India: Olive Oil Market 2024

Olive Oil Market Size in India

In 2022, the Indian olive oil market increased by 42% to $X, rising for the third year in a row after two years of decline. Overall, consumption, however, saw a abrupt slump. Olive oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Olive Oil Exports

Exports from India

In 2022, overseas shipments of olive oil and its fractions increased by 13% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, continue to indicate a noticeable downturn. The pace of growth was the most pronounced in 2018 with an increase of 544% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, olive oil exports amounted to $X in 2022. In general, exports, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 631% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bangladesh (X tons), Finland (X tons) and Maldives (X kg) were the main destinations of olive oil exports from India, with a combined 53% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +78.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for olive oil exported from India were the United Arab Emirates ($X), Bangladesh ($X) and the Netherlands ($X), together accounting for 33% of total exports. Maldives, Finland, Bhutan, the United States, Portugal, Kenya, Qatar, Fiji, Nigeria and Norway lagged somewhat behind, together comprising a further 52%.

In terms of the main countries of destination, Fiji, with a CAGR of +82.2%, saw the highest growth rate of 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

In 2022, the average olive oil export price amounted to $X per ton, shrinking by -10.8% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 57%. The export price peaked at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Nigeria ($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 the United Arab Emirates (+24.8%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into India

Olive oil imports into India expanded notably to X tons in 2022, with an increase of 11% against the previous year. The total import volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 25% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, olive oil imports skyrocketed to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.8% 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 +92.9% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of olive oil to India, accounting for a 68% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Portugal (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.1% per year) and Portugal (+5.8% per year).

In value terms, Spain ($X) constituted the largest supplier of olive oil and its fractions to India, comprising 68% of total imports. The second position in the ranking was held by Italy ($X), with a 26% share of total imports. It was followed by Portugal, with a 1.2% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+6.0% per year) and Portugal (+7.4% per year).

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, growing by 37% against the previous year. Overall, import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.3% 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 +60.5% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform