Estonia: Olive Oil Market 2024

Olive Oil Market Size in Estonia

The Estonian olive oil market rose rapidly to $X in 2022, picking up by 7.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -44.8% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Olive Oil Exports

Exports from Estonia

In 2022, overseas shipments of olive oil and its fractions increased by 22% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports showed temperate growth. The growth pace was the most rapid in 2016 when exports increased by 212% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, olive oil exports expanded significantly to $X in 2022. Over the period under review, exports saw a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 221%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X tons), Latvia (X tons) and Finland (X tons) were the main destinations of olive oil exports from Estonia, with a combined 99% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Latvia (with a CAGR of +73.7%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Latvia ($X) and Finland ($X) were the largest markets for olive oil exported from Estonia worldwide, together accounting for 99% of total exports.

Latvia, with a CAGR of +67.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, declining by -6.5% against the previous year. In general, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, olive oil export price increased by +5.0% against 2020 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by 97%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat 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 Latvia ($X per ton), while the average price for exports to Finland ($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 Russia (+0.7%), while the prices for the other major destinations experienced a decline.

Olive Oil Imports

Imports into Estonia

In 2022, supplies from abroad of olive oil and its fractions increased by 14% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports showed modest growth. The pace of growth was the most pronounced in 2018 when imports increased by 62% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, olive oil imports expanded markedly to $X in 2022. In general, imports posted a tangible increase. The pace of growth appeared the most rapid in 2016 when imports increased by 56% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest olive oil supplier to Estonia, with a 67% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.4% per year) and Greece (+14.7% per year).

In value terms, Spain ($X) constituted the largest supplier of olive oil and its fractions to Estonia, comprising 66% of total imports. The second position in the ranking was taken by Italy ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain amounted to +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.1% per year) and Greece (+11.9% per year).

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, with a decrease of -4.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2013 when the average import price increased by 20% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+2.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform