Europe: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Europe

After two years of growth, the Europe virgin olive oil market decreased by -2% to $X in 2022. Overall, consumption, however, continues to indicate a slight downturn. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in Europe

In value terms, virgin olive oil production contracted slightly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 37%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Virgin Olive Oil Exports

Exports in Europe

In 2022, the amount of virgin olive oil exported in Europe expanded slightly to X tons, picking up by 2.2% on the previous year. The total export volume increased at an average annual rate of +3.0% over the period 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 2014 when exports increased by 28%. The volume of export peaked at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, virgin olive oil exports declined 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 in certain years. The growth pace was the most rapid in 2013 with an increase of 19%. Over the period under review, the exports reached the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

Spain was the major exporter of virgin olive oil in Europe, with the volume of exports amounting to X tons, which was near 56% of total exports in 2022. Italy (X tons) ranks second in terms of the total exports with a 20% share, followed by Portugal (12%) and Greece (10%).

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil exports from Spain stood at +3.0%. 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 Europe, 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, the largest virgin olive oil supplying countries in Europe 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, 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

In 2022, the export price in Europe amounted to $X per ton, falling by -9.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2021 when the export price increased by 23%. The level of export peaked 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.

Virgin Olive Oil Imports

Imports in Europe

In 2022, approx. X tons of virgin olive oil were imported in Europe; with an increase of 5.9% on 2021. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 21% against the previous year. As a result, imports attained the peak of X tons; afterwards, it flattened through to 2022.

In value terms, virgin olive oil imports fell to $X in 2022. The total import 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 pace of growth was the most pronounced in 2013 when imports increased by 27%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

Italy was the key importing country with an import of around X tons, which recorded 42% of total imports. Spain (X tons) ranks second in terms of the total imports with a 17% share, followed by France (11%), Portugal (9%) and Germany (5.9%). The following importers - the UK (X tons) and Russia (X tons) - together made up 4.9% 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%), Germany (+3.0%), France (+2.1%) and Russia (+1.6%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in Europe, with a CAGR of +15.1% from 2012-2022. The UK experienced a relatively flat trend pattern. While the share of Spain (+11 p.p.) and Portugal (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Italy (-11.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) constitutes the largest market for imported virgin olive oil in Europe, comprising 39% of total imports. The second position in the ranking was held by Spain ($X), with a 13% share of total imports. It was followed by France, with a 12% share.

In Italy, virgin olive oil imports expanded 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

The import price in Europe stood at $X per ton in 2022, shrinking by -12.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2021 when the import price increased by 30%. 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