Latin America and the Caribbean: Olive Oil Market 2024

Olive Oil Market Size in Latin America and the Caribbean

In 2022, after two years of growth, there was significant decline in the Latin American olive oil market, when its value decreased by -45.3% to $X. In general, consumption recorded a slight slump. The level of consumption peaked at $X in 2021, and then declined rapidly in the following year.

Olive Oil Production in Latin America and the Caribbean

In value terms, olive oil production fell to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.9% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 73% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Olive Oil Exports

Exports in Latin America and the Caribbean

In 2022, the amount of olive oil and its fractions exported in Latin America and the Caribbean rose markedly to X tons, with an increase of 6.3% compared with 2021. Total exports indicated a buoyant expansion 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 most prominent rate of growth was recorded in 2015 when exports increased by 103% against the previous year. 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, olive oil exports rose sharply to $X in 2022. In general, exports recorded strong growth. The pace of growth was the most pronounced in 2017 with an increase of 103%. 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

Argentina was the key exporting country with an export of around X tons, which accounted for 60% of total exports. It was distantly followed by Chile (X tons) and Peru (X tons), together making up a 38% share of total exports. Uruguay (X tons) held a relatively small share of total exports.

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, with a combined 98% share of total exports.

In terms of the main exporting countries, Peru, with a CAGR of +28.3%, 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 export price in Latin America and the Caribbean stood at $X per ton in 2022, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2021 when the export price increased by 26%. Over the period under review, the export prices reached the maximum 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.

Olive Oil Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of olive oil and its fractions 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 noticeable shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 30% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, olive oil imports dropped remarkably to $X in 2022. Overall, imports saw a mild decline. The most prominent rate of growth was recorded in 2018 when imports increased by 28% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell rapidly 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 main importers of olive oil and its fractions, together committing 75% of total imports. The following importers - the Dominican Republic (X tons), Costa Rica (X tons), Chile (X tons), Guatemala (X tons), Venezuela (X tons) and Ecuador (X tons) - together made up 14% of total imports.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +51.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Colombia ($X) were the countries with the highest levels of imports in 2022, with a combined 73% share of total imports. Argentina, the Dominican Republic, Costa Rica, Chile, Ecuador, Venezuela and Guatemala lagged somewhat behind, together accounting for a further 18%.

Argentina, with a CAGR of +48.7%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 20%. The level of import peaked 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