Brazil: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Brazil

In 2022, after two years of growth, there was significant decline in the Brazilian virgin olive oil market, when its value decreased by -71.5% to $X. Overall, consumption saw a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2021, and then declined notably in the following year.

Virgin Olive Oil Exports

Exports from Brazil

In 2022, shipments abroad of virgin olive oil decreased by -43.3% to X tons, falling for the second year in a row after three years of growth. Overall, exports, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of 761% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports declined notably to $X in 2022. Over the period under review, exports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2015 with an increase of 999%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons), Argentina (X tons) and Paraguay (X tons) were the main destinations of virgin olive oil exports from Brazil, together comprising 72% of total exports. Spain, Bolivia, Panama, Portugal, Marshall Islands and Cyprus lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +278.5%), while the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), China ($X) and Paraguay ($X) constituted the largest markets for virgin olive oil exported from Brazil worldwide, with a combined 55% share of total exports. Spain, Bolivia, Panama, Marshall Islands, Portugal and Cyprus lagged somewhat behind, together accounting for a further 20%.

Spain, with a CAGR of +289.3%, 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, growing by 5.1% against the previous year. In general, the export price, however, showed a slight contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 64% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

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 Marshall Islands ($X per ton), while the average price for exports to China ($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 Marshall Islands (+21.0%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Brazil

In 2022, purchases abroad of virgin olive oil decreased by -73.6% to X tons, falling for the second year in a row after five years of growth. In general, imports saw a deep reduction. The pace of growth was the most pronounced in 2018 when imports increased by 32%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports fell sharply to $X in 2022. Overall, imports saw a abrupt decline. The growth pace was the most rapid in 2018 with an increase of 31%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Portugal (X tons) constituted the largest virgin olive oil supplier to Brazil, with a 57% share of total imports. Moreover, virgin olive oil imports from Portugal exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. The third position in this ranking was taken by Argentina (X tons), with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Portugal amounted to -8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-12.6% per year) and Argentina (-10.2% per year).

In value terms, Portugal ($X) constituted the largest supplier of virgin olive oil to Brazil, comprising 58% of total imports. The second position in the ranking was held by Spain ($X), with a 19% share of total imports. It was followed by Argentina, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Portugal amounted to -7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-10.5% per year) and Argentina (-8.1% per year).

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, with an increase of 9.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2013 when the average import price increased by 24%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Chile ($X per ton) and Italy ($X per ton), while the price for Tunisia ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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