Japan: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Japan

In 2022, the Japanese virgin olive oil market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Virgin olive oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Virgin Olive Oil Exports

Exports from Japan

In 2022, the amount of virgin olive oil exported from Japan soared to X tons, surging by 64% compared with the year before. In general, exports continue to indicate resilient growth. The pace of growth was the most pronounced in 2015 with an increase of 108% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, virgin olive oil exports soared to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by 75% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons), Taiwan (Chinese) (X tons) and China (X tons) were the main destinations of virgin olive oil exports from Japan, with a combined 96% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +41.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for virgin olive oil exported from Japan were Vietnam ($X), Taiwan (Chinese) ($X) and China ($X), with a combined 92% share of total exports.

Among the main countries of destination, Vietnam, with a CAGR of +42.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, with a decrease of -26.5% against the previous year. Overall, the export price showed a deep reduction. The pace of growth was the most pronounced in 2013 an increase of 64%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a 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 China ($X per ton), while the average price for exports to Vietnam ($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 China (+10.0%), while the prices for the other major destinations experienced mixed trend patterns.

Virgin Olive Oil Imports

Imports into Japan

In 2022, after two years of decline, there was significant growth in purchases abroad of virgin olive oil, when their volume increased by 7.3% to X tons. Overall, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -9.7% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 30% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, virgin olive oil imports reduced to $X in 2022. The total import value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 31% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest virgin olive oil supplier to Japan, accounting for a 61% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was taken by Turkey (X tons), with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.3% per year) and Turkey (+6.4% per year).

In value terms, the largest virgin olive oil suppliers to Japan were Spain ($X), Italy ($X) and Turkey ($X), together accounting for 96% of total imports.

In terms of the main suppliers, Spain, with a CAGR of +7.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, shrinking by -7.1% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 15% 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.

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 Greece ($X per ton), while the price for Turkey ($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 (+0.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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