Hungary: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Hungary

In 2022, the Hungarian refined olive oil market increased by 0.4% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, recorded a noticeable descent. 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.

Refined Olive Oil Production in Hungary

In value terms, refined olive oil production shrank modestly to $X in 2022 estimated in export price. Overall, production, however, saw a noticeable decrease. The pace of growth was the most pronounced in 2014 with an increase of 17%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Hungary

After two years of growth, overseas shipments of refined olive oil decreased by -55.1% to X tons in 2022. Overall, exports showed a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of 1,129% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports dropped significantly to $X in 2022. In general, exports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 957%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Belgium (X tons), Romania (X tons) and Austria (X tons) were the main destinations of refined olive oil exports from Hungary, together comprising 89% of total exports.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +101.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Romania ($X) and Austria ($X) appeared to be the largest markets for refined olive oil exported from Hungary worldwide, with a combined 89% share of total exports.

Austria, with a CAGR of +104.1%, saw the highest rates of growth with regard to the value of exports, in terms of 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

The average refined olive oil export price stood at $X per ton in 2022, rising by 34% against the previous year. Over the period under review, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +7.5% 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 +18.1% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Serbia ($X per ton), while the average price for exports to Germany ($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 Serbia (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Hungary

In 2022, overseas purchases of refined olive oil were finally on the rise to reach X tons after four years of decline. Overall, imports saw a remarkable increase. The growth pace was the most rapid in 2013 when imports increased by 116%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, refined olive oil imports skyrocketed to $X in 2022. Over the period under review, imports posted prominent growth. The pace of growth was the most pronounced in 2013 when imports increased by 96%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X tons), Germany (X tons) and Slovakia (X tons) were the main suppliers of refined olive oil imports to Hungary, together comprising 74% of total imports.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +304.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined olive oil suppliers to Hungary were Italy ($X), Germany ($X) and Greece ($X), together accounting for 79% of total imports. Spain, Slovakia, Belgium and the UK lagged somewhat behind, together comprising a further 19%.

In terms of the main suppliers, Slovakia, with a CAGR of +156.4%, saw 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 refined olive oil import price stood at $X per ton in 2022, surging by 5.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2017 an increase of 41% against the previous year. The import price peaked at $X per ton in 2018; afterwards, it flattened through to 2022.

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 the UK ($X per ton), while the price for Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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