EU: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in the EU

In 2022, the EU virgin olive oil market decreased by -2.2% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, saw a slight descent. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Virgin Olive Oil Production in the EU

In value terms, virgin olive oil production fell slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 38% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Virgin Olive Oil Exports

Exports in the EU

In 2022, approx. X tons of virgin olive oil were exported in the European Union; surging by 2.2% compared with 2021. 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 growth pace was the most rapid in 2014 with an increase of 28%. The volume of export peaked at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, virgin olive oil exports shrank to $X in 2022. The total export value increased at an average annual rate of +4.1% 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 19% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then declined in the following year.

Exports by Country

Spain was the key exporting country with an export of about X tons, which finished at 56% of total exports. It was distantly followed by Italy (X tons), Portugal (X tons) and Greece (X tons), together comprising a 42% share of total exports.

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. From 2012 to 2022, the share of Portugal increased by +6.1 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest virgin olive oil supplying countries in the European Union were Spain ($X), Italy ($X) and Portugal ($X), 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 most prominent rate of growth was recorded in 2021 an increase of 24%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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.

Virgin Olive Oil Imports

Imports in the EU

In 2022, the amount of virgin olive oil imported in the European Union expanded significantly to X tons, with an increase of 5.7% on 2021. 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 most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, virgin olive oil imports reduced to $X in 2022. The total import value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 28% against the previous year. The level of import peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Italy was the major importer of virgin olive oil in the European Union, with the volume of imports accounting for X tons, which was near 45% of total imports in 2022. Spain (X tons) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by France (11%), Portugal (9.7%) and Germany (6.3%). Belgium (X tons) held a relatively small share of total imports.

Italy experienced a relatively flat trend pattern with regard to volume of imports of virgin olive oil. 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. While the share of Spain (+12 p.p.) and Portugal (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Italy (-13.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in Italy totaled +2.1%. In the other countries, the average annual rates were as follows: Spain (+15.5% per year) and France (+3.6% per year).

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, with a decrease of -12.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2021 an increase of 32% against the previous year. Over the period under review, import prices hit record highs 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

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