Belgium: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Belgium

In 2022, after four years of decline, there was significant growth in the Belgian refined olive oil market, when its value increased by 27% to $X. Over the period under review, consumption, however, continues to indicate a abrupt descent. Refined olive oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Refined Olive Oil Production in Belgium

In value terms, refined olive oil production fell to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2021 when the production volume increased by 16%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports from Belgium

In 2022, approx. X tons of refined olive oil were exported from Belgium; falling by -73.3% on 2021 figures. Overall, exports, however, recorded resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 305% against the previous year. As a result, the exports attained the peak of X tons, and then declined notably in the following year.

In value terms, refined olive oil exports declined markedly to $X in 2022. In general, exports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2021 when exports increased by 236%. As a result, the exports attained the peak of $X, and then declined markedly in the following year.

Exports by Country

The UK (X tons) was the main destination for refined olive oil exports from Belgium, accounting for a 55% share of total exports. Moreover, refined olive oil exports to the UK exceeded the volume sent to the second major destination, Iceland (X tons), fourfold. The third position in this ranking was taken by the Netherlands (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK amounted to +43.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (+25.0% per year) and the Netherlands (+5.7% per year).

In value terms, the UK ($X) remains the key foreign market for refined olive oil exports from Belgium, comprising 52% of total exports. The second position in the ranking was held by France ($X), with an 11% share of total exports. It was followed by Luxembourg, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK stood at +39.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+15.0% per year) and Luxembourg (-0.8% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, increasing by 13% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by 29%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Iceland ($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 France (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Belgium

In 2022, imports of refined olive oil into Belgium skyrocketed to X tons, growing by 21% compared with the previous year's figure. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +23.0% against 2017 indices. The pace of growth was the most pronounced in 2017 when imports increased by 49%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, refined olive oil imports soared to $X in 2022. Overall, total imports indicated mild growth 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 +45.3% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 74%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Spain (X tons) constituted the largest refined olive oil supplier to Belgium, accounting for a 45% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.1% per year) and the Netherlands (+13.3% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Belgium, comprising 48% of total imports. The second position in the ranking was taken by Italy ($X), with a 20% share of total imports. It was followed by the Netherlands, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.3% per year) and the Netherlands (+15.0% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, increasing by 8.1% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2013 when the average import price increased by 22% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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