Angola: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Angola

For the fifth consecutive year, the Angolan refined olive oil market recorded decline in sales value, which decreased by -1.1% to $X in 2022. In general, consumption, however, continues to indicate a noticeable contraction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Refined Olive Oil Production in Angola

In value terms, refined olive oil production fell to $X in 2022 estimated in export price. Overall, production continues to indicate a mild slump. The pace of growth appeared the most rapid in 2013 with an increase of 57%. Refined olive oil production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports from Angola

In 2022, approx. X tons of refined olive oil were exported from Angola; increasing by 205% on 2021. Over the period under review, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 1,726%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined olive oil exports surged to $X in 2022. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 2,697% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Namibia (X tons) was the main destination for refined olive oil exports from Angola, accounting for a 70% share of total exports. Moreover, refined olive oil exports to Namibia exceeded the volume sent to the second major destination, Democratic Republic of the Congo (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Namibia totaled +107.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Democratic Republic of the Congo (+19.1% per year) and Spain (+67.0% per year).

In value terms, the largest markets for refined olive oil exported from Angola were Namibia ($X), Spain ($X) and Democratic Republic of the Congo ($X), with a combined 97% share of total exports.

In terms of the main countries of destination, Namibia, with a CAGR of +118.3%, saw 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

The average refined olive oil export price stood at $X per ton in 2022, rising by 35% against the previous year. Overall, the export price, however, continues to indicate a slight slump. The most prominent rate of growth was recorded in 2013 when the average export price increased by 59%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Namibia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bahamas (+41.0%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Angola

In 2022, imports of refined olive oil into Angola rose significantly to X tons, surging by 12% against 2021 figures. In general, imports, however, recorded a abrupt decrease. The growth pace was the most rapid in 2020 when imports increased by 41%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports rose significantly to $X in 2022. Overall, imports, however, showed a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 33% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Portugal (X tons) was the main supplier of refined olive oil to Angola, accounting for a 92% share of total imports. It was followed by Italy (X tons), with a 2.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Portugal stood at -6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+1.8% per year) and the Netherlands (+21.4% per year).

In value terms, Portugal ($X) constituted the largest supplier of refined olive oil to Angola, comprising 95% of total imports. The second position in the ranking was taken by Italy ($X), with a 2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Portugal stood at -5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+6.5% per year) and the Netherlands (+10.4% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, declining by -3.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2013 an increase of 25%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Portugal ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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