Australia: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Australia

The Australian refined olive oil market fell modestly to $X in 2022, waning by -1.5% against the previous year. Overall, consumption recorded a noticeable descent. Refined olive oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Olive Oil Production in Australia

In value terms, refined olive oil production declined slightly to $X in 2022 estimated in export price. Overall, production recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when the production volume increased by 24% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Refined Olive Oil Exports

Exports from Australia

Refined olive oil exports from Australia skyrocketed to X tons in 2022, jumping by 137% compared with 2021. Over the period under review, exports enjoyed a strong 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 soared to $X in 2022. In general, exports enjoyed buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

New Zealand (X tons) was the main destination for refined olive oil exports from Australia, with a 51% share of total exports. Moreover, refined olive oil exports to New Zealand exceeded the volume sent to the second major destination, the United States (X tons), twofold. Japan (X tons) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand stood at +28.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+220.6% per year) and Japan (+33.4% per year).

In value terms, New Zealand ($X) remains the key foreign market for refined olive oil exports from Australia, comprising 47% of total exports. The second position in the ranking was taken by the United States ($X), with a 20% share of total exports. It was followed by Japan, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to New Zealand stood at +29.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+173.0% per year) and Japan (+25.8% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, falling by -18.9% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 26%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then plummeted in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Australia

In 2022, refined olive oil imports into Australia expanded notably to X tons, with an increase of 6.2% on 2021 figures. Overall, imports, however, saw a pronounced setback. The pace of growth was the most pronounced in 2016 when imports increased by 38%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined olive oil imports soared to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 56%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to Australia, accounting for a 85% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-10.5% per year) and Lebanon (+12.4% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Australia, comprising 86% of total imports. The second position in the ranking was taken by Italy ($X), with a 9.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-7.0% per year) and Lebanon (+19.7% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, increasing by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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 Lebanon (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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