Middle East: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in the Middle East

The Middle Eastern virgin olive oil market reduced to $X in 2022, standing approx. at the previous year. Overall, consumption, however, saw a slight downturn. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in the Middle East

In value terms, virgin olive oil production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable slump. The most prominent rate of growth was recorded in 2017 with an increase of 41% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Virgin Olive Oil Exports

Exports in the Middle East

In 2022, exports of virgin olive oil in the Middle East expanded slightly to X tons, growing by 2.6% against the previous year's figure. Over the period under review, exports posted a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 95% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports shrank to $X in 2022. In general, exports saw buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 83%. 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

Syrian Arab Republic represented the largest exporting country with an export of around X tons, which amounted to 51% of total exports. It was distantly followed by Turkey (X tons) and Palestine (X tons), together mixing up a 38% share of total exports. Jordan (X tons), Lebanon (X tons) and the United Arab Emirates (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the United Arab Emirates (with a CAGR of +22.3%), while the other leaders experienced more modest paces of growth.

In value terms, Syrian Arab Republic ($X), Turkey ($X) and Palestine ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 89% share of total exports. Lebanon, Jordan and the United Arab Emirates lagged somewhat behind, together accounting for a further 10%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +25.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, reducing by -9.7% against the previous year. In general, the export price showed a pronounced decrease. The growth pace was the most rapid in 2021 an increase of 22%. 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.

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 the United Arab Emirates (+2.5%), while the other leaders experienced mixed trends in the export price figures.

Virgin Olive Oil Imports

Imports in the Middle East

In 2022, virgin olive oil imports in the Middle East rose markedly to X tons, surging by 8.8% compared with the previous year. Overall, imports continue to indicate resilient growth. The growth pace was the most rapid in 2019 with an increase of 36%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports reduced modestly to $X in 2022. In general, imports recorded a prominent increase. The pace of growth was the most pronounced in 2018 with an increase of 39%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons) and Turkey (X tons) represented roughly 66% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons) and Israel (X tons), together achieving a 20% share of total imports. Iran (X tons), Kuwait (X tons) and Oman (X tons) held a relatively small 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 virgin olive oil importing markets in the Middle East were Saudi Arabia ($X), Turkey ($X) and the United Arab Emirates ($X), together accounting for 70% of total imports.

In terms of the main importing countries, Turkey, with a CAGR of +145.8%, saw 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 the Middle East stood at $X per ton in 2022, which is down by -8.4% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 19%. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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

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