Asia-Pacific: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Asia-Pacific

The Asia-Pacific virgin olive oil market declined to $X in 2022, reducing by -7.1% against the previous year. The market value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in Asia-Pacific

In value terms, virgin olive oil production dropped markedly to $X in 2022 estimated in export price. Overall, production recorded a slight shrinkage. The most prominent rate of growth was recorded in 2021 when the production volume increased by 57%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Virgin Olive Oil Exports

Exports in Asia-Pacific

After six years of decline, overseas shipments of virgin olive oil increased by 5.2% to X tons in 2022. Over the period under review, exports, however, continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2015 with an increase of 72% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, virgin olive oil exports reduced to $X in 2022. In general, exports, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2014 when exports increased by 64% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia dominates exports structure, resulting at X tons, which was near 69% of total exports in 2022. It was distantly followed by Singapore (X tons), mixing up an 8.6% share of total exports. Hong Kong SAR (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons), South Korea (X tons) and Japan (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil exports from Australia stood at -8.3%. At the same time, Japan (+8.7%), South Korea (+5.4%), Singapore (+1.9%), Hong Kong SAR (+1.2%) and Taiwan (Chinese) (+1.1%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +8.7% from 2012-2022. By contrast, Malaysia (-6.6%) illustrated a downward trend over the same period. Singapore (+5 p.p.), South Korea (+2.7 p.p.), Hong Kong SAR (+2.3 p.p.), Taiwan (Chinese) (+2.2 p.p.) and Japan (+2 p.p.) significantly strengthened its position in terms of the total exports, while Australia saw its share reduced by -13.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest virgin olive oil supplier in Asia-Pacific, comprising 68% of total exports. The second position in the ranking was taken by Singapore ($X), with a 7.6% share of total exports. It was followed by Japan, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value in Australia stood at -6.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (+6.8% per year) and Japan (-0.8% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, waning by -11.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2021 when the export price increased by 23% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.5%), while the other leaders experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports in Asia-Pacific

In 2022, supplies from abroad of virgin olive oil decreased by -8.3% to X tons, falling for the second consecutive year after three years of growth. The total import volume increased at an average annual rate of +1.7% 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 2019 when imports increased by 24% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports declined to $X in 2022. The total import value increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 22%. Over the period under review, imports attained the maximum at $X in 2021, and then reduced slightly in the following year.

Imports by Country

In 2022, Japan (X tons) represented the key importer of virgin olive oil, mixing up 36% of total imports. Australia (X tons) took the second position in the ranking, followed by South Korea (X tons) and China (X tons). All these countries together took approx. 42% share of total imports. Taiwan (Chinese) (X tons), Indonesia (X tons), New Zealand (X tons), Singapore (X tons), Hong Kong SAR (X tons), Thailand (X tons) and India (X tons) took a relatively small share of total imports.

Imports into Japan increased at an average annual rate of +4.4% from 2012 to 2022. At the same time, Indonesia (+17.3%), Taiwan (Chinese) (+10.8%), South Korea (+8.6%), Hong Kong SAR (+5.3%), Thailand (+4.9%), Singapore (+2.8%), New Zealand (+2.6%) and India (+1.4%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +17.3% from 2012-2022. Australia experienced a relatively flat trend pattern. By contrast, China (-8.8%) illustrated a downward trend over the same period. Japan (+8.2 p.p.), South Korea (+6.6 p.p.), Indonesia (+2.3 p.p.) and Taiwan (Chinese) (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Australia and China saw its share reduced by -2.1% and -22.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest virgin olive oil importing markets in Asia-Pacific were Japan ($X), China ($X) and Australia ($X), with a combined 66% share of total imports. South Korea, Taiwan (Chinese), Indonesia, New Zealand, India, Singapore, Hong Kong SAR and Thailand lagged somewhat behind, together comprising a further 28%.

In terms of the main importing countries, Indonesia, with a CAGR of +21.3%, recorded the highest growth rate of the value of imports, 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 Asia-Pacific amounted to $X per ton, surging by 8.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2013 an increase of 20%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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