GCC: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in GCC

In 2022, the GCC virgin olive oil market was finally on the rise to reach $X after two years of decline. Overall, consumption continues to indicate a resilient expansion. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Production in GCC

In value terms, virgin olive oil production stood at $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume decreased by 99.9%. The level of production peaked in 2022 and is expected to retain growth in the near future.

Virgin Olive Oil Exports

Exports in GCC

After five years of growth, overseas shipments of virgin olive oil decreased by -8.1% to X tons in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2017 when exports increased by 162%. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, virgin olive oil exports reduced to $X in 2022. Overall, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 143% against the previous year. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the main exporter of virgin olive oil, comprising 81% of total exports. It was distantly followed by Saudi Arabia (X tons), comprising a 19% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to virgin 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. From 2012 to 2022, the share of Saudi Arabia increased by +14 percentage points.

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

In the United Arab Emirates, virgin olive oil exports increased at an average annual rate of +25.4% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, falling by -4.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2013 when the export price increased by 35%. Over the period under review, the export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

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 amounted to $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%).

Virgin Olive Oil Imports

Imports in GCC

In 2022, after two years of decline, there was significant growth in supplies from abroad of virgin olive oil, when their volume increased by 6% to X tons. In general, imports enjoyed strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 46%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports reached $X in 2022. Over the period under review, imports saw a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 54% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Saudi Arabia was the main importer of virgin olive oil in GCC, with the volume of imports finishing at X tons, which was approx. 66% of total imports in 2022. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Kuwait (X tons). All these countries together held approx. 27% share of total imports. The following importers - Oman (X tons) and Qatar (X tons) - each amounted to a 6.3% share of total imports.

Imports into Saudi Arabia increased at an average annual rate of +10.4% from 2012 to 2022. 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 ($X) constitutes the largest market for imported virgin olive oil in GCC, comprising 57% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 27% share of total imports. It was followed by Kuwait, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia totaled +10.5%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+8.8% per year) and Kuwait (+7.1% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, dropping by -2.9% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the import price increased by 7.6% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: 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