Asia-Pacific: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Asia-Pacific

The Asia-Pacific refined olive oil market expanded notably to $X in 2022, increasing by 14% against the previous year. Overall, consumption, however, continues to indicate a slight shrinkage. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Asia-Pacific

In value terms, refined olive oil production stood at $X in 2022 estimated in export price. Overall, production saw a noticeable slump. The growth pace was the most rapid in 2014 with an increase of 14%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Refined Olive Oil Exports

Exports in Asia-Pacific

In 2022, overseas shipments of refined olive oil were finally on the rise to reach X tons for the first time since 2012, thus ending a nine-year declining trend. In general, exports, however, recorded a abrupt downturn. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports soared to $X in 2022. Over the period under review, exports, however, showed a perceptible downturn. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Australia (X tons) was the key exporter of refined olive oil, committing 56% of total exports. Hong Kong SAR (X tons) took the second position in the ranking, followed by South Korea (X tons). All these countries together took near 23% share of total exports. Japan (X tons), Taiwan (Chinese) (X tons), Singapore (X tons), New Zealand (X tons), India (X tons) and Vietnam (X tons) held a relatively small share of total exports.

Exports from Australia increased at an average annual rate of +13.0% from 2012 to 2022. At the same time, Vietnam (+15.3%), Japan (+12.7%) and South Korea (+12.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +15.3% from 2012-2022. New Zealand experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-7.2%), Singapore (-10.9%), Taiwan (Chinese) (-27.5%) and India (-30.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Australia, South Korea, Japan, Hong Kong SAR, New Zealand and Vietnam increased by +50, +8.9, +3.6, +2.8, +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest refined olive oil supplier in Asia-Pacific, comprising 52% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 13% share of total exports. It was followed by Japan, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Australia stood at +12.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (-4.3% per year) and Japan (+9.9% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, with a decrease of -5.4% against the previous year. Export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 an increase of 31%. Over the period under review, the export prices attained the maximum at $X per ton in 2021, and then fell in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+11.6%), while the other leaders experienced more modest paces of growth.

Refined Olive Oil Imports

Imports in Asia-Pacific

In 2022, the amount of refined olive oil imported in Asia-Pacific skyrocketed to X tons, increasing by 421% on the previous year. Over the period under review, imports enjoyed prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil imports skyrocketed to $X in 2022. In general, imports saw a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India prevails in imports structure, finishing at X tons, which was approx. 81% of total imports in 2022. Japan (X tons), China (X tons), Australia (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

India was also the fastest-growing in terms of the refined olive oil imports, with a CAGR of +44.9% from 2012 to 2022. At the same time, China (+20.9%) and Taiwan (Chinese) (+3.5%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. By contrast, Australia (-3.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India increased by +70 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported refined olive oil in Asia-Pacific, comprising 50% of total imports. The second position in the ranking was held by Japan ($X), with a 10% share of total imports. It was followed by Australia, with a 9.8% share.

In India, refined olive oil imports expanded at an average annual rate of +28.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+1.4% per year) and Australia (-0.3% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, dropping by -60% against the previous year. In general, the import price continues to indicate a drastic downturn. The growth pace was the most rapid in 2021 when the import price increased by 20% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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 Australia ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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