Edible oils are set to record a 5.3% forecast CAGR from 2016 to 2021 in the MENA region, which is higher than the 3.8% seen globally. Olive oil’s unit price is seen to grow steadily, whereas the other types of oil are witnessing a slight decrease. Despite the price increase, olive oil is set to be the most dynamic edible oil category in the Middle East and North Africa region. In the United Arab Emirates, the surging popularity of olive oil has been supported by the increasing influx of Arab expatriates and expatriates from Europe, especially Spain, Italy and Greece – all of whom consider olive oil a staple in Mediterranean cuisine. Growth for olive oil in both United Arab Emirates and Saudi Arabia is also being driven by consumers who are becoming more health conscious, deeming this type of oil to be healthier than others.
*Source: Euromonitor International