MENA: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in MENA

The MENA's virgin olive oil market reached $X in 2022, approximately mirroring the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Virgin Olive Oil Production in MENA

In value terms, virgin olive oil production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports in MENA

In 2022, shipments abroad of virgin olive oil increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, exports posted a remarkable increase. The pace of growth was the most pronounced in 2015 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports surged to $X in 2022. Overall, exports saw a prominent expansion. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. 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

In 2022, Tunisia (X tons) was the largest exporter of virgin olive oil, comprising X% of total exports. Syrian Arab Republic (X tons) took the second position in the ranking, distantly followed by Turkey (X tons). All these countries together took approx. X% share of total exports. The following exporters - Palestine (X tons) and Morocco (X tons) - each reached a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil exports from Tunisia stood at X%. At the same time, Syrian Arab Republic (X%), Turkey (X%) and Palestine (X%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2022. By contrast, Morocco (X%) illustrated a downward trend over the same period. Syrian Arab Republic (X p.p.) and Turkey (X p.p.) significantly strengthened its position in terms of the total exports, while Morocco and Tunisia saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Tunisia ($X) remains the largest virgin olive oil supplier in MENA, comprising X% of total exports. The second position in the ranking was held by Syrian Arab Republic ($X), with a X% share of total exports. It was followed by Turkey, with a X% share.

In Tunisia, virgin olive oil exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Syrian Arab Republic (X% per year) and Turkey (X% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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 Morocco (X%), while the other leaders experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports in MENA

Virgin olive oil imports amounted to X tons in 2022, growing by X% compared with the previous year. Over the period under review, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports shrank modestly to $X in 2022. In general, imports recorded strong growth. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons) and Turkey (X tons) represented roughly X% of total imports in 2022. The United Arab Emirates (X tons) ranks next in terms of the total imports with a X% share, followed by Israel (X%). The following importers - Morocco (X tons), Kuwait (X tons) and Iran (X tons) - each finished at a X% share of total imports.

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

In value terms, the largest virgin olive oil importing markets in MENA were Saudi Arabia ($X), Turkey ($X) and Israel ($X), with a combined X% share of total imports.

In terms of the main importing countries, Turkey, with a CAGR of X%, saw the highest growth rate of 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

In 2022, the import price in MENA amounted to $X per ton, waning by X% against the previous year. Overall, the import price showed a mild decrease. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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