Latin America and the Caribbean: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Latin America and the Caribbean

The Latin American refined olive oil market fell to $X in 2022, waning by -3.9% against the previous year. Over the period under review, consumption recorded a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 7.7%. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Latin America and the Caribbean

In value terms, refined olive oil production declined slightly to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 8.9%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of refined olive oil were exported in Latin America and the Caribbean; growing by 14% on the previous year. Overall, exports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2020 with an increase of 79% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined olive oil exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 67% 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

Argentina was the largest exporting country with an export of about X tons, which accounted for 57% of total exports. It was distantly followed by Chile (X tons) and Panama (X tons), together achieving a 38% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Panama (with a CAGR of +6.1%), while the other leaders experienced a decline in the exports figures.

In value terms, Argentina ($X), Chile ($X) and Panama ($X) were the countries with the highest levels of exports in 2022, with a combined 94% share of total exports.

Panama, with a CAGR of +3.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, rising by 3% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The pace of growth appeared the most rapid in 2021 when the export price increased by 29% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Refined Olive Oil Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of refined olive oil decreased by -4% to X tons for the first time since 2016, thus ending a five-year rising trend. Total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +3.4% 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 +74.5% against 2016 indices. The pace of growth appeared the most rapid in 2020 with an increase of 42% against the previous year. The volume of import peaked at X tons in 2021, and then declined in the following year.

In value terms, refined olive oil imports rose to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +64.7% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 27% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Brazil represented the main importer of refined olive oil in Latin America and the Caribbean, with the volume of imports recording X tons, which was near 42% of total imports in 2022. It was distantly followed by Mexico (X tons), Ecuador (X tons), Colombia (X tons) and Guatemala (X tons), together mixing up a 38% share of total imports. The following importers - El Salvador (X tons) and Costa Rica (X tons) - each finished at a 6.3% share of total imports.

Brazil experienced a relatively flat trend pattern with regard to volume of imports of refined olive oil. At the same time, Ecuador (+25.3%), Guatemala (+13.6%), El Salvador (+12.3%), Colombia (+9.9%), Mexico (+5.2%) and Costa Rica (+3.8%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +25.3% from 2012-2022. From 2012 to 2022, the share of Ecuador, Guatemala, Colombia, Mexico and El Salvador increased by +11, +3.3, +2.5, +2.1 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported refined olive oil in Latin America and the Caribbean, comprising 49% of total imports. The second position in the ranking was held by Mexico ($X), with an 11% share of total imports. It was followed by Ecuador, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil amounted to +1.9%. In the other countries, the average annual rates were as follows: Mexico (+5.8% per year) and Ecuador (+21.6% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by 7.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2021 an increase of 20%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Brazil ($X per ton) and Guatemala ($X per ton), while Ecuador ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :