CIS: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in CIS

The CIS refined olive oil market was estimated at $X in 2022, with an increase of 4.6% against the previous year. Over the period under review, consumption recorded a deep slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Olive Oil Production in CIS

In value terms, refined olive oil production reduced to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of 3.8%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports in CIS

In 2022, approx. X tons of refined olive oil were exported in the CIS; increasing by 44% against the previous year. Over the period under review, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 when exports increased by 123% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined olive oil exports soared to $X in 2022. In general, exports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 111% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Azerbaijan (X tons) and Russia (X tons) represented the largest exporters of refined olive oil in the CIS, together constituting 68% of total exports. It was distantly followed by Kazakhstan (X tons), Armenia (X tons) and Belarus (X tons), together constituting a 32% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Armenia (with a CAGR of +85.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest refined olive oil supplying countries in the CIS were Azerbaijan ($X), Russia ($X) and Armenia ($X), with a combined 86% share of total exports.

Among the main exporting countries, Armenia, with a CAGR of +101.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, with a decrease of -2.2% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 28%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Armenia ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Armenia (+8.2%), while the other leaders experienced mixed trends in the export price figures.

Refined Olive Oil Imports

Imports in CIS

In 2022, refined olive oil imports in the CIS rose rapidly to X tons, surging by 14% on the year before. Over the period under review, imports, however, saw a slight reduction. The pace of growth was the most pronounced in 2020 when imports increased by 21% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, refined olive oil imports rose significantly to $X in 2022. In general, imports, however, recorded a mild setback. The growth pace was the most rapid in 2013 when imports increased by 15%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Russia dominates imports structure, reaching X tons, which was near 83% of total imports in 2022. Kazakhstan (X tons) held a 6.2% share (based on physical terms) of total imports, which put it in second place, followed by Azerbaijan (4.5%). The following importers - Uzbekistan (X tons), Armenia (X tons) and Belarus (X tons) - each resulted at a 5.2% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined olive oil imports into Russia stood at -1.6%. At the same time, Uzbekistan (+18.6%) and Armenia (+6.6%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +18.6% from 2012-2022. Kazakhstan, Belarus and Azerbaijan experienced a relatively flat trend pattern. From 2012 to 2022, the share of Uzbekistan increased by +2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported refined olive oil in the CIS, comprising 77% of total imports. The second position in the ranking was taken by Kazakhstan ($X), with a 7.1% share of total imports. It was followed by Azerbaijan, with a 6.6% share.

In Russia, refined olive oil imports plunged by an average annual rate of -3.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Kazakhstan (+2.3% per year) and Azerbaijan (+11.1% per year).

Import Prices by Country

The import price in the CIS stood at $X per ton in 2022, shrinking by -2.9% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 17% against the previous year. 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 Armenia ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (+10.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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