Eastern Europe: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Eastern Europe

In 2022, after two years of growth, there was significant decline in the East European virgin olive oil market, when its value decreased by -12.8% to $X. The total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +67.1% against 2015 indices. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Virgin Olive Oil Production in Eastern Europe

In value terms, virgin olive oil production shrank rapidly to $X in 2022 estimated in export price. In general, production, however, recorded a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 4,725,505,700%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Virgin Olive Oil Exports

Exports in Eastern Europe

In 2022, overseas shipments of virgin olive oil increased by 1.3% to X tons, rising for the third year in a row after three years of decline. Total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +58.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 61%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, virgin olive oil exports reduced to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.9% against 2019 indices. The pace of growth was the most pronounced in 2020 when exports increased by 39%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced in the following year.

Exports by Country

Lithuania (X tons) and Poland (X tons) represented roughly 49% of total exports in 2022. The Czech Republic (X tons) took a 14% share (based on physical terms) of total exports, which put it in second place, followed by Latvia (8.1%), Slovakia (7.2%), Russia (5.5%), Bulgaria (5%) and Belarus (4.9%).

From 2012 to 2022, the biggest increases were recorded for Belarus (with a CAGR of +40.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Poland ($X) and the Czech Republic ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 69% share of total exports. Latvia, Slovakia, Russia, Bulgaria and Belarus lagged somewhat behind, together accounting for a further 25%.

Russia, with a CAGR of +34.4%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries 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 Eastern Europe stood at $X per ton in 2022, which is down by -7.1% against the previous year. Overall, the export price continues to indicate a slight reduction. The pace of growth appeared the most rapid in 2017 an increase of 22% against the previous year. As a result, the export price attained the peak level of $X per ton. 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 the Czech Republic ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+3.5%), while the other leaders experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports in Eastern Europe

After two years of growth, purchases abroad of virgin olive oil decreased by -4.5% to X tons in 2022. Total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 44%. Over the period under review, imports attained the maximum at X tons in 2021, and then shrank in the following year.

In value terms, virgin olive oil imports dropped to $X in 2022. Total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +46.7% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 40% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Russia (X tons) was the major importer of virgin olive oil, making up 39% of total imports. It was distantly followed by Poland (X tons), the Czech Republic (X tons), Bulgaria (X tons), Romania (X tons) and Hungary (X tons), together generating a 47% share of total imports. Lithuania (X tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil imports into Russia stood at +1.6%. At the same time, Bulgaria (+12.0%), Romania (+5.1%), Lithuania (+3.9%), Poland (+3.9%), Hungary (+3.1%) and the Czech Republic (+2.5%) displayed positive paces of growth. Moreover, Bulgaria emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +12.0% from 2012-2022. While the share of Bulgaria (+4.5 p.p.), Poland (+2.1 p.p.) and Romania (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Russia (-4.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest virgin olive oil importing markets in Eastern Europe were Russia ($X), Poland ($X) and the Czech Republic ($X), together comprising 64% of total imports. Romania, Bulgaria, Hungary and Lithuania lagged somewhat behind, together accounting for a further 23%.

In terms of the main importing countries, Bulgaria, with a CAGR of +9.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Europe amounted to $X per ton, falling by -5.5% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 16% 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 stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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