GCC: Olive Oil Market 2024

Olive Oil Market Size in GCC

In 2022, the GCC olive oil market was finally on the rise to reach $X after two years of decline. Overall, consumption saw buoyant growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Olive Oil Production in GCC

In value terms, olive oil production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by 7,037,539,100%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Olive Oil Exports

Exports in GCC

In 2022, shipments abroad of olive oil and its fractions decreased by -8.1% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 162% against the previous year. The volume of export peaked at X tons in 2021, and then reduced in the following year.

In value terms, olive oil exports fell to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 143%. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the major exporter of olive oil and its fractions, committing 81% of total exports. It was distantly followed by Saudi Arabia (X tons), constituting a 19% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to olive oil exports from the United Arab Emirates stood at +22.3%. At the same time, Saudi Arabia (+41.0%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +41.0% from 2012-2022. While the share of Saudi Arabia (+14 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-13.4 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest olive oil supplier in GCC, comprising 79% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +25.4%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, declining by -4.4% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2013 an increase of 35% against the previous year. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.5%).

Olive Oil Imports

Imports in GCC

After two years of decline, overseas purchases of olive oil and its fractions increased by 6% to X tons in 2022. In general, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 46% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, olive oil imports expanded slightly to $X in 2022. Over the period under review, imports posted prominent growth. The growth pace was the most rapid in 2018 when imports increased by 54%. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia represented the key importing country with an import of about X tons, which finished at 66% of total imports. The United Arab Emirates (X tons) held a 22% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (5.2%). The following importers - Oman (X tons) and Qatar (X tons) - each accounted for a 6.3% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to olive oil imports into Saudi Arabia stood at +10.4%. At the same time, Oman (+15.9%), the United Arab Emirates (+9.3%) and Kuwait (+6.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +15.9% from 2012-2022. By contrast, Qatar (-2.8%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+6.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Kuwait (-1.8 p.p.) and Qatar (-6.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported olive oil and its fractions in GCC, comprising 57% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 27% share of total imports. It was followed by Kuwait, with a 7.1% share.

In Saudi Arabia, olive oil imports increased at an average annual rate of +10.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+8.8% per year) and Kuwait (+7.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, shrinking by -2.9% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 7.6%. Over the period under review, import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 Kuwait ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform