Hungary: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Hungary

In 2022, after two years of growth, there was significant decline in the Hungarian virgin olive oil market, when its value decreased by -7.4% to $X. Overall, the total consumption indicated a notable 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. Virgin olive oil consumption peaked at $X in 2021, and then dropped in the following year.

Virgin Olive Oil Exports

Exports from Hungary

In 2022, after two years of growth, there was significant decline in shipments abroad of virgin olive oil, when their volume decreased by -7.4% to X tons. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 43%. The exports peaked at X tons in 2021, and then shrank in the following year.

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

Exports by Country

Italy (X tons), the Czech Republic (X tons) and Slovakia (X tons) were the main destinations of virgin olive oil exports from Hungary, with a combined 56% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +91.7%), while shipments for the other leaders experienced more modest paces of growth.

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

In terms of the main countries of destination, Slovakia, with a CAGR of +95.4%, 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 more modest paces of growth.

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, falling by -2.3% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 12% against the previous year. Over the period under review, the average export prices attained the maximum 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.

Virgin Olive Oil Imports

Imports into Hungary

After four years of growth, purchases abroad of virgin olive oil decreased by -2.3% to X tons in 2022. Overall, total imports indicated a moderate expansion 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 pace of growth appeared the most rapid in 2020 with an increase of 22% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted slightly in the following year.

In value terms, virgin olive oil imports reduced to $X in 2022. In general, total imports indicated pronounced 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 most prominent rate of growth was recorded in 2018 with an increase of 22% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Italy (X tons) constituted the largest virgin olive oil supplier to Hungary, accounting for a 48% share of total imports. Moreover, virgin olive oil imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. Germany (X tons) ranked third in terms of total imports 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 ($X) constituted the largest supplier of virgin olive oil to Hungary, comprising 48% of total imports. The second position in the ranking was held by Spain ($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 virgin olive oil import price stood at $X per ton in 2022, waning by -6.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The growth pace was the most rapid 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 countries with the highest prices were 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

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