Italy: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Italy

In 2022, after three years of growth, there was decline in the Italian refined olive oil market, when its value decreased by -3.2% to $X. Overall, consumption, however, continues to indicate prominent growth. Refined olive oil consumption peaked at $X in 2021, and then fell modestly in the following year.

Refined Olive Oil Production in Italy

In value terms, refined olive oil production skyrocketed to $X in 2022 estimated in export price. In general, the total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +59.7% against 2019 indices. The pace of growth appeared the most rapid in 2016 with an increase of 65%. Refined olive oil production peaked in 2022 and is likely to see gradual growth in the immediate term.

Refined Olive Oil Exports

Exports from Italy

In 2022, the amount of refined olive oil exported from Italy skyrocketed to X tons, rising by 19% compared with the previous year's figure. In general, exports, however, continue to indicate a noticeable reduction. The growth pace was the most rapid in 2020 when exports increased by 27% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for refined olive oil exports from Italy, with a 33% share of total exports. Moreover, refined olive oil exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+14.2% per year) and Taiwan (Chinese) (+7.1% per year).

In value terms, the United States ($X) remains the key foreign market for refined olive oil exports from Italy, comprising 34% of total exports. The second position in the ranking was taken by Germany ($X), with a 7.2% share of total exports. It was followed by Taiwan (Chinese), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled -3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+11.5% per year) and Taiwan (Chinese) (+11.6% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, increasing by 10% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2013 an increase of 27%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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 Saudi Arabia ($X per ton), while the average price for exports to Spain ($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 Canada (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Italy

In 2022, the amount of refined olive oil imported into Italy surged to X tons, rising by 29% on the previous year. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +2.4% 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 +52.8% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 87%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, refined olive oil imports surged to $X in 2022. Overall, imports enjoyed a strong expansion. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest refined olive oil supplier to Italy, accounting for a 83% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Greece (X tons), tenfold. The third position in this ranking was taken by Portugal (X tons), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+24.7% per year) and Portugal (+57.2% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Italy, comprising 83% of total imports. The second position in the ranking was taken by Greece ($X), with a 7.2% share of total imports. It was followed by Portugal, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain amounted to +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+27.5% per year) and Portugal (+59.0% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, jumping by 29% against the previous year. Overall, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil import price increased by +70.9% against 2020 indices. The pace of growth was the most pronounced in 2013 an increase of 33% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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