CIS: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in CIS

In 2022, the CIS virgin olive oil market decreased by -3.8% to $X for the first time since 2015, thus ending a six-year rising trend. The total consumption indicated a modest increase 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 +85.0% against 2015 indices. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Virgin Olive Oil Production in CIS

In value terms, virgin olive oil production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, posted a buoyant increase. The pace of growth was the most pronounced in 2017 when the production volume increased by 124% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Virgin Olive Oil Exports

Exports in CIS

After three years of growth, shipments abroad of virgin olive oil decreased by -6% to X tons in 2022. In general, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 133% against the previous year. The volume of export peaked at X tons in 2021, and then fell in the following year.

In value terms, virgin olive oil exports shrank to $X in 2022. Overall, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 149%. 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

In 2022, Russia (X tons) and Belarus (X tons) was the largest exporter of virgin olive oil in the CIS, achieving 99% of total export.

From 2012 to 2022, the biggest increases were recorded for Belarus (with a CAGR of +40.7%).

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

From 2012 to 2022, the average annual growth rate of value in Russia totaled +34.4%.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, falling by -8.2% against the previous year. In general, the export price showed a pronounced curtailment. The pace of growth appeared the most rapid in 2013 an increase of 36% against the previous year. Over the period under review, the export prices hit record highs 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%).

Virgin Olive Oil Imports

Imports in CIS

In 2022, the amount of virgin olive oil imported in the CIS was estimated at X tons, standing approx. at the previous year's figure. Total imports indicated a notable 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 most prominent rate of growth was recorded in 2016 with an increase of 31%. 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, virgin olive oil imports dropped to $X in 2022. Total imports indicated mild growth 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 37%. 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 near 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 ($X) constitutes the largest market for imported virgin olive oil in the CIS, comprising 86% of total imports. The second position in the ranking was taken by Belarus ($X), with a 5.2% share of total imports. It was followed by Kazakhstan, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value in Russia was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Belarus (+7.1% per year) and Kazakhstan (+7.7% per year).

Import Prices by Country

The import price in the CIS stood at $X per ton in 2022, which is down by -6.1% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 14%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

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