Japan: Olive Oil Market 2024

Olive Oil Market Size in Japan

In 2022, the Japanese olive oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. The market value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Olive oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Olive Oil Exports

Exports from Japan

Olive oil exports from Japan soared to X tons in 2022, jumping by 64% against the year before. In general, exports enjoyed resilient growth. The pace of growth appeared the most rapid in 2015 when exports increased by 108% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, olive oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 75% against the previous year. As a result, the exports reached 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 olive oil exports from Japan, together comprising 96% 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 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%, recorded the highest rates of growth with regard to 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

The average olive oil export price stood at $X per ton in 2022, with a decrease of -26.5% against the previous year. Over the period under review, the export price showed a abrupt downturn. The pace of growth appeared the most rapid in 2013 an increase of 64% against the previous year. 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.

Prices varied noticeably by country of destination: 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.

Olive Oil Imports

Imports into Japan

In 2022, purchases abroad of olive oil and its fractions increased by 7.3% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, total imports indicated perceptible growth 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 pace of growth was the most pronounced in 2019 when imports increased by 30% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, olive oil imports fell to $X in 2022. The total import value increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 31% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest olive oil supplier to Japan, with a 61% share of total imports. Moreover, 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 a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from Spain totaled +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 olive oil suppliers to Japan were Spain ($X), Italy ($X) and Turkey ($X), together accounting for 96% of total imports.

Spain, with a CAGR of +7.9%, 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 olive oil import price amounted to $X per ton, shrinking by -7.1% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 15% 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.

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