Hungary: Olive Oil Market 2024

Olive Oil Market Size in Hungary

In 2022, after two years of growth, there was significant decline in the Hungarian olive oil market, when its value decreased by -7.4% to $X. Overall, the total consumption indicated a moderate 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, consumption increased by +50.8% against 2015 indices. Olive oil consumption peaked at $X in 2021, and then shrank in the following year.

Olive Oil Exports

Exports from Hungary

In 2022, shipments abroad of olive oil and its fractions decreased by -7.4% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 43% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, olive oil exports declined to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 55% against the previous year. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Italy (X tons), the Czech Republic (X tons) and Slovakia (X tons) were the main destinations of olive oil exports from Hungary, with a combined 56% 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 Slovakia (with a CAGR of +91.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for olive oil exported from Hungary were Italy ($X), the Czech Republic ($X) and Slovakia ($X), with a combined 53% share of total exports.

Slovakia, with a CAGR of +95.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, with a decrease of -2.3% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 12% 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 remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Serbia ($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 Germany (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into Hungary

In 2022, purchases abroad of olive oil and its fractions decreased by -2.3% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, total imports indicated a tangible increase 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, imports increased by +59.1% against 2017 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 22%. Imports peaked at X tons in 2021, and then reduced slightly in the following year.

In value terms, olive oil imports fell to $X in 2022. Overall, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.6% against 2015 indices. The pace of growth was the most pronounced in 2018 with an increase of 22% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Italy (X tons) constituted the largest olive oil supplier to Hungary, with a 48% share of total imports. Moreover, olive oil imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with an 8% share.

From 2012 to 2022, the average annual growth rate of volume from Italy totaled +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+1.9% per year) and Germany (+5.7% per year).

In value terms, Italy ($X) constituted the largest supplier of olive oil and its fractions to Hungary, comprising 48% of total imports. The second position in the ranking was held by Spain ($X), with a 22% share of total imports. It was followed by Germany, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+6.4% per year) and Germany (+7.7% per year).

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, waning by -6.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2013 when the average import price increased by 22% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Portugal ($X per ton) and Austria ($X per ton), while the price for Slovakia ($X per ton) and Greece ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :