Australia and Oceania: Olive Oil Market 2024

Olive Oil Market Size in Australia and Oceania

The olive oil market in Australia and Oceania declined to $X in 2022, which is down by -8.6% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +9.7% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Olive Oil Production in Australia and Oceania

In value terms, olive oil production contracted dramatically to $X in 2022 estimated in export price. In general, production continues to indicate a slight curtailment. The growth pace was the most rapid in 2021 with an increase of 63%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Olive Oil Exports

Exports in Australia and Oceania

Olive oil exports stood at X tons in 2022, therefore, remained relatively stable against the previous year's figure. In general, exports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2015 with an increase of 104%. 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, olive oil exports fell to $X in 2022. Overall, exports, however, continue to indicate a abrupt decline. The growth pace was the most rapid in 2015 with an increase of 88% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Australia dominates exports structure, accounting for X tons, which was near 98% of total exports in 2022. New Zealand (X tons) held a relatively small share of total exports.

Exports from Australia decreased at an average annual rate of -8.3% from 2012 to 2022. At the same time, New Zealand (+5.0%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +5.0% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest olive oil supplier in Australia and Oceania, comprising 96% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 4.1% share of total exports.

In Australia, olive oil exports contracted by an average annual rate of -6.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, falling by -10.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2017 when the export price increased by 27%. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then reduced 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 New Zealand ($X per ton), while Australia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+2.1%).

Olive Oil Imports

Imports in Australia and Oceania

In 2022, approx. X tons of olive oil and its fractions were imported in Australia and Oceania; increasing by 3.3% compared with 2021. The total import volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 40%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, olive oil imports declined to $X in 2022. Total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +97.3% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 52% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then dropped slightly in the following year.

Imports by Country

Australia represented the major importing country with an import of about X tons, which resulted at 84% of total imports. It was distantly followed by New Zealand (X tons), creating an 11% share of total imports. New Caledonia (X tons) held a relatively small share of total imports.

Australia experienced a relatively flat trend pattern with regard to volume of imports of olive oil and its fractions. At the same time, New Caledonia (+9.0%) and New Zealand (+2.6%) displayed positive paces of growth. Moreover, New Caledonia emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +9.0% from 2012-2022. While the share of New Zealand (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Australia (-4.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported olive oil and its fractions in Australia and Oceania, comprising 83% of total imports. The second position in the ranking was held by New Zealand ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia amounted to +4.0%. In the other countries, the average annual rates were as follows: New Zealand (+6.4% per year) and New Caledonia (+10.4% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, waning by -4.4% against the previous year. Import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, olive oil import price increased by +5.1% against 2020 indices. The most prominent rate of growth was recorded in 2015 an increase of 23% against the previous year. 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.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was New Zealand ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform