Australia: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Australia

The Australian virgin olive oil market dropped to $X in 2022, with a decrease of -10% against the previous year. In general, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +11.4% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Production in Australia

In value terms, virgin olive oil production dropped sharply to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2021 when the production volume increased by 63%. Virgin olive oil production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Virgin Olive Oil Exports

Exports from Australia

Virgin olive oil exports from Australia totaled X tons in 2022, rising by 1.9% compared with the previous year. Overall, exports, however, showed a abrupt downturn. The growth pace was the most rapid in 2015 with an increase of 108%. As a result, the exports reached 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 fell to $X in 2022. Over the period under review, exports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2015 when exports increased by 92% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and New Zealand (X tons) were the main destinations of virgin olive oil exports from Australia, together accounting for 74% of total exports. Japan, Taiwan (Chinese) and Malaysia lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +18.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for virgin olive oil exported from Australia were the United States ($X), China ($X) and New Zealand ($X), together comprising 71% of total exports. Japan, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further 22%.

Taiwan (Chinese), with a CAGR of +17.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, reducing by -10.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2017 an increase of 28% against the previous year. The export price peaked at $X per ton in 2021, and then fell in the following year.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and China ($X per ton), while the average price for exports to the United States ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Australia

In 2022, approx. X tons of virgin olive oil were imported into Australia; standing approx. at the year before. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 42% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports contracted modestly to $X in 2022. In general, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +99.8% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 56% against the previous year. Imports peaked at $X in 2021, and then dropped slightly in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest virgin olive oil supplier to Australia, with a 70% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was held by Greece (X tons), with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.4% per year) and Greece (-0.0% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Australia, comprising 68% of total imports. The second position in the ranking was taken by Italy ($X), with a 19% share of total imports. It was followed by Greece, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.0% per year) and Greece (+2.0% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, shrinking by -4.7% against the previous year. In general, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.5% 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 +5.0% against 2020 indices. The pace of growth was the most pronounced in 2015 an increase of 22% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Lebanon ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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