Morocco: Olive Oil Market 2024

Olive Oil Market Size in Morocco

In 2022, the Moroccan olive oil market decreased by -0.1% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 -8.1% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Olive Oil Production in Morocco

In value terms, olive oil production reached $X in 2022 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 -7.7% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 43%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Olive Oil Exports

Exports from Morocco

In 2022, approx. X tons of olive oil and its fractions were exported from Morocco; waning by -12.3% compared with the previous year. Over the period under review, exports, however, continue to indicate mild growth. The pace of growth appeared the most rapid in 2014 with an increase of 144%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, olive oil exports declined notably to $X in 2022. Overall, exports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2014 when exports increased by 110%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X tons), the United States (X tons) and Italy (X tons) were the main destinations of olive oil exports from Morocco, together accounting for 84% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +36.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for olive oil exported from Morocco were the United States ($X), Spain ($X) and Italy ($X), together comprising 78% of total exports.

In terms of the main countries of destination, Italy, with a CAGR of +38.0%, recorded 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 average olive oil export price amounted to $X per ton, with a decrease of -9.6% against the previous year. In general, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, olive oil export price increased by +52.7% against 2019 indices. The pace of growth was the most pronounced in 2013 an increase of 45% against the previous year. The export price peaked at $X per ton in 2021, and then fell in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into Morocco

In 2022, supplies from abroad of olive oil and its fractions decreased by -8.5% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2013 when imports increased by 623% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, olive oil imports shrank sharply to $X in 2022. Over the period under review, imports, however, showed a strong increase. The pace of growth appeared the most rapid in 2013 when imports increased by 759%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Tunisia (X tons), Spain (X tons) and Italy (X tons) were the main suppliers of olive oil imports to Morocco, together comprising 100% of total imports.

From 2012 to 2022, the biggest increases were recorded for Tunisia (with a CAGR of +19.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest olive oil suppliers to Morocco were Tunisia ($X), Spain ($X) and Italy ($X), together comprising 100% of total imports.

Tunisia, with a CAGR of +22.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, falling by -12.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 39% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Tunisia ($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 (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform