MENA: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in MENA

The MENA's virgin olive oil market reached $X in 2022, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Production in MENA

In value terms, virgin olive oil production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 33%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Virgin Olive Oil Exports

Exports in MENA

For the third consecutive year, MENA recorded growth in overseas shipments of virgin olive oil, which increased by 7.5% to X tons in 2022. In general, exports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2015 when exports increased by 225%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, virgin olive oil exports soared to $X in 2022. Over the period under review, exports continue to indicate a strong expansion. The growth pace was the most rapid in 2015 with an increase of 199% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Tunisia was the major exporting country with an export of about X tons, which amounted to 60% of total exports. Syrian Arab Republic (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (11%). Morocco (X tons), Palestine (X tons) and Jordan (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil exports from Tunisia stood at +3.6%. At the same time, Syrian Arab Republic (+18.3%), Jordan (+14.0%), Turkey (+9.5%), Palestine (+5.1%) and Morocco (+1.6%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing exporter exported in MENA, with a CAGR of +18.3% from 2012-2022. Syrian Arab Republic (+12 p.p.) and Turkey (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while Morocco and Tunisia saw its share reduced by -1.9% and -14.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Tunisia ($X) remains the largest virgin olive oil supplier in MENA, comprising 68% of total exports. The second position in the ranking was taken by Syrian Arab Republic ($X), with a 12% share of total exports. It was followed by Turkey, with an 8.9% share.

In Tunisia, virgin olive oil exports expanded at an average annual rate of +8.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Syrian Arab Republic (+14.9% per year) and Turkey (+7.7% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, picking up by 8.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2013 when the export price increased by 25%. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Palestine ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+5.0%), while the other leaders experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports in MENA

In 2022, approx. X tons of virgin olive oil were imported in MENA; with an increase of 8.4% on the previous year's figure. In general, imports showed a strong expansion. The pace of growth was the most pronounced in 2018 with an increase of 33% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, virgin olive oil imports declined to $X in 2022. Over the period under review, imports enjoyed buoyant growth. The growth pace was the most rapid in 2018 with an increase of 38% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Saudi Arabia (X tons) and Turkey (X tons) represented the largest importers of virgin olive oil in MENA, together finishing at approx. 62% of total imports. It was distantly followed by the United Arab Emirates (X tons) and Israel (X tons), together making up a 19% share of total imports. Iran (X tons), Morocco (X tons), Kuwait (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +164.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Turkey ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of imports in 2022, with a combined 66% share of total imports.

Among the main importing countries, Turkey, with a CAGR of +145.8%, recorded the highest rates of growth with regard to 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

The import price in MENA stood at $X per ton in 2022, declining by -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 2021 when the import price increased by 19% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 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 ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+1.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform