ASEAN: Olive Oil Market 2024

Olive Oil Market Size in ASEAN

The ASEAN olive oil market skyrocketed to $X in 2022, surging by 21% against the previous year. Over the period under review, consumption continues to indicate a buoyant expansion. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Olive Oil Production in ASEAN

In value terms, olive oil production amounted to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume decreased by 99.9%. The level of production peaked in 2022 and is likely to continue growth in the immediate term.

Olive Oil Exports

Exports in ASEAN

In 2022, the amount of olive oil and its fractions exported in ASEAN skyrocketed to X tons, increasing by 72% on the previous year's figure. In general, exports, however, continue to indicate a slight decline. The most prominent rate of growth was recorded in 2018 with an increase of 348% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, olive oil exports skyrocketed to $X in 2022. Overall, exports saw a tangible increase. The pace of growth appeared the most rapid in 2018 with an increase of 158%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Singapore (X tons) represented the largest exporter of olive oil and its fractions, making up 65% of total exports. It was distantly followed by Malaysia (X tons), comprising a 30% share of total exports. Vietnam (X tons) followed a long way behind the leaders.

Exports from Singapore increased at an average annual rate of +1.9% from 2012 to 2022. At the same time, Vietnam (+48.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +48.7% from 2012-2022. By contrast, Malaysia (-6.6%) illustrated a downward trend over the same period. While the share of Singapore (+18 p.p.) and Vietnam (+4.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-21.8 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) remains the largest olive oil supplier in ASEAN, comprising 75% of total exports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore amounted to +6.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-3.6% per year) and Vietnam (+38.0% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, which is down by -19.4% against the previous year. In general, the export price, however, recorded strong growth. The most prominent rate of growth was recorded in 2016 an increase of 67%. The level of export peaked at $X per ton in 2021, and then shrank significantly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Olive Oil Imports

Imports in ASEAN

In 2022, olive oil imports in ASEAN skyrocketed to X tons, growing by 16% compared with the previous year's figure. In general, imports showed strong growth. The growth pace was the most rapid in 2014 when imports increased by 30%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, olive oil imports skyrocketed to $X in 2022. Over the period under review, imports posted prominent growth. The pace of growth was the most pronounced in 2013 when imports increased by 40%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Malaysia (X tons) and Indonesia (X tons) represented roughly 53% of total imports in 2022. Singapore (X tons) ranks next in terms of the total imports with a 15% share, followed by Thailand (13%), the Philippines (11%) and Vietnam (6.5%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Malaysia (with a CAGR of +22.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and Singapore ($X) were the countries with the highest levels of imports in 2022, with a combined 68% share of total imports.

Indonesia, with a CAGR of +21.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, picking up by 6.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2017 an increase of 14%. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform