Chile: Olive Oil Market 2024

Olive Oil Market Size in Chile

The Chilean olive oil market dropped to $X in 2022, falling by -5.5% against the previous year. Overall, consumption, however, continues to indicate buoyant growth. Olive oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Olive Oil Production in Chile

In value terms, olive oil production dropped slightly to $X in 2022 estimated in export price. In general, production enjoyed prominent growth. The pace of growth was the most pronounced in 2015 with an increase of 22,017% against the previous year. Olive oil production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Olive Oil Exports

Exports from Chile

Olive oil exports from Chile amounted to X tons in 2022, surging by 13% against the year before. In general, total exports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -11.0% against 2020 indices. The growth pace was the most rapid in 2015 when exports increased by 51% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, olive oil exports amounted to $X in 2022. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +8.0% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 43% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Brazil (X tons) and Spain (X tons) were the main destinations of olive oil exports from Chile, with a combined 91% share of total exports. Canada and Argentina lagged somewhat behind, together accounting for a further 3.8%.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +119.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for olive oil exported from Chile were Brazil ($X), the United States ($X) and Spain ($X), together accounting for 90% of total exports. Canada and Argentina lagged somewhat behind, together comprising a further 3.9%.

Argentina, with a CAGR of +90.5%, 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 olive oil export price stood at $X per ton in 2022, falling by -9.1% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 22%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Brazil ($X per ton) and Canada ($X per ton), while the average price for exports to Spain ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+3.5%), while the prices for the other major destinations experienced mixed trend patterns.

Olive Oil Imports

Imports into Chile

In 2022, the amount of olive oil and its fractions imported into Chile shrank to X tons, with a decrease of -7.9% compared with 2021. In general, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 460% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, olive oil imports fell sharply to $X in 2022. Over the period under review, imports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 357%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Spain (X tons), Portugal (X tons) and Peru (X tons) were the main suppliers of olive oil imports to Chile, with a combined 90% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Portugal (with a CAGR of +90.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Portugal ($X) and Italy ($X) were the largest olive oil suppliers to Chile, with a combined 93% share of total imports.

In terms of the main suppliers, Portugal, with a CAGR of +81.7%, saw the highest rates of growth with regard to 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 olive oil import price stood at $X per ton in 2022, with a decrease of -8.2% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 22%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform