Middle East: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in the Middle East

After three years of growth, the Middle Eastern refined olive oil market decreased by -23.1% to $X in 2022. Overall, consumption recorded a perceptible slump. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Refined Olive Oil Production in the Middle East

In value terms, refined olive oil production totaled $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +8.2% 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 -1.3% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 34% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports in the Middle East

Refined olive oil exports soared to X tons in 2022, with an increase of 86% on the previous year's figure. In general, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 303% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined olive oil exports skyrocketed to $X in 2022. Overall, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2013 when exports increased by 297%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Turkey represented the key exporter of refined olive oil in the Middle East, with the volume of exports resulting at X tons, which was near 70% of total exports in 2022. The United Arab Emirates (X tons) held a 16% share (based on physical terms) of total exports, which put it in second place, followed by Lebanon (7.3%). Syrian Arab Republic (X tons) and Israel (X tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refined olive oil exports from Turkey stood at +11.9%. At the same time, the United Arab Emirates (+23.3%), Israel (+15.3%), Syrian Arab Republic (+6.9%) and Lebanon (+2.5%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +23.3% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates and Turkey increased by +10 and +3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest refined olive oil supplier in the Middle East, comprising 74% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 12% share of total exports. It was followed by Lebanon, with a 6.5% share.

In Turkey, refined olive oil exports increased at an average annual rate of +13.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+22.7% per year) and Lebanon (+1.0% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, increasing by 5.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2021 an increase of 42% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Refined Olive Oil Imports

Imports in the Middle East

In 2022, overseas purchases of refined olive oil increased by 44% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.1% 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 +51.5% against 2020 indices. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, refined olive oil imports skyrocketed to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates was the largest importing country with an import of around X tons, which amounted to 42% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 20% share, followed by Kuwait (15%), Israel (6.2%), Iraq (5%) and Oman (4.6%). Iran (X tons) held a minor 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%), Israel (+4.5%) and Oman (+3.2%) displayed positive paces of growth. By contrast, Iraq (-1.6%), Iran (-5.0%) and Saudi Arabia (-7.1%) illustrated a downward trend over the same period. The United Arab Emirates (+36 p.p.) and Kuwait (+11 p.p.) significantly strengthened its position in terms of the total imports, while Iraq, Iran and Saudi Arabia saw its share reduced by -2.2%, -3% and -31.7% 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 ($X) constitutes the largest market for imported refined olive oil in the Middle East, comprising 41% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 20% share of total imports. It was followed by Kuwait, with a 15% share.

In the United Arab Emirates, refined olive oil imports expanded at an average annual rate of +19.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-9.9% per year) and Kuwait (+11.8% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, falling by -9.1% against the previous year. In general, the import price showed a perceptible downturn. The pace of growth appeared the most rapid 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 remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (-1.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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