Saudi Arabia: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Saudi Arabia

In 2022, the Saudi virgin olive oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption enjoyed buoyant growth. Virgin olive oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from Saudi Arabia

In 2022, shipments abroad of virgin olive oil decreased by -38.8% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 748%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then declined notably in the following year.

In value terms, virgin olive oil exports declined remarkably to $X in 2022. In general, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2013 when exports increased by 636%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped remarkably in the following year.

Exports by Country

Kuwait (X tons) was the main destination for virgin olive oil exports from Saudi Arabia, accounting for a 68% share of total exports. Moreover, virgin olive oil exports to Kuwait exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. Bahrain (X tons) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume to Kuwait amounted to +112.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+29.5% per year) and Bahrain (+78.6% per year).

In value terms, Kuwait ($X) remains the key foreign market for virgin olive oil exports from Saudi Arabia, comprising 68% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 21% share of total exports. It was followed by Bahrain, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Kuwait amounted to +70.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+31.5% per year) and Bahrain (+27.9% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, with an increase of 4.8% against the previous year. Over the period under review, the export price, however, continues to indicate a slight downturn. The growth pace was the most rapid in 2017 when the average export price increased by 34% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Oman ($X per ton) and Kuwait ($X per ton), while the average price for exports to Bahrain ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+1.6%), while the prices for the other major destinations experienced a decline.

Virgin Olive Oil Imports

Imports into Saudi Arabia

After two years of decline, overseas purchases of virgin olive oil increased by 4.4% to X tons in 2022. In general, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2018 with an increase of 67% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports totaled $X in 2022. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 83% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Syrian Arab Republic (X tons), Spain (X tons) and Turkey (X tons) were the main suppliers of virgin olive oil imports to Saudi Arabia, together accounting for 63% of total imports. Tunisia, Palestine, Jordan, Italy, the United Arab Emirates and Lebanon lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +44.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil suppliers to Saudi Arabia were Syrian Arab Republic ($X), Spain ($X) and Turkey ($X), together comprising 62% of total imports. Tunisia, Italy, Palestine, Jordan, the United Arab Emirates and Lebanon lagged somewhat behind, together comprising a further 36%.

Italy, with a CAGR of +44.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, which is down by -2.6% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 17%. The import price 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Jordan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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