MENA: Olive Oil Market 2024

Olive Oil Market Size in MENA

The MENA's olive oil market rose notably to $X in 2022, surging by 5.7% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.2% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Olive Oil Production in MENA

In value terms, olive oil production rose modestly to $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.8% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 41%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Olive Oil Exports

Exports in MENA

After two years of growth, overseas shipments of olive oil and its fractions decreased by -1.1% to X tons in 2022. Over the period under review, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2015 when exports increased by 225% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, olive oil exports fell to $X in 2022. In general, exports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 199% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Tunisia represented the key exporter of olive oil and its fractions in MENA, with the volume of exports recording X tons, which was near 57% of total exports in 2022. Syrian Arab Republic (X tons) took the second position in the ranking, distantly followed by Turkey (X tons). All these countries together held approx. 32% share of total exports. The following exporters - Morocco (X tons), Palestine (X tons) and Jordan (X tons) - together made up 8.6% of total exports.

From 2012 to 2022, average annual rates of growth with regard to olive oil exports from Tunisia stood at +2.1%. At the same time, Syrian Arab Republic (+18.3%), Jordan (+13.9%), 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 (+14 p.p.) and Turkey (+4 p.p.) significantly strengthened its position in terms of the total exports, while Morocco and Tunisia saw its share reduced by -1.5% and -18.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Tunisia ($X) remains the largest olive oil supplier in MENA, comprising 60% of total exports. The second position in the ranking was taken by Syrian Arab Republic ($X), with a 14% share of total exports. It was followed by Turkey, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Tunisia totaled +5.0%. 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

In 2022, the export price in MENA amounted to $X per ton, with a decrease of -6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2013 when the export price increased by 25% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 Morocco (+4.6%), while the other leaders experienced more modest paces of growth.

Olive Oil Imports

Imports in MENA

Olive oil imports expanded remarkably to X tons in 2022, picking up by 8.6% compared with the previous year's figure. Overall, imports saw a prominent expansion. The growth pace was the most rapid in 2018 when imports increased by 37% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, olive oil imports declined slightly to $X in 2022. In general, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 40%. 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

Saudi Arabia (X tons) and Turkey (X tons) represented roughly 63% of total imports in 2022. The United Arab Emirates (X tons) took the next position in the ranking, followed by Israel (X tons). All these countries together held approx. 19% share of total imports. Iran (X tons), Morocco (X tons), Kuwait (X tons) and Oman (X tons) held a minor share of total imports.

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, the largest olive oil importing markets in MENA were Saudi Arabia ($X), Turkey ($X) and the United Arab Emirates ($X), with a combined 67% share of total imports.

Turkey, with a CAGR of +145.8%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries 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, falling by -8.1% against the previous year. Over the period under review, 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 20% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat 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