Australia and Oceania: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Australia and Oceania

The refined olive oil market in Australia and Oceania amounted to $X in 2022, remaining relatively unchanged against the previous year. In general, consumption recorded a pronounced descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Australia and Oceania

In value terms, refined olive oil production fell slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a deep slump. The pace of growth appeared the most rapid in 2014 with an increase of 28%. The level of production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Refined Olive Oil Exports

Exports in Australia and Oceania

Refined olive oil exports surged to X tons in 2022, with an increase of 128% against 2021. Overall, exports posted a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil exports surged to $X in 2022. Over the period under review, exports showed a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia dominates exports structure, reaching X tons, which was near 95% of total exports in 2022. New Zealand (X tons) held a relatively small share of total exports.

Australia was also the fastest-growing in terms of the refined olive oil exports, with a CAGR of +13.0% from 2012 to 2022. New Zealand experienced a relatively flat trend pattern. Australia (+8.3 p.p.) significantly strengthened its position in terms of the total exports, while New Zealand saw its share reduced by -8.3% from 2012 to 2022, respectively.

In value terms, Australia ($X) remains the largest refined olive oil supplier in Australia and Oceania, comprising 93% of total exports. The second position in the ranking was held by New Zealand ($X), with a 7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia amounted to +12.0%.

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, reducing by -15.3% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by 24% against the previous year. The level of export peaked at $X per ton in 2021, and then reduced remarkably 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 New Zealand (+3.4%).

Refined Olive Oil Imports

Imports in Australia and Oceania

In 2022, the amount of refined olive oil imported in Australia and Oceania expanded rapidly to X tons, growing by 6.9% compared with 2021 figures. Over the period under review, imports, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2016 when imports increased by 40% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, refined olive oil imports soared to $X in 2022. Total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.3% 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 +35.8% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 50%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Australia (X tons) was the major importer of refined olive oil, mixing up 72% of total imports. It was distantly followed by New Zealand (X tons), generating a 24% share of total imports. Papua New Guinea (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined olive oil imports into Australia stood at -3.1%. At the same time, Papua New Guinea (+15.5%) and New Zealand (+4.1%) displayed positive paces of growth. Moreover, Papua New Guinea emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +15.5% from 2012-2022. New Zealand (+10 p.p.) and Papua New Guinea (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Australia saw its share reduced by -12.6% from 2012 to 2022, respectively.

In value terms, Australia ($X) constitutes the largest market for imported refined olive oil in Australia and Oceania, comprising 72% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Australia was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: New Zealand (+7.7% per year) and Papua New Guinea (+14.7% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, picking up by 18% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2017 when the import price increased by 21% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while Papua New Guinea ($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 (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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