Australia and Oceania: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Australia and Oceania

The virgin olive oil market in Australia and Oceania dropped to $X in 2022, with a decrease of -8.6% against the previous year. The total consumption indicated temperate growth 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 reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Production in Australia and Oceania

In value terms, virgin olive oil production declined dramatically to $X in 2022 estimated in export price. In general, production recorded a mild contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by 63% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports in Australia and Oceania

In 2022, the amount of virgin olive oil exported in Australia and Oceania stood at X tons, remaining relatively unchanged against the previous year. Over the period under review, exports, however, showed a drastic downturn. The growth pace was the most rapid in 2015 when exports increased by 104% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, virgin olive oil exports declined to $X in 2022. In general, exports, however, saw a deep downturn. The growth pace was the most rapid in 2015 when exports increased by 88% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Australia dominates exports structure, recording X tons, which was near 98% of total exports in 2022. New Zealand (X tons) held a little 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 ($X) remains the largest virgin olive oil supplier in Australia and Oceania, comprising 96% of total exports. The second position in the ranking was held by New Zealand ($X), with a 4.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Australia amounted to -6.4%.

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, declining by -10.5% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2017 an increase of 27% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2021, and then fell in the following year.

Prices varied noticeably by country of origin: 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%).

Virgin Olive Oil Imports

Imports in Australia and Oceania

Virgin olive oil imports amounted to X tons in 2022, surging by 3.3% on the previous year. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when imports increased by 40% against the previous year. 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, virgin olive oil imports fell slightly to $X in 2022. Total imports indicated moderate growth 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 with an increase of 52% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Australia (X tons) was the key importer of virgin olive oil, creating 84% of total imports. It was distantly followed by New Zealand (X tons), comprising an 11% share of total imports. New Caledonia (X tons) followed a long way behind the leaders.

Australia experienced a relatively flat trend pattern with regard to volume of imports of virgin olive oil. 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 ($X) constitutes the largest market for imported virgin olive oil in Australia and Oceania, comprising 83% of total imports. The second position in the ranking was held by New Zealand ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual growth rate 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

The import price in Australia and Oceania stood at $X per ton in 2022, shrinking by -4.4% against the previous year. Import price indicated noticeable growth 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, virgin olive oil import price increased by +5.1% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the import price increased by 23%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

Frequently Asked Questions (FAQ) :