Ireland: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Ireland

The Irish virgin olive oil market stood at $X in 2022, remaining constant against 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% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Exports

Exports from Ireland

After four years of growth, overseas shipments of virgin olive oil decreased by -2.4% to X tons in 2022. Overall, exports showed a pronounced reduction. The most prominent rate of growth was recorded in 2013 with an increase of 34% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, virgin olive oil exports rose to $X in 2022. Over the period under review, exports showed a noticeable contraction. The pace of growth appeared the most rapid in 2013 when exports increased by 27% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for virgin olive oil exports from Ireland, accounting for a 89% share of total exports. Moreover, virgin 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 totaled +5.6%.

In value terms, the UK ($X) remains the key foreign market for virgin olive oil exports from Ireland, comprising 86% of total exports. The second position in the ranking was taken by Spain ($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 stood at +7.1%.

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, increasing by 5.1% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 50%. 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 failed to regain momentum.

Average prices varied somewhat for the major overseas 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 amounted to $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.

Virgin Olive Oil Imports

Imports into Ireland

In 2022, the amount of virgin olive oil imported into Ireland rose notably to X tons, picking up by 6.4% compared with the previous year. 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 in certain years. The growth pace was the most rapid in 2013 when imports increased by 64%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin 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 in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 58%. Over the period under review, imports hit record highs 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 virgin olive oil to Ireland, accounting for a 61% share of total imports. Moreover, virgin 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 ($X) constituted the largest supplier of virgin olive oil to Ireland, comprising 56% of total imports. The second position in the ranking was held by Italy ($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 growth rate of value from Spain stood at +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 virgin olive oil import price amounted to $X per ton, shrinking 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% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then dropped 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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