Japan: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Japan

In 2022, the Japanese refined olive oil market was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. In general, consumption, however, showed a deep downturn. Refined olive oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Japan

In value terms, refined olive oil production dropped to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt contraction. The growth pace was the most rapid in 2014 when the production volume increased by 2.4%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Japan

In 2022, refined olive oil exports from Japan soared to X tons, rising by 155% compared with the previous year's figure. In general, exports posted a prominent increase. 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. Over the period under review, exports enjoyed a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Sri Lanka (X tons), the United States (X tons) and China (X tons) were the main destinations of refined olive oil exports from Japan, together comprising 75% of total exports.

From 2012 to 2022, the biggest increases were recorded for Sri Lanka (with a CAGR of +616.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for refined olive oil exports from Japan, comprising 54% of total exports. The second position in the ranking was held by Sri Lanka ($X), with a 16% share of total exports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +62.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (+287.9% per year) and China (+4.0% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, waning by -15.7% against the previous year. Overall, the export price showed a perceptible descent. The growth pace was the most rapid in 2018 when the average export price increased by 19%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the 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 the United States ($X per ton), while the average price for exports to Vietnam ($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 the United States (+2.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Japan

In 2022, purchases abroad of refined olive oil increased by 13% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports showed a relatively flat trend pattern. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, refined olive oil imports surged to $X in 2022. Overall, total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +36.3% against 2020 indices. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to Japan, accounting for a 69% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-6.1% per year) and Turkey (-2.5% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Japan, comprising 66% of total imports. The second position in the ranking was held by Italy ($X), with a 31% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-5.1% per year) and Turkey (-0.7% per year).

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, picking up by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2013 when the average import price increased by 27% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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