Jun 11, 2025
IndexBox has just published a new report: GCC – Olive Oil And Its Fractions – Market Analysis, Forecast, Size, Trends And Insights.
The GCC olive oil market is set to see continued growth driven by rising demand over the next decade. Market performance is expected to slow but still expand, with a projected increase in volume to 33K tons and value to $198M by 2035.
Market Forecast
Driven by increasing demand for olive oil and its fractions 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 +1.0% for the period from 2024 to 2035, which is projected to bring the market volume to 33K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $198M (in nominal wholesale prices) by the end of 2035.
ConsumptionGCC’s Consumption of Olive Oil And Its Fractions
In 2024, consumption of olive oil and its fractions decreased by -14.8% to 29K tons, falling for the fifth year in a row after seven years of growth. In general, consumption, however, enjoyed pronounced growth. The volume of consumption peaked at 55K tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure.
The size of the olive oil market in GCC shrank to $150M in 2024, falling by -7.5% 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). Overall, consumption, however, recorded a resilient expansion. Over the period under review, the market reached the peak level at $188M in 2019; however, from 2020 to 2024, consumption stood at a somewhat lower figure.
Consumption By Country
The country with the largest volume of olive oil consumption was Saudi Arabia (20K tons), comprising approx. 67% of total volume. Moreover, olive oil consumption in Saudi Arabia exceeded the figures recorded by the second-largest consumer, the United Arab Emirates (5.3K tons), fourfold. The third position in this ranking was taken by Qatar (2.8K tons), with a 9.7% share.
From 2013 to 2024, the average annual rate of growth in terms of volume in Saudi Arabia totaled +2.6%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+2.6% per year) and Qatar (+6.4% per year).
In value terms, Saudi Arabia ($105M) led the market, alone. The second position in the ranking was taken by the United Arab Emirates ($26M). It was followed by Qatar.
From 2013 to 2024, the average annual growth rate of value in Saudi Arabia amounted to +7.9%. The remaining consuming countries recorded the following average annual rates of market growth: the United Arab Emirates (+3.1% per year) and Qatar (+8.2% per year).
The countries with the highest levels of olive oil per capita consumption in 2024 were Qatar (920 kg per 1000 persons), Saudi Arabia (530 kg per 1000 persons) and the United Arab Emirates (513 kg per 1000 persons).
From 2013 to 2024, the biggest increases were recorded for Qatar (with a CAGR of +3.8%), while consumption for the other leaders experienced more modest paces of growth.
ProductionGCC’s Production of Olive Oil And Its Fractions
In 2024, approx. 3K tons of olive oil and its fractions were produced in GCC; remaining stable against 2023. Overall, production posted a significant increase. The growth pace was the most rapid in 2019 with a decrease of 99.9% against the previous year. The volume of production peaked in 2024 and is expected to retain growth in years to come.
In value terms, olive oil production soared to $16M in 2024 estimated in export price. Over the period under review, production posted significant growth. The pace of growth appeared the most rapid in 2023 when the production volume increased by 24% against the previous year. Over the period under review, production attained the maximum level in 2024 and is likely to see gradual growth in the immediate term.
Production By Country
Saudi Arabia (3K tons) remains the largest olive oil producing country in GCC, comprising approx. 100% of total volume.
In Saudi Arabia, olive oil production remained relatively stable over the period from 2018-2024.
ImportsGCC’s Imports of Olive Oil And Its Fractions
In 2024, overseas purchases of olive oil and its fractions decreased by -10.4% to 29K tons, falling for the fifth year in a row after four years of growth. In general, imports, however, continue to indicate a pronounced increase. The most prominent rate of growth was recorded in 2018 when imports increased by 44%. The volume of import peaked at 57K tons in 2019; however, from 2020 to 2024, imports failed to regain momentum.
