Africa: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Africa

The African refined olive oil market dropped slightly to $X in 2022, reducing by -2.6% against the previous year. Over the period under review, consumption showed a noticeable curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Refined Olive Oil Production in Africa

In value terms, refined olive oil production contracted slightly to $X in 2022 estimated in export price. Overall, production showed a noticeable setback. The growth pace was the most rapid in 2014 with an increase of 8.5%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Refined Olive Oil Exports

Exports in Africa

In 2022, the amount of refined olive oil exported in Africa reduced remarkably to X tons, waning by -20% against 2021. Overall, exports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 1,025%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined olive oil exports rose rapidly to $X in 2022. Over the period under review, exports saw a slight reduction. The growth pace was the most rapid in 2021 with an increase of 1,036%. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Tunisia (X tons) was the key exporter of refined olive oil, comprising 79% of total exports. It was distantly followed by Morocco (X tons), committing a 13% share of total exports. Egypt (X tons) and South Africa (X tons) held a relatively small share of total exports.

Exports from Tunisia decreased at an average annual rate of -5.8% from 2012 to 2022. At the same time, Egypt (+12.2%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing exporter exported in Africa, with a CAGR of +12.2% from 2012-2022. South Africa and Morocco experienced a relatively flat trend pattern. Morocco (+5 p.p.) and Egypt (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Tunisia saw its share reduced by -10.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Tunisia ($X) remains the largest refined olive oil supplier in Africa, comprising 79% of total exports. The second position in the ranking was held by Morocco ($X), with a 13% share of total exports. It was followed by South Africa, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Tunisia stood at -2.3%. In the other countries, the average annual rates were as follows: Morocco (+3.0% per year) and South Africa (+3.7% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, surging by 40% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in South Africa ($X per ton) and Tunisia ($X per ton), while Egypt ($X per ton) and Morocco ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+3.7%), while the other leaders experienced more modest paces of growth.

Refined Olive Oil Imports

Imports in Africa

In 2022, approx. X tons of refined olive oil were imported in Africa; surging by 7.4% on the previous year. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2016 when imports increased by 40% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, refined olive oil imports expanded sharply to $X in 2022. Total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +40.2% against 2019 indices. The pace of growth appeared the most rapid in 2016 with an increase of 43% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Morocco (X tons), distantly followed by Cote d'Ivoire (X tons), Cabo Verde (X tons), Angola (X tons) and Seychelles (X tons) were the key importers of refined olive oil, together comprising 67% of total imports. The following importers - Ghana (X tons), Mozambique (X tons), Mauritius (X tons), South Africa (X tons) and Egypt (X tons) - together made up 17% of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined olive oil imports into Morocco stood at +6.6%. At the same time, Cabo Verde (+10.8%), Ghana (+7.8%), Mozambique (+2.0%) and Egypt (+1.5%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in Africa, with a CAGR of +10.8% from 2012-2022. Mauritius and Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Seychelles (-3.4%), Angola (-6.4%) and South Africa (-9.2%) illustrated a downward trend over the same period. While the share of Morocco (+11 p.p.), Cabo Verde (+6.3 p.p.) and Ghana (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (-2.1 p.p.), Seychelles (-4.6 p.p.), South Africa (-6 p.p.) and Angola (-10.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Morocco ($X) constitutes the largest market for imported refined olive oil in Africa, comprising 31% of total imports. The second position in the ranking was taken by Angola ($X), with an 11% share of total imports. It was followed by Cote d'Ivoire, with an 11% share.

In Morocco, refined olive oil imports expanded at an average annual rate of +10.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Angola (-5.5% per year) and Cote d'Ivoire (+0.1% per year).

Import Prices by Country

In 2022, the import price in Africa amounted to $X per ton, growing by 1.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2021 an increase of 33%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :