EU: Olive Oil Market 2024

Olive Oil Market Size in the EU

After two years of growth, the EU olive oil market decreased by -2.7% to $X in 2022. In general, consumption, however, saw a perceptible slump. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Olive Oil Production in the EU

In value terms, olive oil production expanded sharply to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 26%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Olive Oil Exports

Exports in the EU

Olive oil exports expanded to X tons in 2022, surging by 2.2% on the previous year. The total export volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when exports increased by 28% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, olive oil exports shrank to $X in 2022. The total export value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 19%. Over the period under review, the exports hit record highs at $X in 2021, and then dropped in the following year.

Exports by Country

Spain represented the key exporter of olive oil and its fractions in the European Union, with the volume of exports reaching X tons, which was approx. 56% of total exports in 2022. Italy (X tons) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by Portugal (12%) and Greece (10%).

Exports from Spain increased at an average annual rate of +3.0% from 2012 to 2022. At the same time, Portugal (+10.4%) and Greece (+3.1%) displayed positive paces of growth. Moreover, Portugal emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +10.4% from 2012-2022. Italy experienced a relatively flat trend pattern. While the share of Portugal (+6.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Italy (-6.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Spain ($X), Italy ($X) and Portugal ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 87% of total exports.

Portugal, with a CAGR of +10.3%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the export price in the European Union amounted to $X per ton, dropping by -9.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2021 when the export price increased by 24%. Over the period under review, the export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Italy ($X per ton) and Greece ($X per ton), while Spain ($X per ton) and Portugal ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.4%), while the other leaders experienced more modest paces of growth.

Olive Oil Imports

Imports in the EU

In 2022, the amount of olive oil and its fractions imported in the European Union totaled X tons, with an increase of 5.7% on the previous year. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 21%. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, olive oil imports declined to $X in 2022. The total import value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 28% against the previous year. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

Italy represented the largest importer of olive oil and its fractions in the European Union, with the volume of imports accounting for X tons, which was approx. 45% of total imports in 2022. Spain (X tons) ranks second in terms of the total imports with an 18% share, followed by France (11%), Portugal (9.7%) and Germany (6.3%). Belgium (X tons) held a little share of total imports.

Italy experienced a relatively flat trend pattern with regard to volume of imports of olive oil and its fractions. At the same time, Spain (+15.1%), Portugal (+5.3%), Belgium (+3.6%), Germany (+3.0%) and France (+2.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the European Union, with a CAGR of +15.1% from 2012-2022. From 2012 to 2022, the share of Spain and Portugal increased by +12 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) constitutes the largest market for imported olive oil and its fractions in the European Union, comprising 43% of total imports. The second position in the ranking was taken by Spain ($X), with a 14% share of total imports. It was followed by France, with a 13% share.

In Italy, olive oil imports increased at an average annual rate of +2.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Spain (+15.5% per year) and France (+3.6% per year).

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per ton, shrinking by -12.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2021 an increase of 32%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :