Ireland: Olive Oil Market 2024

Olive Oil Market Size in Ireland

The Irish olive oil market totaled $X in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +5.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Olive oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Olive Oil Exports

Exports from Ireland

In 2022, overseas shipments of olive oil and its fractions decreased by -2.4% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2013 with an increase of 34% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, olive oil exports rose slightly to $X in 2022. Over the period under review, exports recorded a noticeable setback. The most prominent rate of growth was recorded in 2013 with an increase of 27%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The UK (X tons) was the main destination for olive oil exports from Ireland, accounting for a 89% share of total exports. Moreover, olive oil exports to the UK exceeded the volume sent to the second major destination, Spain (X tons), eightfold.

From 2012 to 2022, the average annual growth rate of volume to the UK stood at +5.6%.

In value terms, the UK ($X) remains the key foreign market for olive oil and its fractions exports from Ireland, comprising 86% of total exports. The second position in the ranking was held by Spain ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK amounted to +7.1%.

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, growing by 5.1% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 50% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to the UK stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+7.3%), while the prices for the other major destinations experienced mixed trend patterns.

Olive Oil Imports

Imports into Ireland

Olive oil imports into Ireland rose notably to X tons in 2022, increasing by 6.4% compared with the year before. The total import volume increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 64%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, olive oil imports shrank modestly to $X in 2022. The total import value increased at an average annual rate of +5.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 58%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of olive oil to Ireland, accounting for a 61% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. Italy (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+9.6% per year) and Italy (-8.6% per year).

In value terms, Spain ($X) constituted the largest supplier of olive oil and its fractions to Ireland, comprising 56% of total imports. The second position in the ranking was held by Italy ($X), with an 18% share of total imports. It was followed by the UK, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain amounted to +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.4% per year) and the UK (+8.4% per year).

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, falling by -6.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2015 an increase of 25%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then reduced in the following year.

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 Italy ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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