Virgin olive oil and fractions market in Western Asia

Earlier Report Observations

Between 2018 and 2021, the virgin olive oil market in Western Asia experienced significant volatility. The market volume grew by almost 100 thousand tons to 511 thousand tons in 2019, supported by a record olive harvest in Palestine and rising health awareness among consumers. However, drought and high temperatures across the Mediterranean region led to a poor olive crop in 2020, reducing production and pulling the market volume down to 488 thousand tons. The decline continued into 2021, with the market shrinking to 390 thousand tons.

The market rebounded sharply in 2022, surging by 50% to 586 thousand tons, driven by strong consumer demand for virgin olive oil due to its perceived health benefits in preventing heart disease and diabetes. This expansion was short-lived, as severe drought in Syria during 2023 caused a dramatic drop in oil quality and rendered a significant portion of the production unfit for consumption, leading to a 35% collapse in market volume to 378 thousand tons.

Production virgin olive oil and fractions in Western Asia

In kind, 2017-2020, K t

Top producers of virgin olive oil and fractions, 2017-2020

World map of production of virgin olive oil and fractions, 2017-2020

In 2019, virgin olive oil and fractions production in Western Asia reached its peak at 484.4 thousand tons, marking an 8.6% increase from the previous year. However, by 2020, production had declined to 443.8 thousand tons, representing a moderate year-over-year decrease of 8.4%. Over the entire 2017-2020 period, production fell by 4.9%, with a compound annual growth rate of -1.7%.

Annual dynamics of production in Western Asia in kind, 2017-2020, K t

Exports virgin olive oil and fractions from Western Asia

Exports in kind, t

In 2018, exports of virgin olive oil and fractions from Western Asia peaked at 79 059 tons, reflecting a 14.9% increase from the previous year. The following year, 2019, saw a sharp decline of 42.9% to 45 118 tons, which was the lowest point in the period. In 2020, exports remained relatively stable at 45 223 tons, showing no significant change compared to 2019. Overall, from 2017 to 2020, exports decreased by 34.3%, with a compound annual growth rate of -13.0%.

Annual dynamics of product's exports from Western Asia in kind, 2017-2020, t

Between 2017 and 2020, the export structure for virgin olive oil and fractions from Western Asia was highly diversified. Spain accounted for 19.3% of exports in kind, the United States for 8.3%, and Iran for 3.6%. Together, these three markets represented only 31.1% of total export flows, while a wide range of smaller markets made up the remaining 68.9%.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Western Asia in kind, 2017-2020

Exports in value, M $ US

In 2018, exports of virgin olive oil and fractions from Western Asia in value terms reached their highest point at 374.1 million US dollars, a 23.9% increase from the previous year. The following year, 2019, saw a significant decline of 21.8%. By 2020, exports had decreased for the second consecutive year, totaling 272.7 million US dollars, which was 6.8% lower than in 2019. Over the 2017-2020 period, exports fell by 9.7%, with a compound annual growth rate of -3.4%.

Annual dynamics of product's exports from Western Asia in value, 2017-2020, M $ US

From 2017 to 2020, the export structure in value terms for virgin olive oil and fractions from Western Asia showed limited concentration. Spain held a 19.8% share of exports in value terms, the United States 10.5%, and Iran 3.8%. Combined, these three markets accounted for only 34.0% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Western Asia in value, 2017-2020

Imports virgin olive oil and fractions to Western Asia

Imports in kind, t

Imports of virgin olive oil and fractions into Western Asia increased for the third consecutive year in 2020, reaching 89 782 tons, a 25.3% rise compared to 2019. Over the 2017-2020 period, imports grew substantially by 135.8%, with a compound annual growth rate of 33.1%.

Annual dynamics of product's imports to Western Asia in kind, 2017-2020, t

Between 2017 and 2020, imports in kind of virgin olive oil and fractions to Western Asia were not heavily concentrated. Spain contributed 15.8% of imports in kind, Tunisia 12.4%, and Italy 4.7%. Together, these three suppliers represented only 32.8% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Western Asia in kind, 2017-2020

Imports in value, M $ US

In 2019, imports of virgin olive oil and fractions into Western Asia in value terms peaked at 304.8 million US dollars, following a 47.4% increase in 2018. However, in 2020, imports declined by 2.9% to 296.0 million US dollars, ending a two-year period of growth. Overall, from 2017 to 2020, imports increased by 57.2%, with a compound annual growth rate of 16.3%.

Annual dynamics of product's imports to Western Asia in value, 2017-2020, M $ US

During the 2017-2020 period, Spain, Tunisia, and Italy played notable but not dominant roles as suppliers of virgin olive oil and fractions to Western Asia in value terms. Spain accounted for 20.3% of imports in value terms, Tunisia for 9.0%, and Italy for 7.6%. Their combined share reached 36.9% of total imports in value terms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Western Asia in value, 2017-2020