Latin America and the Caribbean: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Latin America and the Caribbean

The Latin American virgin olive oil market expanded notably to $X in 2023, with an increase of X% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2019 indices. The level of consumption peaked in 2023 and is expected to retain growth in the immediate term.

Virgin Olive Oil Production in Latin America and the Caribbean

In value terms, virgin olive oil production rose slightly to $X in 2023 estimated in export price. The total production indicated a remarkable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2014 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports in Latin America and the Caribbean

In 2023, approx. X tons of virgin olive oil were exported in Latin America and the Caribbean; with an increase of X% compared with 2022 figures. Over the period under review, exports posted a buoyant expansion. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2023 and are likely to see gradual growth in years to come.

In value terms, virgin olive oil exports skyrocketed to $X in 2023. In general, exports saw a resilient increase. The pace of growth was the most pronounced in 2017 when exports increased by X%. The level of export peaked in 2023 and is expected to retain growth in the near future.

Exports by Country

Argentina represented the major exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by Chile (X tons), committing a X% share of total exports. Peru (X tons) took a minor share of total exports.

Exports from Argentina increased at an average annual rate of X% from 2012 to 2023. At the same time, Peru (X%) and Chile (X%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Argentina and Peru increased by X and X percentage points, respectively.

In value terms, the largest virgin olive oil supplying countries in Latin America and the Caribbean were Argentina ($X), Chile ($X) and Peru ($X), with a combined X% share of total exports.

In terms of the main exporting countries, Peru, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of X% against the previous year. Export price indicated a resilient increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, virgin olive oil export price increased by X% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Chile (X%), while the other leaders experienced mixed trends in the export price figures.

Virgin Olive Oil Imports

Imports in Latin America and the Caribbean

In 2023, after two years of decline, there was growth in supplies from abroad of virgin olive oil, when their volume increased by X% to X tons. Total imports indicated perceptible growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2018 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, virgin olive oil imports skyrocketed to $X in 2023. Total imports indicated a strong expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2023, Brazil (X tons) represented the largest importer of virgin olive oil, creating X% of total imports. Mexico (X tons) ranks second in terms of the total imports with a X% share, followed by Colombia (X%). The Dominican Republic (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to virgin olive oil imports into Brazil stood at X%. At the same time, Colombia (X%), Mexico (X%) and the Dominican Republic (X%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Colombia (X p.p.) significantly strengthened its position in terms of the total imports, while Brazil saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported virgin olive oil in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Mexico ($X), with a X% share of total imports. It was followed by Colombia, with a X% share.

In Brazil, virgin olive oil imports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Colombia (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, with an increase of X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform