Middle East: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in the Middle East

The Middle Eastern refined olive oil market fell significantly to $X in 2022, which is down by X% against the previous year. Overall, consumption recorded a noticeable curtailment. 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 buoyant increase 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, production reached the maximum level 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

In 2022, shipments abroad of refined olive oil was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached 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 soared to $X in 2022. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a 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 approx. X% of total exports in 2022. The United Arab Emirates (X tons) took the second position in the ranking, distantly followed by Lebanon (X tons). All these countries together took approx. X% share of total exports. The following exporters - Syrian Arab Republic (X tons) and Palestine (X tons) - together made up X% of total exports.

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

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

From 2012 to 2022, the average annual growth rate of value in Turkey totaled X%. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Lebanon (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 Palestine (X%), while the other leaders experienced mixed trends in the export price figures.

Refined Olive Oil Imports

Imports in the Middle East

In 2022, purchases abroad of refined olive oil increased by X% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated moderate growth from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports soared to $X in 2022. Total imports indicated a measured increase 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, imports increased by X% against 2020 indices. Over the period under review, imports hit record highs 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 finished at X% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a X% share, followed by Kuwait (X%), Oman (X%) and Iraq (X%). Israel (X tons) and Qatar (X tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined olive oil imports into the United Arab Emirates stood at X%. At the same time, Qatar (X%), Kuwait (X%) and Oman (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. Israel experienced a relatively flat trend pattern. By contrast, Iraq (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.), Kuwait (X p.p.) and Qatar (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Israel (X p.p.), Iraq (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refined olive oil importing markets in the Middle East were the United Arab Emirates ($X), Kuwait ($X) and Saudi Arabia ($X), together accounting for X% of total imports. Oman, Israel, Iraq and Qatar lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Qatar, with a CAGR of X%, recorded 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

In 2022, the import price in the Middle East amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the import price, however, recorded a slight setback. The pace of growth was the most pronounced in 2017 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 remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform