Colombia: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Colombia

The Colombian refined olive oil market reduced to $X in 2022, with a decrease of -13.9% against the previous year. Overall, consumption recorded a perceptible decline. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Colombia

In value terms, refined olive oil production fell to $X in 2022 estimated in export price. Overall, production showed a perceptible contraction. The pace of growth appeared the most rapid in 2015 with an increase of 26%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Colombia

In 2022, approx. X kg of refined olive oil were exported from Colombia; which is down by -23.6% against the year before. Overall, exports continue to indicate a significant curtailment. The pace of growth appeared the most rapid in 2016 when exports increased by 9,677%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined olive oil exports fell significantly to $X in 2022. Over the period under review, exports recorded a sharp shrinkage. The growth pace was the most rapid in 2016 with an increase of 5,695%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X kg), Venezuela (X kg) and Panama (X kg) were the main destinations of refined olive oil exports from Colombia, together accounting for 97% of total exports. These countries were followed by Ecuador, which accounted for a further 1.5%.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +3.2%), while shipments for the other leaders experienced a decline.

In value terms, Guatemala ($X), Panama ($X) and Venezuela ($X) appeared to be the largest markets for refined olive oil exported from Colombia worldwide, together accounting for 81% of total exports. These countries were followed by Ecuador, which accounted for a further 12%.

Among the main countries of destination, Ecuador, with a CAGR of +2.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, dropping by -2.7% against the previous year. Over the period under review, the export price recorded a mild reduction. The pace of growth appeared the most rapid in 2015 an increase of 80% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Venezuela ($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 Panama (+4.3%), while the prices for the other major destinations experienced a decline.

Refined Olive Oil Imports

Imports into Colombia

In 2022, approx. X tons of refined olive oil were imported into Colombia; shrinking by -43.6% against the previous year's figure. In general, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 634% against the previous year. As a result, imports reached the peak of X tons, and then declined notably in the following year.

In value terms, refined olive oil imports fell rapidly to $X in 2022. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 520%. As a result, imports attained the peak of $X, and then plummeted in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to Colombia, with a 25% share of total imports. It was followed by Italy (X tons), with a 0.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain stood at -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-21.3% per year) and Turkey (-7.6% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Colombia, comprising 28% of total imports. The second position in the ranking was taken by Italy ($X), with a 0.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-21.2% per year) and Turkey (-7.8% per year).

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, with an increase of 3% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 27% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+0.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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