CIS: Olive Oil Market 2024

Olive Oil Market Size in CIS

In 2022, after six years of growth, there was decline in the CIS olive oil market, when its value decreased by -3.7% to $X. The total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +86.4% against 2015 indices. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Olive Oil Production in CIS

In value terms, olive oil production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, posted resilient growth. The growth pace was the most rapid in 2015 when the production volume increased by 12,431%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Olive Oil Exports

Exports in CIS

In 2022, after three years of growth, there was significant decline in shipments abroad of olive oil and its fractions, when their volume decreased by -6% to X tons. Overall, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 133% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped in the following year.

In value terms, olive oil exports dropped to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 149% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Russia (X tons) and Belarus (X tons), together reaching 99% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Belarus (with a CAGR of +40.7%).

In value terms, Russia ($X) remains the largest olive oil supplier in the CIS, comprising 78% of total exports. The second position in the ranking was taken by Belarus ($X), with a 20% share of total exports.

In Russia, olive oil exports expanded at an average annual rate of +34.4% over the period from 2012-2022.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, which is down by -8.2% against the previous year. Overall, the export price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2013 when the export price increased by 36% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while Belarus amounted to $X per ton.

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

Olive Oil Imports

Imports in CIS

Olive oil imports stood at X tons in 2022, flattening at 2021. Total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -1.7% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of 34%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, olive oil imports fell slightly to $X in 2022. Total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.5% 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 +94.5% against 2015 indices. The growth pace was the most rapid in 2016 with an increase of 38% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Russia prevails in imports structure, reaching X tons, which was approx. 89% of total imports in 2022. Belarus (X tons), Kazakhstan (X tons) and Uzbekistan (X tons) followed a long way behind the leaders.

Imports into Russia increased at an average annual rate of +1.6% from 2012 to 2022. At the same time, Uzbekistan (+20.4%), Belarus (+7.3%) and Kazakhstan (+4.7%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +20.4% from 2012-2022. Uzbekistan (+1.6 p.p.) and Belarus (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Russia saw its share reduced by -3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported olive oil and its fractions in the CIS, comprising 86% of total imports. The second position in the ranking was held by Belarus ($X), with a 5.2% share of total imports. It was followed by Kazakhstan, with a 4.9% share.

In Russia, olive oil imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belarus (+7.1% per year) and Kazakhstan (+7.7% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per ton, declining by -6.1% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 14%. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kazakhstan ($X per ton), while Uzbekistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+8.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform