Latin America and the Caribbean: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Latin America and the Caribbean

In 2022, the Latin American virgin olive oil market decreased by -45.3% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption continues to indicate a slight downturn. Over the period under review, the market attained the maximum level at $X in 2021, and then reduced dramatically in the following year.

Virgin Olive Oil Production in Latin America and the Caribbean

In value terms, virgin olive oil production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% 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 2014 with an increase of 31%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports in Latin America and the Caribbean

Virgin olive oil exports amounted to X tons in 2022, picking up by 6.3% compared with 2021 figures. Total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -16.0% against 2017 indices. The growth pace was the most rapid in 2015 when exports increased by 103%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports amounted to $X in 2022. In general, exports recorded a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 103% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Argentina (X tons) represented the main exporter of virgin olive oil, constituting 60% of total exports. Chile (X tons) took a 33% share (based on physical terms) of total exports, which put it in second place, followed by Peru (5.1%). Uruguay (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +30.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Chile ($X) and Peru ($X) constituted the countries with the highest levels of exports in 2022, together comprising 98% of total exports.

Peru, with a CAGR of +28.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, remaining constant against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2021 when the export price increased by 26% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Argentina ($X per ton) and Chile ($X per ton), while Peru ($X per ton) and Uruguay ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+2.0%), while the other leaders experienced mixed trends in the export price figures.

Virgin Olive Oil Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of virgin olive oil decreased by -47.8% to X tons, falling for the second consecutive year after five years of growth. In general, imports continue to indicate a pronounced decrease. The growth pace was the most rapid in 2018 when imports increased by 30%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, virgin olive oil imports fell significantly to $X in 2022. Overall, imports continue to indicate a slight decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 28%. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank significantly in the following year.

Imports by Country

In 2022, Brazil (X tons), distantly followed by Mexico (X tons), Colombia (X tons) and Argentina (X tons) represented the largest importers of virgin olive oil, together creating 75% of total imports. The following importers - the Dominican Republic (X tons), Costa Rica (X tons), Chile (X tons), Ecuador (X tons), Guatemala (X tons) and Venezuela (X tons) - together made up 15% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Argentina (with a CAGR of +51.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Colombia ($X), together comprising 73% of total imports. Argentina, the Dominican Republic, Costa Rica, Ecuador, Chile, Venezuela and Guatemala lagged somewhat behind, together comprising a further 18%.

Argentina, with a CAGR of +48.7%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 20% against the previous year. Over the period under review, import prices reached 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 importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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