Chile: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Chile

The Chilean refined olive oil market rose to $X in 2022, surging by 1.8% against the previous year. Over the period under review, consumption, however, recorded a pronounced decrease. Refined olive oil consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Refined Olive Oil Production in Chile

In value terms, refined olive oil production stood at $X in 2022 estimated in export price. In general, production saw a noticeable descent. The most prominent rate of growth was recorded in 2014 when the production volume increased by 11% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Chile

In 2022, approx. X tons of refined olive oil were exported from Chile; declining by -24.6% on the year before. Overall, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 205%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports plummeted to $X in 2022. Over the period under review, exports recorded a abrupt slump. The growth pace was the most rapid in 2017 with an increase of 287% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for refined olive oil exports from Chile, with a 64% share of total exports. Moreover, refined olive oil exports to the United States exceeded the volume sent to the second major destination, Spain (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+23.2% per year) and Germany (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for refined olive oil exports from Chile, comprising 66% of total exports. The second position in the ranking was held by Spain ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at -4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+26.1% per year) and Germany (0.0% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, dropping by -4.6% against the previous year. Over the last decade, it increased at an average annual rate of +4.0%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 39%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Spain ($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 Italy (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Chile

In 2022, refined olive oil imports into Chile expanded remarkably to X tons, growing by 12% compared with the year before. Overall, imports recorded a mild expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 106% 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, refined olive oil imports skyrocketed to $X in 2022. Over the period under review, imports showed pronounced growth. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Argentina (X tons), Spain (X tons) and Peru (X tons) were the main suppliers of refined olive oil imports to Chile, with a combined 80% share of total imports. Italy and the United States lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +140.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Spain ($X) and the United States ($X) were the largest refined olive oil suppliers to Chile, with a combined 70% share of total imports.

The United States, with a CAGR of +166.6%, 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 more modest paces of growth.

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, with an increase of 43% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil import price increased by +69.9% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+75.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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