Finland: Olive Oil Market 2024

Olive Oil Market Size in Finland

After two years of growth, the Finnish olive oil market decreased by -3.5% to $X in 2022. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, the market attained the maximum level at $X in 2021, and then reduced in the following year.

Olive Oil Production in Finland

In value terms, olive oil production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2013 with an increase of 3.2%. Olive oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Olive Oil Exports

Exports from Finland

In 2022, after two years of growth, there was significant decline in shipments abroad of olive oil and its fractions, when their volume decreased by -8.4% to X tons. Overall, exports saw a deep reduction. The most prominent rate of growth was recorded in 2020 with an increase of 77%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, olive oil exports dropped markedly to $X in 2022. In general, exports showed a deep contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 103% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Estonia (X tons), Russia (X tons) and Israel (X tons) were the main destinations of olive oil exports from Finland, with a combined 100% 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 Israel (with a CAGR of +22.1%), while the other leaders experienced mixed trend patterns.

In value terms, Russia ($X), Israel ($X) and Estonia ($X) constituted the largest markets for olive oil exported from Finland worldwide, together accounting for 100% of total exports.

In terms of the main countries of destination, Israel, with a CAGR of +26.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, falling by -9.8% against the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% 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 decreased by -28.7% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of 67% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Estonia ($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 (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into Finland

For the fifth year in a row, Finland recorded growth in purchases abroad of olive oil and its fractions, which increased by 0.1% to X tons in 2022. The total import volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2014 when imports increased by 20% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, olive oil imports declined to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 14% against the previous year. Imports peaked at $X in 2021, and then dropped slightly in the following year.

Imports by Country

Spain (X tons), Greece (X tons) and Italy (X tons) were the main suppliers of olive oil imports to Finland, with a combined 94% share of total imports. Tunisia and Sweden lagged somewhat behind, together accounting for a further 3.7%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Tunisia (with a CAGR of +51.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest olive oil suppliers to Finland were Spain ($X), Italy ($X) and Greece ($X), together comprising 95% of total imports. Tunisia and Sweden lagged somewhat behind, together comprising a further 2.7%.

In terms of the main suppliers, Tunisia, with a CAGR of +44.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, which is down by -4.2% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 11%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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