Israel: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Israel

In 2022, the Israeli refined olive oil market decreased by -2.3% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption saw a perceptible reduction. 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 Israel

In value terms, refined olive oil production amounted to $X in 2022 estimated in export price. Overall, production, however, recorded a noticeable decrease. The pace of growth was the most pronounced in 2014 with an increase of 16%. 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 Israel

In 2022, refined olive oil exports from Israel skyrocketed to X tons, growing by 62% against the year before. Overall, exports recorded prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil exports soared to $X in 2022. In general, exports continue to indicate strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for refined olive oil exports from Israel, accounting for a 69% share of total exports. Moreover, refined olive oil exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), sevenfold. The third position in this ranking was taken by Germany (X tons), with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +27.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+60.3% per year) and Germany (+28.0% per year).

In value terms, the United States ($X) remains the key foreign market for refined olive oil exports from Israel, comprising 69% of total exports. The second position in the ranking was held by Canada ($X), with a 9.4% share of total exports. It was followed by Germany, with an 8.9% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +30.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+63.8% per year) and Germany (+30.8% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, rising by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2021 when the average export price increased by 20%. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and the Netherlands ($X per ton), while the average price for exports to France ($X per ton) and the UK ($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 France (+2.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Israel

In 2022, purchases abroad of refined olive oil decreased by -9.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, continue to indicate moderate growth. The most prominent rate of growth was recorded in 2016 with an increase of 163%. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, refined olive oil imports fell sharply to $X in 2022. In general, imports, however, continue to indicate a measured expansion. The pace of growth was the most pronounced in 2016 with an increase of 154% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then fell significantly in the following year.

Imports by Country

Spain (X tons), Turkey (X tons) and Germany (X tons) were the main suppliers of refined olive oil imports to Israel, with a combined 95% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +74.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Turkey ($X) and Germany ($X) were the largest refined olive oil suppliers to Israel, together accounting for 95% of total imports.

Turkey, with a CAGR of +65.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, shrinking by -18.3% against the previous year. Overall, the import price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 24% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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