Finland: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Finland

In 2022, the Finnish refined olive oil market increased by 59% to $X, rising for the second year in a row after five years of decline. Over the period under review, consumption posted a modest increase. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Finland

In value terms, refined olive oil production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 3.2% against the previous year. Refined olive oil production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Finland

In 2022, refined olive oil exports from Finland skyrocketed to X tons, picking up by 423% on 2021 figures. Overall, exports saw a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 3,181%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, refined olive oil exports surged to $X in 2022. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2013 with an increase of 1,197%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Saudi Arabia (X tons), Russia (X tons) and Kazakhstan (X tons) were the main destinations of refined olive oil exports from Finland, with a combined 77% share of total exports. Estonia and Sweden lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sweden (with a CAGR of +568.8%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) emerged as the key foreign market for refined olive oil exports from Finland, comprising 46% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 17% share of total exports. It was followed by Kazakhstan, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Russia stood at +100.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (0.0% per year) and Kazakhstan (0.0% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, with an increase of 22% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 99%. 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 stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Saudi Arabia ($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 (-1.6%), while the prices for the other major destinations experienced a decline.

Refined Olive Oil Imports

Imports into Finland

In 2022, purchases abroad of refined olive oil increased by 73% to X tons, rising for the second consecutive year after seven years of decline. Over the period under review, imports, however, saw a relatively flat trend pattern. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports soared to $X in 2022. Overall, imports saw noticeable growth. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to Finland, with a 59% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was taken by the UK (X tons), with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.4% per year) and the UK (+175.1% per year).

In value terms, Spain ($X), Italy ($X) and the UK ($X) were the largest refined olive oil suppliers to Finland, together accounting for 95% of total imports.

The UK, with a CAGR of +167.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, with a decrease of -5.2% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 18%. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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