Italy: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Italy

The Italian virgin olive oil market contracted to $X in 2022, falling by -8.3% against the previous year. Over the period under review, consumption, however, continues to indicate a slight slump. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Virgin Olive Oil Production in Italy

In value terms, virgin olive oil production declined to $X in 2022 estimated in export price. In general, production saw a noticeable decrease. The pace of growth was the most pronounced in 2014 when the production volume increased by 9.6%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Virgin Olive Oil Exports

Exports from Italy

In 2022, approx. X tons of virgin olive oil were exported from Italy; increasing by 3.3% on 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 23% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, virgin olive oil exports contracted modestly to $X in 2022. The total export value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 13% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped modestly in the following year.

Exports by Country

The United States (X tons), Germany (X tons) and France (X tons) were the main destinations of virgin olive oil exports from Italy, with a combined 54% share of total exports. Japan, Canada, the UK, Switzerland, Russia, Spain, Brazil, Belgium and China lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +9.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for virgin olive oil exports from Italy, comprising 29% of total exports. The second position in the ranking was taken by Germany ($X), with a 14% share of total exports. It was followed by France, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+0.5% per year) and France (+3.5% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, with a decrease of -7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2013 an increase of 21% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Spain ($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 Belgium (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Italy

In 2022, approx. X tons of virgin olive oil were imported into Italy; increasing by 6.1% on 2021 figures. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 34% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, virgin olive oil imports declined to $X in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest virgin olive oil supplier to Italy, with a 62% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Greece (X tons), threefold. The third position in this ranking was held by Tunisia (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+1.2% per year) and Tunisia (-3.1% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Italy, comprising 60% of total imports. The second position in the ranking was held by Greece ($X), with a 23% share of total imports. It was followed by Tunisia, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+2.9% per year) and Tunisia (-2.2% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, reducing by -15% against the previous year. Overall, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by +18.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 40% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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