Greece: Olive Oil Market 2024

Olive Oil Market Size in Greece

The Greek olive oil market surged to $X in 2022, increasing by 34% against the previous year. In general, consumption recorded a mild curtailment. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Olive Oil Production in Greece

In value terms, olive oil production soared to $X in 2022 estimated in export price. In general, production showed a notable increase. The pace of growth appeared the most rapid in 2018 with an increase of 73%. Over the period under review, production hit record highs in 2022 and is expected to retain growth in the immediate term.

Olive Oil Exports

Exports from Greece

In 2022, approx. X tons of olive oil and its fractions were exported from Greece; increasing by 5.9% on the previous year's figure. In general, total exports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -5.3% against 2020 indices. The pace of growth appeared the most rapid in 2015 when exports increased by 121%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, olive oil exports declined to $X in 2022. Over the period under review, total exports indicated a pronounced increase from 2012 to 2022: its value 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, exports increased by +58.6% against 2019 indices. The pace of growth was the most pronounced in 2015 with an increase of 92%. Over the period under review, the exports hit record highs at $X in 2021, and then fell in the following year.

Exports by Country

Italy (X tons) was the main destination for olive oil exports from Greece, with a 63% share of total exports. Moreover, olive oil exports to Italy exceeded the volume sent to the second major destination, Germany (X tons), sevenfold. The third position in this ranking was held by the United States (X tons), with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume to Italy totaled +1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+8.8% per year) and the United States (+10.6% per year).

In value terms, Italy ($X) remains the key foreign market for olive oil and its fractions exports from Greece, comprising 56% of total exports. The second position in the ranking was taken by Germany ($X), with a 12% share of total exports. It was followed by the United States, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy amounted to +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+8.5% per year) and the United States (+10.5% per year).

Export Prices by Country

The average olive oil export price stood at $X per ton in 2022, declining by -12.9% 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 an increase of 32%. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Italy ($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 Italy (+1.3%), while the prices for the other major destinations experienced a decline.

Olive Oil Imports

Imports into Greece

In 2022, the amount of olive oil and its fractions imported into Greece reduced to X tons, dropping by -9% on the year before. Over the period under review, imports, however, recorded strong growth. The pace of growth appeared the most rapid in 2013 when imports increased by 295%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, olive oil imports dropped sharply to $X in 2022. In general, imports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 452% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Spain (X tons), Italy (X tons) and Cyprus (X tons) were the main suppliers of olive oil imports to Greece, together comprising 94% of total imports. The UK, Germany and Bulgaria lagged somewhat behind, together accounting for a further 5.1%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +76.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest olive oil suppliers to Greece were Spain ($X), Italy ($X) and Cyprus ($X), together accounting for 93% of total imports. Germany, Bulgaria and the UK lagged somewhat behind, together comprising a further 4.9%.

In terms of the main suppliers, the UK, with a CAGR of +56.7%, 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, waning by -11.8% against the previous year. Overall, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, olive oil import price increased by +24.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 41% against the previous year. Over the period under review, average import prices attained the peak figure 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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