Greece: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Greece

For the third consecutive year, the Greek refined olive oil market recorded growth in sales value, which increased by 66% to $X in 2022. Overall, consumption saw a buoyant increase. Refined olive oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refined Olive Oil Production in Greece

In value terms, refined olive oil production surged to $X in 2022 estimated in export price. In general, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 73% against the previous year. Over the period under review, production reached the maximum level in 2022 and is expected to retain growth in the near future.

Refined Olive Oil Exports

Exports from Greece

In 2022, shipments abroad of refined olive oil increased by 78% to X tons, rising for the third consecutive year after four years of decline. Overall, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of 252%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined olive oil exports skyrocketed to $X in 2022. In general, exports saw a strong increase. The most prominent rate of growth was recorded in 2015 when exports increased by 223% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Italy (X tons) was the main destination for refined olive oil exports from Greece, with a 72% share of total exports. Moreover, refined olive oil exports to Italy exceeded the volume sent to the second major destination, Spain (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy totaled +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+29.5% per year) and the United States (+29.8% per year).

In value terms, Italy ($X) remains the key foreign market for refined olive oil exports from Greece, comprising 80% of total exports. The second position in the ranking was held by Spain ($X), with a 6.1% share of total exports. It was followed by Germany, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy stood at +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+24.9% per year) and Germany (-6.8% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, with a decrease of -7.6% against the previous year. Overall, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil export price increased by +28.9% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 39% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Spain ($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 (+3.6%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Olive Oil Imports

Imports into Greece

In 2022, overseas purchases of refined olive oil increased by 67% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 417% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, refined olive oil imports surged to $X in 2022. In general, imports continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2021 when imports increased by 483%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest refined olive oil supplier to Greece, accounting for a 69% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), fivefold. Portugal (X tons) ranked third in terms of total imports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from Spain totaled +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-3.9% per year) and Portugal (+213.4% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Greece, comprising 66% of total imports. The second position in the ranking was held by Italy ($X), with a 13% share of total imports. It was followed by Portugal, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.0% per year) and Portugal (+156.7% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, growing by 73% against the previous year. Over the period under review, the import price posted a pronounced increase. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 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 Portugal ($X per ton), while the price for Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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