Belgium: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Belgium

The Belgian virgin olive oil market surged to $X in 2022, with an increase of 17% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Virgin olive oil consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Virgin Olive Oil Exports

Exports from Belgium

After four years of growth, shipments abroad of virgin olive oil decreased by -26.7% to X tons in 2022. Overall, exports, however, enjoyed temperate growth. The most prominent rate of growth was recorded in 2020 when exports increased by 133% against the previous year. The exports peaked at X tons in 2021, and then dropped significantly in the following year.

In value terms, virgin olive oil exports fell remarkably to $X in 2022. Over the period under review, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 153%. The exports peaked at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

Luxembourg (X tons), France (X tons) and the UK (X tons) were the main destinations of virgin olive oil exports from Belgium, together comprising 61% of total exports. The Netherlands, Tunisia, Germany, Democratic Republic of the Congo, the United States, Spain and Ireland lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Tunisia (with a CAGR of +65.8%), while the other leaders experienced more modest paces of growth.

In value terms, Luxembourg ($X), France ($X) and the UK ($X) were the largest markets for virgin olive oil exported from Belgium worldwide, together comprising 60% of total exports. The Netherlands, Tunisia, Germany, Democratic Republic of the Congo, Ireland, the United States and Spain lagged somewhat behind, together accounting for a further 29%.

Tunisia, with a CAGR of +70.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, surging by 2.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth was the most pronounced in 2013 when the average export price increased by 29%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Tunisia ($X per ton), while the average price for exports to Spain ($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 Democratic Republic of the Congo (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Belgium

In 2022, purchases abroad of virgin olive oil increased by 15% to X tons, rising for the fourth consecutive year after two years of decline. In general, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +79.6% against 2018 indices. The most prominent rate of growth was recorded in 2020 with an increase of 34% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, virgin olive oil imports shrank to $X in 2022. Over the period under review, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +49.5% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 53%. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

Spain (X tons), Italy (X tons) and France (X tons) were the main suppliers of virgin olive oil imports to Belgium, with a combined 89% share of total imports. Greece, the Netherlands, Morocco and Portugal lagged somewhat behind, together accounting for a further 8.4%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +7.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil suppliers to Belgium were Spain ($X), Italy ($X) and France ($X), with a combined 84% share of total imports. Greece, the Netherlands, Morocco and Portugal lagged somewhat behind, together comprising a further 12%.

Among the main suppliers, Greece, with a CAGR of +8.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, dropping by -21.6% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 27% against the previous year. 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 Greece ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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