Egypt: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Egypt

In 2022, the Egyptian virgin olive oil market increased by 1% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, saw a strong increase. Virgin olive oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Production in Egypt

In value terms, virgin olive oil production reached $X in 2022 estimated in export price. In general, production, however, posted prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of 86% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from Egypt

Virgin olive oil exports from Egypt reached X tons in 2022, growing by 4.7% on 2021 figures. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 231%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports contracted to $X in 2022. Over the period under review, exports posted perceptible growth. The most prominent rate of growth was recorded in 2020 when exports increased by 267% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Morocco (X tons) was the main destination for virgin olive oil exports from Egypt, with a 62% share of total exports. Moreover, virgin olive oil exports to Morocco exceeded the volume sent to the second major destination, Spain (X tons), ninefold. The third position in this ranking was taken by Algeria (X tons), with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Morocco stood at +53.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-15.4% per year) and Algeria (+13.5% per year).

In value terms, Morocco ($X) remains the key foreign market for virgin olive oil exports from Egypt, comprising 68% of total exports. The second position in the ranking was taken by Spain ($X), with an 11% share of total exports. It was followed by the United States, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value to Morocco stood at +53.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-13.4% per year) and the United States (-6.2% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, with a decrease of -11.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2021 an increase of 26%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Algeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Palestine (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Egypt

After two years of decline, overseas purchases of virgin olive oil increased by 121% to X tons in 2022. Over the period under review, imports continue to indicate notable growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, virgin olive oil imports surged to $X in 2022. Overall, imports enjoyed strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Syrian Arab Republic (X tons), Tunisia (X tons) and Italy (X tons) were the main suppliers of virgin olive oil imports to Egypt, with a combined 65% share of total imports. Spain, Turkey, Greece and Lebanon lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +19.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Tunisia ($X), Syrian Arab Republic ($X) and Spain ($X) constituted the largest virgin olive oil suppliers to Egypt, with a combined 64% share of total imports. Italy, Greece, Turkey and Lebanon lagged somewhat behind, together accounting for a further 33%.

In terms of the main suppliers, Turkey, with a CAGR of +19.6%, 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

In 2022, the average virgin olive oil import price amounted to $X per ton, increasing by 9.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2017 an increase of 47%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Tunisia ($X per ton) and Greece ($X per ton), while the price for Syrian Arab Republic ($X per ton) and Turkey ($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 (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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