Benelux: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Benelux

In 2022, the Benelux refined olive oil market increased by 15% to $X, rising for the second consecutive year after five years of decline. In general, consumption, however, showed a pronounced reduction. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Refined Olive Oil Production in Benelux

In value terms, refined olive oil production fell to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 when the production volume increased by 21%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports in Benelux

Refined olive oil exports fell sharply to X tons in 2022, waning by -37.6% on the year before. Overall, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 162%. As a result, the exports attained the peak of X tons, and then plummeted in the following year.

In value terms, refined olive oil exports reduced dramatically to $X in 2022. In general, exports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 135%. As a result, the exports reached the peak of $X, and then fell sharply in the following year.

Exports by Country

In 2022, the Netherlands (X tons) was the largest exporter of refined olive oil, committing 70% of total exports. It was distantly followed by Belgium (X tons), mixing up a 30% share of total exports.

The Netherlands was also the fastest-growing in terms of the refined olive oil exports, with a CAGR of +16.3% from 2012 to 2022. At the same time, Belgium (+8.0%) displayed positive paces of growth. While the share of the Netherlands (+18 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Belgium (-16.6 p.p.) displayed negative dynamics.

In value terms, the Netherlands ($X) emerged as the largest refined olive oil supplier in Benelux, comprising 76% of total exports. The second position in the ranking was taken by Belgium ($X), with a 24% share of total exports.

In the Netherlands, refined olive oil exports expanded at an average annual rate of +17.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Benelux amounted to $X per ton, rising by 27% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while Belgium totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+0.9%).

Refined Olive Oil Imports

Imports in Benelux

In 2022, approx. X tons of refined olive oil were imported in Benelux; picking up by 18% on 2021 figures. Total imports indicated a tangible expansion from 2012 to 2022: its volume 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 +11.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 19%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, refined olive oil imports skyrocketed to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +68.5% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 31%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

The Netherlands was the major importing country with an import of around X tons, which finished at 68% of total imports. It was distantly followed by Belgium (X tons), generating a 30% share of total imports. Luxembourg (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined olive oil imports into the Netherlands stood at +4.1%. At the same time, Belgium (+5.9%) and Luxembourg (+1.9%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in Benelux, with a CAGR of +5.9% from 2012-2022. Belgium (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while the Netherlands saw its share reduced by -3.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) constitutes the largest market for imported refined olive oil in Benelux, comprising 71% of total imports. The second position in the ranking was taken by Belgium ($X), with a 28% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the Netherlands totaled +8.1%. In the other countries, the average annual rates were as follows: Belgium (+1.3% per year) and Luxembourg (+5.0% per year).

Import Prices by Country

The import price in Benelux stood at $X per ton in 2022, surging by 9.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2021 when the import price increased by 19%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform