Denmark: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Denmark

The Danish refined olive oil market fell markedly to $X in 2022, dropping by -56.2% against the previous year. Overall, consumption continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2021 when the market value increased by 9.9% against the previous year. Refined olive oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Denmark

In value terms, refined olive oil production reduced dramatically to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a significant decrease. The growth pace was the most rapid in 2015 with an increase of 25% against the previous year. Refined olive oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports from Denmark

In 2022, shipments abroad of refined olive oil increased by 67% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports showed a prominent increase. The most prominent rate of growth was recorded in 2013 when exports increased by 139%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, refined olive oil exports soared to $X in 2022. Overall, exports saw buoyant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 147% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Norway (X tons) was the main destination for refined olive oil exports from Denmark, accounting for a 45% share of total exports. Moreover, refined olive oil exports to Norway exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by Faroe Islands (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Norway totaled +14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+26.9% per year) and Faroe Islands (+11.4% per year).

In value terms, Norway ($X) remains the key foreign market for refined olive oil exports from Denmark, comprising 47% of total exports. The second position in the ranking was taken by Faroe Islands ($X), with a 17% share of total exports. It was followed by Iceland, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Norway amounted to +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Faroe Islands (+14.9% per year) and Iceland (+98.3% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, dropping by -17.2% against the previous year. In general, the export price continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2018 when the average export price increased by 34% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Faroe Islands ($X per ton), while the average price for exports to the United States ($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 Spain (+68.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Denmark

For the fifth year in a row, Denmark recorded decline in overseas purchases of refined olive oil, which decreased by -7.5% to X tons in 2022. In general, imports, however, posted slight growth. The pace of growth appeared the most rapid in 2013 with an increase of 142% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, refined olive oil imports dropped to $X in 2022. Overall, imports, however, enjoyed a tangible increase. The pace of growth appeared the most rapid in 2013 when imports increased by 148% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X tons), Spain (X tons) and Sweden (X tons) were the main suppliers of refined olive oil imports to Denmark, with a combined 94% share of total imports. Greece lagged somewhat behind, accounting for a further 2.1%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +65.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Spain ($X) and Sweden ($X) were the largest refined olive oil suppliers to Denmark, with a combined 92% share of total imports. These countries were followed by Greece, which accounted for a further 2.9%.

Greece, with a CAGR of +80.9%, saw the highest growth rate of 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, remaining stable against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 18%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+9.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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