Central Asia: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Central Asia

The Central Asian refined olive oil market soared to $X in 2022, picking up by 33% against the previous year. Overall, consumption saw a moderate expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Refined Olive Oil Production in Central Asia

In value terms, refined olive oil production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a slight descent. The pace of growth appeared the most rapid in 2015 with an increase of 38% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Refined Olive Oil Exports

Exports in Central Asia

In 2022, shipments abroad of refined olive oil increased by 520% to X tons, rising for the second year in a row after two years of decline. Overall, exports posted a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil exports skyrocketed to $X in 2022. In general, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2017 when exports increased by 337% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

In 2022, Kazakhstan (X tons) represented the key exporter of refined olive oil in Central Asia, achieving 100% of total export.

Kazakhstan was also the fastest-growing in terms of the refined olive oil exports, with a CAGR of +24.5% from 2012 to 2022. Kazakhstan (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) also remains the largest refined olive oil supplier in Central Asia.

From 2012 to 2022, the average annual rate of growth in terms of value in Kazakhstan amounted to +14.2%.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2022, falling by -46.5% against the previous year. Overall, the export price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 when the export price increased by 52%. Over the period under review, the export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Kazakhstan.

From 2012 to 2022, the rate of growth in terms of prices for Kazakhstan amounted to -8.2% per year.

Refined Olive Oil Imports

Imports in Central Asia

In 2022, supplies from abroad of refined olive oil increased by 32% to X tons, rising for the third consecutive year after three years of decline. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% 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 +71.2% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 91%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, refined olive oil imports surged to $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +92.4% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 84% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Kazakhstan (X tons) was the key importer of refined olive oil, comprising 50% of total imports. Mongolia (X tons) held the second position in the ranking, followed by Uzbekistan (X tons) and Kyrgyzstan (X tons). All these countries together took approx. 45% share of total imports. Tajikistan (X tons) followed a long way behind the leaders.

Kazakhstan experienced a relatively flat trend pattern with regard to volume of imports of refined olive oil. At the same time, Mongolia (+21.2%), Uzbekistan (+18.6%), Kyrgyzstan (+13.7%) and Tajikistan (+2.5%) displayed positive paces of growth. Moreover, Mongolia emerged as the fastest-growing importer imported in Central Asia, with a CAGR of +21.2% from 2012-2022. Uzbekistan (+17 p.p.), Mongolia (+16 p.p.) and Kyrgyzstan (+3.8 p.p.) significantly strengthened its position in terms of the total imports, while Kazakhstan saw its share reduced by -31.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) constitutes the largest market for imported refined olive oil in Central Asia, comprising 51% of total imports. The second position in the ranking was taken by Mongolia ($X), with a 19% share of total imports. It was followed by Uzbekistan, with a 16% share.

In Kazakhstan, refined olive oil imports expanded at an average annual rate of +2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mongolia (+17.6% per year) and Uzbekistan (+23.0% per year).

Import Prices by Country

The import price in Central Asia stood at $X per ton in 2022, growing by 2.8% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 54% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Tajikistan ($X per ton), while Kyrgyzstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tajikistan (+8.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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