Israel: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Israel

The Israeli virgin olive oil market shrank to $X in 2022, remaining stable against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Production in Israel

In value terms, virgin olive oil production expanded modestly to $X in 2022 estimated in export price. In general, production, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 14% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Virgin Olive Oil Exports

Exports from Israel

In 2022, after three years of growth, there was significant decline in overseas shipments of virgin olive oil, when their volume decreased by -27.2% to X tons. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 119%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports fell remarkably to $X in 2022. Over the period under review, exports continue to indicate a pronounced reduction. The pace of growth was the most pronounced in 2021 when exports increased by 162%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for virgin olive oil exports from Israel, with a 21% share of total exports. Moreover, virgin olive oil exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), threefold. The third position in this ranking was taken by Canada (X tons), with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-6.4% per year) and Canada (+0.5% per year).

In value terms, the United States ($X) remains the key foreign market for virgin olive oil exports from Israel, comprising 21% of total exports. The second position in the ranking was taken by Japan ($X), with a 6.1% share of total exports. It was followed by Ghana, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to -11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-8.7% per year) and Ghana (+10.1% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, declining by -5.1% against the previous year. Over the period under review, the export price showed a perceptible descent. The pace of growth was the most pronounced in 2021 when the average export price increased by 19% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Japan ($X per ton), while the average price for exports to France ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (-0.5%), while the prices for the other major destinations experienced a decline.

Virgin Olive Oil Imports

Imports into Israel

In 2022, the amount of virgin olive oil imported into Israel contracted to X tons, waning by -5.6% against 2021. Overall, imports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2014 with an increase of 70%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports dropped to $X in 2022. In general, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 78% against the previous year. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of virgin olive oil to Israel, accounting for a 47% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Turkey (X tons) ranked third in terms of total imports with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.5% per year) and Turkey (+78.0% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Israel, comprising 45% of total imports. The second position in the ranking was taken by Italy ($X), with a 22% share of total imports. It was followed by Turkey, with a 19% share.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.9% per year) and Turkey (+80.2% per year).

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, with a decrease of -3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2013 an increase of 19%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Greece ($X per ton) and Turkey ($X per ton), while the price for Spain ($X per ton) and Jordan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+1.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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