Middle East: Olive Oil Market 2024

Olive Oil Market Size in the Middle East

The Middle Eastern olive oil market expanded to $X in 2022, surging by 4.6% against the previous year. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 -4.4% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Olive Oil Production in the Middle East

In value terms, olive oil production reached $X in 2022 estimated in export price. The total production indicated a resilient expansion 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 -1.0% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 50%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Olive Oil Exports

Exports in the Middle East

In 2022, olive oil exports in the Middle East rose modestly to X tons, surging by 2.1% against 2021 figures. Over the period under review, exports saw a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 95% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, olive oil exports fell to $X in 2022. Overall, exports enjoyed a resilient expansion. The growth pace was the most rapid in 2013 when exports increased by 83%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Syrian Arab Republic (X tons) was the largest exporter of olive oil and its fractions, making up 51% of total exports. Turkey (X tons) ranks second in terms of the total exports with a 31% share, followed by Palestine (7.9%). Jordan (X tons), Lebanon (X tons) and the United Arab Emirates (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key 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, the largest olive oil supplying countries in the Middle East were Syrian Arab Republic ($X), Turkey ($X) and Palestine ($X), with a combined 89% share of total exports. Lebanon, Jordan and the United Arab Emirates lagged somewhat behind, together comprising a further 10%.

In terms of the main exporting countries, the United Arab Emirates, with a CAGR of +25.4%, saw the highest rates of growth with regard to 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

The export price in the Middle East stood at $X per ton in 2022, reducing by -9.3% against the previous year. Overall, the export price showed a noticeable decline. The pace of growth appeared the most rapid in 2021 when the export price increased by 22%. Over the period under review, the export prices reached the peak figure 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.

Olive Oil Imports

Imports in the Middle East

In 2022, the amount of olive oil and its fractions imported in the Middle East expanded significantly to X tons, growing by 9% against 2021 figures. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 38%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, olive oil imports reduced to $X in 2022. Over the period under review, imports posted a resilient increase. The growth pace was the most rapid in 2018 when imports increased by 41% against the previous year. Over the period under review, imports attained the maximum 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) were the major importers of olive oil and its fractions in 2022, resulting at near 34% and 33% of total imports, respectively. The United Arab Emirates (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Israel (8.8%). The following importers - Iran (X tons), Kuwait (X tons) and Oman (X tons) - together made up 7.6% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Turkey (with a CAGR of +164.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest olive oil importing markets in the Middle East were Saudi Arabia ($X), Turkey ($X) and the United Arab Emirates ($X), with a combined 71% share 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, waning by -8.6% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid 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