in 2022. Overall, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 300% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Tunisia dominates exports structure, accounting for X tons, which was approx. 93% of total exports in 2022. It was distantly followed by Morocco (X tons), comprising a 5.6% share of total exports.

Tunisia was also the fastest-growing in terms of the virgin olive oil exports, with a CAGR of +3.6% from 2012 to 2022. At the same time, Morocco (+1.6%) displayed positive paces of growth. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Tunisia ($X) remains the largest virgin olive oil supplier in Africa, comprising 93% of total exports. The second position in the ranking was taken by Morocco ($X), with a 5.9% share of total exports.

In Tunisia, virgin olive oil exports expanded at an average annual rate of +8.8% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, surging by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +5.0%. The most prominent rate of growth was recorded in 2013 an increase of 35%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Morocco ($X per ton), while Tunisia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+5.0%).

Virgin Olive Oil Imports

Imports in Africa

In 2022, after two years of growth, there was decline in supplies from abroad of virgin olive oil, when their volume decreased by -0.8% to X tons. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 25%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports dropped to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when imports increased by 28%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Africa (X tons), distantly followed by Morocco (X tons), Egypt (X tons) and Angola (X tons) represented the largest importers of virgin olive oil, together mixing up 57% of total imports. The following importers - Libya (X tons), Kenya (X tons), Mauritius (X tons), Democratic Republic of the Congo (X tons), Mozambique (X tons), Namibia (X tons) and Seychelles (X tons) - together made up 19% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Morocco (with a CAGR of +14.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil importing markets in Africa were South Africa ($X), Morocco ($X) and Egypt ($X), with a combined 49% share of total imports.

In terms of the main importing countries, Morocco, with a CAGR of +15.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Africa stood at $X per ton in 2022, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2013 an increase of 14% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Egypt ($X per ton), while Namibia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Namibia (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :