Eastern Europe: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Eastern Europe

The East European refined olive oil market shrank modestly to $X in 2022, therefore, remained relatively stable against the previous year. In general, consumption, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2021 with an increase of 4%. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Olive Oil Production in Eastern Europe

In value terms, refined olive oil production contracted modestly to $X in 2022 estimated in export price. Overall, production showed a deep contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by 5.3%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Olive Oil Exports

Exports in Eastern Europe

In 2022, after three years of decline, there was significant growth in shipments abroad of refined olive oil, when their volume increased by 136% to X tons. Total exports indicated a resilient increase from 2012 to 2022: its volume 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. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil exports skyrocketed to $X in 2022. Overall, exports enjoyed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Czech Republic was the key exporting country with an export of around X tons, which accounted for 38% of total exports. Poland (X tons) ranks second in terms of the total exports with a 22% share, followed by Lithuania (13%), Slovakia (10%) and Latvia (6.2%). The following exporters - Russia (X tons) and Estonia (X tons) - together made up 6.8% of total exports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +19.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest refined olive oil supplying countries in Eastern Europe were the Czech Republic ($X), Poland ($X) and Lithuania ($X), together comprising 75% of total exports.

In terms of the main exporting countries, Poland, with a CAGR of +25.3%, recorded the highest rates of growth with regard to 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 Eastern Europe stood at $X per ton in 2022, surging by 3.9% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2017 when the export price increased by 21%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Estonia ($X per ton) and the Czech Republic ($X per ton), while Slovakia ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+7.9%), while the other leaders experienced more modest paces of growth.

Refined Olive Oil Imports

Imports in Eastern Europe

In 2022, purchases abroad of refined olive oil increased by 32% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Russia (X tons) represented the major importer of refined olive oil, comprising 37% of total imports. Bulgaria (X tons) ranks second in terms of the total imports with a 13% share, followed by Poland (11%), the Czech Republic (9.2%), Hungary (5.2%), Lithuania (5.2%) and Slovakia (5.1%).

Imports into Russia decreased at an average annual rate of -1.6% from 2012 to 2022. At the same time, Bulgaria (+10.9%), Hungary (+10.0%), Lithuania (+5.0%) and Slovakia (+3.0%) displayed positive paces of growth. Moreover, Bulgaria emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +10.9% from 2012-2022. Poland experienced a relatively flat trend pattern. By contrast, the Czech Republic (-1.6%) illustrated a downward trend over the same period. While the share of Bulgaria (+8.7 p.p.), Hungary (+3.3 p.p.) and Lithuania (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Russia (-5.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refined olive oil importing markets in Eastern Europe were Russia ($X), Bulgaria ($X) and Poland ($X), with a combined 58% share of total imports.

Bulgaria, with a CAGR of +16.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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, increasing by 8.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2017 an increase of 20% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the Czech Republic ($X per ton) and Lithuania ($X per ton), while Russia ($X per ton) and Slovakia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :