Global Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size

The global virgin olive oil market dropped to $X in 2022, which is down by X% against the previous year. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. Over the period under review, the global market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Virgin Olive Oil Production

In value terms, virgin olive oil production stood at $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Over the period under review, global production attained the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

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Virgin Olive Oil Exports

Exports

In 2022, shipments abroad of virgin olive oil increased by X% to X tons, rising for the fifth consecutive year after three years of decline. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, virgin olive oil exports reduced modestly to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports reached the peak of $X, and then dropped slightly in the following year.

Exports by Country

Spain was the major exporting country with an export of about X tons, which accounted for X% of total exports. Italy (X tons) ranks second in terms of the total exports with a X% share, followed by Tunisia (X%), Portugal (X%) and Greece (X%). The following exporters - Syrian Arab Republic (X tons) and Turkey (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil exports from Spain stood at X%. At the same time, Syrian Arab Republic (X%), Portugal (X%), Turkey (X%), Tunisia (X%) and Greece (X%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2022. Italy experienced a relatively flat trend pattern. From 2012 to 2022, the share of Portugal and Syrian Arab Republic increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Spain ($X), Italy ($X) and Tunisia ($X) constituted the countries with the highest levels of exports in 2022, together accounting for X% of global exports. Portugal, Greece, Syrian Arab Republic and Turkey lagged somewhat behind, together comprising a further X%.

Syrian Arab Republic, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, shrinking by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2013 when the average export price increased by X%. The global export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (X%), while the other global leaders experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports

In 2022, supplies from abroad of virgin olive oil decreased by X% to X tons, falling for the second year in a row after three years of growth. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of global imports failed to regain momentum.

In value terms, virgin olive oil imports reduced markedly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Over the period under review, global imports hit record highs at $X in 2021, and then plummeted in the following year.

Imports by Country

Italy was the major importing country with an import of about X tons, which resulted at X% of total imports. It was distantly followed by Spain (X tons), France (X tons), Portugal (X tons) and Germany (X tons), together making up a X% share of total imports. Japan (X tons), Canada (X tons), the UK (X tons), Saudi Arabia (X tons) and Turkey (X tons) held a minor share of total imports.

Italy experienced a relatively flat trend pattern with regard to volume of imports of virgin olive oil. At the same time, Turkey (X%), Spain (X%), Saudi Arabia (X%), Portugal (X%), Japan (X%), Canada (X%), Germany (X%) and France (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the world, with a CAGR of X% from 2012-2022. The UK experienced a relatively flat trend pattern. Spain (X p.p.), Portugal (X p.p.) and Turkey (X p.p.) significantly strengthened its position in terms of the global imports, while Italy saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) constitutes the largest market for imported virgin olive oil worldwide, comprising X% of global imports. The second position in the ranking was held by Spain ($X), with a X% share of global imports. It was followed by France, with a X% share.

In Italy, virgin olive oil imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Spain (X% per year) and France (X% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, reducing by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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