Olive Market

Olive market: get new information enhanced by an Ai-driven business intelligence platform. Info contain production, consumption, market size, trade, market prices, exports, companies, and imports. There is a split by region, including Russia, the Middle East, the U.S., the U.K., Latin America, EU, Africa, and China. Market trends and forecast to 2030 are also featured in the snapshots.

The global olive market is expected to experience significant growth over the next six years, with demand driving an upward consumption trend. Market performance is projected to accelerate, with an anticipated CAGR of +2.1% in volume and +3.7% in value from 2024 to 2030. By the end of 2030, the market volume is forecasted to reach 23M tons, with a market value of $52B in nominal prices.

Market Forecast

Driven by increasing demand for olives worldwide, the market is expected to continue an upward consumption trend over the next six years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.1% for the period from 2024 to 2030, which is projected to bring the market volume to 23M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2024 to 2030, which is projected to bring the market value to $52B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Olives

In 2024, the amount of olives consumed worldwide fell to 20M tons, stabilizing at the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, global consumption reached the peak volume at 25M tons in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure.

The global olive market value rose slightly to $41.7B in 2024, surging by 1.8% 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). In general, consumption, however, continues to indicate a relatively flat trend pattern. Global consumption peaked at $42.8B in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were Spain (4.5M tons), Greece (3.1M tons) and Italy (2.3M tons), together comprising 49% of global consumption. Turkey, Morocco, Tunisia, Egypt, Portugal and Algeria lagged somewhat behind, together comprising a further 35%.

From 2012 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Portugal (with a CAGR of +7.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest olive markets worldwide were Italy ($9B), Greece ($6.3B) and Spain ($4.1B), with a combined 47% share of the global market. Morocco, Tunisia, Turkey, Algeria, Egypt and Portugal lagged somewhat behind, together accounting for a further 28%.

In terms of the main consuming countries, Portugal, with a CAGR of +8.3%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2024, the highest levels of olive per capita consumption was registered in Greece (293 kg per person), followed by Spain (96 kg per person), Portugal (95 kg per person) and Tunisia (93 kg per person), while the world average per capita consumption of olive was estimated at 2.5 kg per person.

From 2012 to 2024, the average annual rate of growth in terms of the olive per capita consumption in Greece stood at +1.3%. In the other countries, the average annual rates were as follows: Spain (+1.3% per year) and Portugal (+7.8% per year).

Production

World Production of Olives

In 2024, the amount of olives produced worldwide fell modestly to 20M tons, remaining stable against 2023. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 28%. Over the period under review, global production attained the peak volume at 25M tons in 2018; however, from 2019 to 2024, production remained at a lower figure. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, olive production amounted to $42.5B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2024; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 15% against the previous year. Over the period under review, global production reached the maximum level at $43.2B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2024 were Spain (4.5M tons), Greece (3.1M tons) and Italy (2.3M tons), with a combined 49% share of global production. Turkey, Morocco, Tunisia, Egypt, Portugal and Algeria lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2024, the biggest increases were recorded for Portugal (with a CAGR of +7.2%), while production for the other global leaders experienced more modest paces of growth.

Yield

The global average olive yield declined modestly to 1.8 tons per ha in 2024, falling by -1.6% on the previous year. In general, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the yield increased by 28% against the previous year. Over the period under review, the average olive yield reached the maximum level at 2.3 tons per ha in 2020; however, from 2021 to 2024, the yield stood at a somewhat lower figure.

Harvested Area

The global olive harvested area reached 11M ha in 2024, remaining constant against the year before. In general, the harvested area continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the harvested area increased by 17%. As a result, the harvested area reached the peak level of 11M ha. From 2019 to 2024, the growth of the global olive harvested area remained at a somewhat lower figure.

Imports

World Imports of Olives

In 2024, after three years of growth, there was significant decline in supplies from abroad of olives, when their volume decreased by -21% to 98K tons. Over the period under review, imports, however, saw a resilient expansion. The pace of growth was the most pronounced in 2021 when imports increased by 46% against the previous year. Global imports peaked at 124K tons in 2023, and then plummeted in the following year.

In value terms, olive imports contracted to $145M in 2024. In general, imports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2021 when imports increased by 47%. Over the period under review, global imports reached the maximum at $164M in 2023, and then fell in the following year.

Imports By Country

In 2024, Portugal (42K tons), distantly followed by Spain (28K tons), the United States (8.3K tons) and Italy (7K tons) represented the key importers of olives, together making up 87% of total imports. The following importers - the Netherlands (3.3K tons) and Poland (2.1K tons) - together made up 5.5% of total imports.

From 2012 to 2024, the biggest increases were recorded for Poland (with a CAGR of +19.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest olive importing markets worldwide were Portugal ($43M), Spain ($34M) and Italy ($19M), together comprising 66% of global imports.

In terms of the main importing countries, Spain, with a CAGR of +27.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average olive import price stood at $1,487 per ton in 2024, rising by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2023 an increase of 19%. Global import price peaked at $1,497 per ton in 2012; however, from 2013 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Poland ($3,222 per ton), while the United States ($645 per ton) was amongst the lowest.

From 2012 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+8.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Olives

In 2024, global exports of olives expanded rapidly to 114K tons, picking up by 8.1% against the previous year's figure. In general, exports enjoyed strong growth. The pace of growth was the most pronounced in 2021 with an increase of 69% against the previous year. The global exports peaked in 2024 and are likely to continue growth in years to come.

In value terms, olive exports skyrocketed to $152M in 2024. Over the period under review, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2023 when exports increased by 44%. The global exports peaked in 2024 and are likely to see steady growth in the near future.

Exports By Country

Portugal represented the major exporting country with an export of around 67K tons, which resulted at 59% of total exports. Spain (29K tons) took the second position in the ranking, distantly followed by Mexico (9.8K tons). All these countries together held approx. 34% share of total exports. Greece (2K tons) followed a long way behind the leaders.

Exports from Portugal increased at an average annual rate of +7.2% from 2012 to 2024. At the same time, Spain (+15.9%) and Mexico (+10.5%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.9% from 2012-2024. By contrast, Greece (-8.0%) illustrated a downward trend over the same period. While the share of Spain (+15 p.p.) and Mexico (+2.6 p.p.) increased significantly in terms of the global exports from 2012-2024, the share of Greece (-9.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Portugal ($73M) remains the largest olive supplier worldwide, comprising 48% of global exports. The second position in the ranking was taken by Spain ($37M), with a 24% share of global exports. It was followed by Mexico, with a 6.4% share.

In Portugal, olive exports expanded at an average annual rate of +17.3% over the period from 2012-2024. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+12.0% per year) and Mexico (+2.7% per year).

Export Prices By Country

The average olive export price stood at $1,328 per ton in 2024, surging by 13% against the previous year. Over the last twelve years, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 28%. As a result, the export price attained the peak level of $1,447 per ton. From 2014 to 2024, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Greece ($3,594 per ton), while Mexico ($997 per ton) was amongst the lowest.

From 2012 to 2024, the most notable rate of growth in terms of prices was attained by Portugal (+9.5%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform