GCC: Refined Olive Oil Market 2025

Refined Olive Oil Market Size in GCC

The GCC refined olive oil market fell to $X in 2022, waning by -13.7% against the previous year. The total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.3% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in GCC

In value terms, refined olive oil production fell to $X in 2022 estimated in export price. In general, production, however, recorded temperate growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 120%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports in GCC

In 2022, shipments abroad of refined olive oil increased by 447% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports posted a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil exports surged to $X in 2022. Overall, exports showed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the one major exporters of refined olive oil, namely the United Arab Emirates, represented more than two-thirds of total export.

The United Arab Emirates was also the fastest-growing in terms of the refined olive oil exports, with a CAGR of +23.3% from 2012 to 2022. While the share of the United Arab Emirates (+26 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest refined olive oil supplier in GCC.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +22.7%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, waning by -11.6% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 33%. As a result, the export price reached the peak level of $X per ton, and then fell in the following year.

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

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to -0.4% per year.

Refined Olive Oil Imports

Imports in GCC

In 2022, supplies from abroad of refined olive oil increased by 57% to X tons, rising for the second year in a row after two years of decline. Total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.0% 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 +69.4% against 2020 indices. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports surged to $X in 2022. In general, imports continue to indicate a modest increase. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importer of refined olive oil in GCC, with the volume of imports accounting for X tons, which was near 50% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), Kuwait (X tons) and Oman (X tons), together constituting a 48% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the refined olive oil imports, with a CAGR of +23.6% from 2012 to 2022. At the same time, Kuwait (+15.4%) and Oman (+3.2%) displayed positive paces of growth. By contrast, Saudi Arabia (-7.1%) illustrated a downward trend over the same period. The United Arab Emirates (+41 p.p.) and Kuwait (+12 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -51.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported refined olive oil in GCC, comprising 50% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 25% share of total imports. It was followed by Kuwait, with an 18% share.

In the United Arab Emirates, refined olive oil imports increased at an average annual rate of +19.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-9.9% per year) and Kuwait (+11.8% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, declining by -11% against the previous year. Over the period under review, the import price recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when the import price increased by 14% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton), while Oman ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform