Canada: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Canada

The Canadian virgin olive oil market rose significantly to $X in 2022, surging by 8.9% 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). Overall, consumption posted a moderate expansion. Virgin olive oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Exports

Exports from Canada

Virgin olive oil exports from Canada shrank to X tons in 2022, which is down by -7.1% against the previous year. In general, exports, however, recorded a pronounced increase. The pace of growth was the most pronounced in 2013 when exports increased by 74%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, virgin olive oil exports declined remarkably to $X in 2022. Over the period under review, exports, however, enjoyed noticeable growth. The pace of growth was the most pronounced in 2016 when exports increased by 64%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for virgin olive oil exports from Canada, accounting for a 92% share of total exports. Moreover, virgin olive oil exports to the United States exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+7.6% per year) and France (+10.9% per year).

In value terms, the United States ($X) remains the key foreign market for virgin olive oil exports from Canada, comprising 98% of total exports. The second position in the ranking was taken by China ($X), with a 0.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+2.3% per year) and France (+5.1% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, falling by -11.6% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 47% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then declined in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (-1.3%), while the prices for the other major destinations experienced a decline.

Virgin Olive Oil Imports

Imports into Canada

In 2022, the amount of virgin olive oil imported into Canada expanded rapidly to X tons, surging by 11% on the previous year. In general, imports saw a noticeable increase. The pace of growth was the most pronounced in 2018 when imports increased by 318% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports shrank to $X in 2022. The total import value increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 22%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X tons), Spain (X tons) and Tunisia (X tons) were the main suppliers of virgin olive oil imports to Canada, with a combined 88% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +24.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Italy ($X), Spain ($X) and Tunisia ($X) were the largest virgin olive oil suppliers to Canada, together accounting for 88% of total imports.

Tunisia, with a CAGR of +23.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, which is down by -10.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 273% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Tunisia ($X per ton) and Spain ($X per ton), while the price for Greece ($X per ton) and Italy ($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 (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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