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Spain - Refined Olive Oil - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Nov 1, 2024

Spain - Refined Olive Oil - Market Analysis, Forecast, Size, Trends And Insights

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Mar 30, 2023

Spain's Refined Olive Oil Price Increases Slightly to $5,134 per Ton

Spain Refined Olive Oil Export Price in January 2023

In January 2023, the refined olive oil price amounted to $5,134 per ton (FOB, Spain), increasing by 3.3% against the previous month. Over the period from January 2022 to January 2023, it increased at an average monthly rate of +2.8%. The most prominent rate of growth was recorded in April 2022 when the average export price increased by 8.4% against the previous month. The export price peaked in January 2023.

Average prices varied noticeably for the major foreign markets. In January 2023, the highest price was recorded for prices to the Netherlands ($5,565 per ton) and Australia ($5,550 per ton), while the average price for exports to the UK ($4,527 per ton) and Germany ($4,584 per ton) were amongst the lowest.

From January 2022 to January 2023, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Spain Refined Olive Oil Exports

In January 2023, overseas shipments of refined olive oil decreased by -6.8% to 17K tons, falling for the fourth month in a row after two months of growth. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in February 2022 with an increase of 33% against the previous month. The exports peaked at 31K tons in May 2022; however, from June 2022 to January 2023, the exports remained at a lower figure.

In value terms, refined olive oil exports declined slightly to $87M (IndexBox estimates) in January 2023. Overall, total exports indicated modest growth from January 2022 to January 2023: its value increased at an average monthly rate of +1.9% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on January 2023 figures, exports decreased by -29.5% against October 2022 indices. The growth pace was the most rapid in February 2022 with an increase of 37% m-o-m. Over the period under review, the exports hit record highs at 129K tons in May 2022; however, from June 2022 to January 2023, the exports failed to regain momentum.

Spain Refined Olive Oil Exports by Country

Portugal (3.7K tons), Italy (2.3K tons) and the United States (2.1K tons) were the main destinations of refined olive oil exports from Spain, together accounting for 48% of total exports. These countries were followed by the UK, France, Australia, the Netherlands, Japan, India, Mexico and Germany, which together accounted for a further 34%.

From January 2022 to January 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +22.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined olive oil exported from Spain were Portugal ($18M), Italy ($12M) and the United States ($11M), with a combined 48% share of total exports. the UK, France, Australia, the Netherlands, Japan, India, Mexico and Germany lagged somewhat behind, together comprising a further 33%.

France, with a CAGR of +24.5%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Spain's Refined Olive Oil Prices on the Rise as International Competition Take Their Toll

Spain, the world's largest producer of olive oil, has seen a slight increase in the price of refined olive oil.

The reason behind this price increase is multifaceted. One major factor is that Spain is facing a reduced crop this year due to the exceptionally hot and dry weather conditions over the summer. This has led to a lower supply of olives, which in turn has impacted the price of the finished product.

Additionally, Spain is facing increased competition from both other European countries and international producers, which is driving up the price of olives and olive oil. The Spanish industry is struggling to compete with lower-priced alternatives, such as soybean and sunflower oil, which are flooding the market.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the refined olive oil market in Spain. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 10415310 - Refined olive oil and its fractions (excluding chemically modified)

Country coverage:

  • Spain

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in Spain
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2023
    22. Production, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, 2012–2023
    24. Imports, In Value Terms, 2012–2023
    25. Imports, In Physical Terms, By Country, 2023
    26. Imports, In Physical Terms, By Country, 2012–2023
    27. Imports, In Value Terms, By Country, 2012–2023
    28. Import Prices, By Country Of Origin, 2012–2023
    29. Exports, In Physical Terms, 2012–2023
    30. Exports, In Value Terms, 2012–2023
    31. Exports, In Physical Terms, By Country, 2023
    32. Exports, In Physical Terms, By Country, 2012–2023
    33. Exports, In Value Terms, By Country, 2012–2023
    34. Export Prices, By Country Of Destination, 2012–2023

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