In value terms, olive oil imports shrank to $173M in 2024. Overall, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 54% against the previous year. Over the period under review, imports hit record highs at $194M in 2019; however, from 2020 to 2024, imports remained at a lower figure.
Imports By Country
Saudi Arabia represented the major importer of olive oil and its fractions in GCC, with the volume of imports finishing at 18K tons, which was approx. 61% of total imports in 2024. The United Arab Emirates (7.3K tons) held the second position in the ranking, distantly followed by Qatar (2.8K tons). All these countries together took near 34% share of total imports. Kuwait (1.1K tons) took a relatively small share of total imports.
Imports into Saudi Arabia increased at an average annual rate of +1.7% from 2013 to 2024. At the same time, Qatar (+6.1%) and the United Arab Emirates (+4.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +6.1% from 2013-2024. By contrast, Kuwait (-5.8%) illustrated a downward trend over the same period. The United Arab Emirates (+6.2 p.p.) and Qatar (+3.3 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and Kuwait saw its share reduced by -2.2% and -5.3% from 2013 to 2024, respectively.
In value terms, Saudi Arabia ($111M) constitutes the largest market for imported olive oil and its fractions in GCC, comprising 64% of total imports. The second position in the ranking was held by the United Arab Emirates ($36M), with a 21% share of total imports. It was followed by Qatar, with a 9.6% share.
From 2013 to 2024, the average annual growth rate of value in Saudi Arabia amounted to +8.7%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+5.3% per year) and Qatar (+9.8% per year).
Import Prices By Country
The import price in GCC stood at $5,871 per ton in 2024, surging by 11% against the previous year. Import price indicated a buoyant expansion from 2013 to 2024: its price increased at an average annual rate of +5.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, olive oil import price increased by +90.1% against 2020 indices. The growth pace was the most rapid in 2023 when the import price increased by 41% against the previous year. The level of import peaked in 2024 and is expected to retain growth in the immediate term.
Average prices varied noticeably amongst the major importing countries. In 2024, major importing countries recorded the following prices: in Saudi Arabia ($6,209 per ton) and Kuwait ($6,045 per ton), while the United Arab Emirates ($5,002 per ton) and Qatar ($5,864 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.9%), while the other leaders experienced more modest paces of growth.
ExportsGCC’s Exports of Olive Oil And Its Fractions
In 2024, shipments abroad of olive oil and its fractions was finally on the rise to reach 3.4K tons for the first time since 2021, thus ending a two-year declining trend. Overall, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 181%. Over the period under review, the exports hit record highs at 4.5K tons in 2021; however, from 2022 to 2024, the exports failed to regain momentum.
In value terms, olive oil exports soared to $17M in 2024. In general, exports posted a significant increase. The growth pace was the most rapid in 2014 with an increase of 250% against the previous year. The level of export peaked in 2024 and is likely to see gradual growth in the immediate term.
Exports By Country
The United Arab Emirates represented the main exporter of olive oil and its fractions in GCC, with the volume of exports recording 2K tons, which was approx. 60% of total exports in 2024. It was distantly followed by Saudi Arabia (1.3K tons), achieving a 39% share of total exports.
From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Saudi Arabia (with a CAGR of +22.0%).
In value terms, the largest olive oil supplying countries in GCC were Saudi Arabia ($8.8M) and the United Arab Emirates ($8.1M).
Saudi Arabia, with a CAGR of +31.7%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.
Export Prices By Country
In 2024, the export price in GCC amounted to $5,039 per ton, which is down by -3.9% against the previous year. Export price indicated a buoyant expansion from 2013 to 2024: its price increased at an average annual rate of +5.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, olive oil export price increased by +76.5% against 2021 indices. The growth pace was the most rapid in 2023 an increase of 46%. As a result, the export price reached the peak level of $5,243 per ton, and then shrank in the following year.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($6,638 per ton), while the United Arab Emirates totaled $3,976 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.0%).
Source: IndexBox Market Intelligence Platform