Jun 3, 2025
IndexBox has just published a new report: GCC – Refined Olive Oil – Market Analysis, Forecast, Size, Trends And Insights.
Driven by rising demand, the GCC market for refined olive oil is set to grow steadily over the next decade, albeit at a slower pace. The forecasted CAGR indicates a gradual expansion in both volume and value terms, culminating in market volumes of 115K tons and a market value of $449M by the year 2035.
Market Forecast
Driven by increasing demand for refined olive oil in GCC, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 115K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.0% for the period from 2024 to 2035, which is projected to bring the market value to $449M (in nominal wholesale prices) by the end of 2035.
ConsumptionGCC’s Consumption of Refined Olive Oil
In 2024, after eleven years of growth, there was decline in consumption of refined olive oil, when its volume decreased by -1.2% to 109K tons. The total consumption volume increased at an average annual rate of +2.9% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 8.2%. Over the period under review, consumption hit record highs at 110K tons in 2023, and then declined slightly in the following year.
The revenue of the refined olive oil market in GCC reduced to $360M in 2024, waning by -4.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.6% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $375M, and then declined modestly in the following year.
Consumption By Country
Saudi Arabia (76K tons) constituted the country with the largest volume of refined olive oil consumption, accounting for 70% of total volume. Moreover, refined olive oil consumption in Saudi Arabia exceeded the figures recorded by the second-largest consumer, Oman (12K tons), sixfold. The United Arab Emirates (12K tons) ranked third in terms of total consumption with an 11% share.
From 2013 to 2024, the average annual growth rate of volume in Saudi Arabia amounted to +2.8%. In the other countries, the average annual rates were as follows: Oman (+6.1% per year) and the United Arab Emirates (+0.7% per year).
In value terms, Saudi Arabia ($261M) led the market, alone. The second position in the ranking was held by Oman ($42M). It was followed by the United Arab Emirates.
In Saudi Arabia, the refined olive oil market expanded at an average annual rate of +3.5% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: Oman (+6.9% per year) and the United Arab Emirates (+0.3% per year).
The countries with the highest levels of refined olive oil per capita consumption in 2024 were Oman (2.2 kg per person), Saudi Arabia (2.1 kg per person) and Kuwait (1.3 kg per person).
From 2013 to 2024, the biggest increases were recorded for Oman (with a CAGR of +2.5%), while consumption for the other leaders experienced more modest paces of growth.
ProductionGCC’s Production of Refined Olive Oil
In 2024, refined olive oil production in GCC totaled 106K tons, therefore, remained relatively stable against 2023. Overall, production continues to indicate a pronounced increase. The most prominent rate of growth was recorded in 2022 with an increase of 138%. As a result, production reached the peak volume of 238K tons. From 2023 to 2024, production growth remained at a lower figure.
In value terms, refined olive oil production shrank to $350M in 2024 estimated in export price. Over the period under review, production saw a moderate increase. The pace of growth appeared the most rapid in 2022 with an increase of 109%. As a result, production reached the peak level of $685M. From 2023 to 2024, production growth failed to regain momentum.
Production By Country
Saudi Arabia (74K tons) constituted the country with the largest volume of refined olive oil production, accounting for 70% of total volume. Moreover, refined olive oil production in Saudi Arabia exceeded the figures recorded by the second-largest producer, the United Arab Emirates (13K tons), sixfold. Oman (12K tons) ranked third in terms of total production with an 11% share.
From 2013 to 2024, the average annual growth rate of volume in Saudi Arabia stood at +3.4%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+1.8% per year) and Oman (+7.0% per year).
ImportsGCC’s Imports of Refined Olive Oil
In 2024, overseas purchases of refined olive oil decreased by -26% to 4.6K tons, falling for the second consecutive year after two years of growth. Over the period under review, imports recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2016 when imports increased by 32%. As a result, imports attained the peak of 15K tons. From 2017 to 2024, the growth of imports remained at a somewhat lower figure.
In value terms, refined olive oil imports reduced notably to $18M in 2024. Overall, imports saw a perceptible downturn. The pace of growth was the most pronounced in 2022 when imports increased by 64%. The level of import peaked at $47M in 2016; however, from 2017 to 2024, imports failed to regain momentum.
Imports By Country
Saudi Arabia (1.9K tons) and Kuwait (1.3K tons) represented the key importers of refined olive oil in 2024, amounting to near 41% and 29% of total imports, respectively. It was distantly followed by the United Arab Emirates (584 tons), Qatar (492 tons) and Oman (210 tons), together generating a 28% share of total imports. Bahrain (129 tons) took a relatively small share of total imports.
From 2013 to 2024, the biggest increases were recorded for Qatar (with a CAGR of +30.3%), while purchases for the other leaders experienced mixed trends in the imports figures.
In value terms, Saudi Arabia ($6.8M), Kuwait ($4M) and the United Arab Emirates ($3.5M) appeared to be the countries with the highest levels of imports in 2024, together accounting for 79% of total imports. Qatar, Oman and Bahrain lagged somewhat behind, together comprising a further 21%.
Among the main importing countries, Qatar, with a CAGR of +41.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.
Import Prices By Country
The import price in GCC stood at $3,934 per ton in 2024, falling by -21% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of 29% against the previous year. The level of import peaked at $4,979 per ton in 2023, and then contracted significantly in the following year.
There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Oman ($6,817 per ton), while Qatar ($3,035 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Qatar (+8.7%), while the other leaders experienced more modest paces of growth.
ExportsGCC’s Exports of Refined Olive Oil
In 2024, refined olive oil exports in GCC soared to 2K tons, increasing by 114% compared with the year before. In general, exports recorded a resilient expansion. The growth pace was the most rapid in 2022 when exports increased by 11,064%. As a result, the exports attained the peak of 138K tons. From 2023 to 2024, the growth of the exports failed to regain momentum.
In value terms, refined olive oil exports skyrocketed to $3.9M in 2024. Overall, exports enjoyed a tangible increase. The growth pace was the most rapid in 2022 with an increase of 2,981% against the previous year. As a result, the exports attained the peak of $96M. From 2023 to 2024, the growth of the exports remained at a lower figure.
Exports By Country
The United Arab Emirates dominates exports structure, finishing at 1.9K tons, which was approx. 97% of total exports in 2024. Kuwait (49 tons) followed a long way behind the leaders.
The United Arab Emirates was also the fastest-growing in terms of the refined olive oil exports, with a CAGR of +9.2% from 2013 to 2024. At the same time, Kuwait (+1.6%) displayed positive paces of growth. While the share of the United Arab Emirates (+28 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the United Arab Emirates ($3.6M) remains the largest refined olive oil supplier in GCC, comprising 92% of total exports. The second position in the ranking was taken by Kuwait ($268K), with a 6.9% share of total exports.
In the United Arab Emirates, refined olive oil exports increased at an average annual rate of +8.1% over the period from 2013-2024.
Export Prices By Country
In 2024, the export price in GCC amounted to $2,000 per ton, which is down by -44.7% against the previous year. Overall, the export price saw a slight curtailment. The pace of growth appeared the most rapid in 2023 when the export price increased by 422%. As a result, the export price attained the peak level of $3,617 per ton, and then shrank sharply in the following year.
There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Kuwait ($5,470 per ton), while the United Arab Emirates totaled $1,895 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Kuwait (+0.5%).
Source: IndexBox Market Intelligence Platform