Lithuania: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Lithuania

In 2022, the Lithuanian refined olive oil market increased by 5.8% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a abrupt descent. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Refined Olive Oil Production in Lithuania

In value terms, refined olive oil production reduced to $X in 2022 estimated in export price. In general, production recorded a deep downturn. The growth pace was the most rapid in 2014 when the production volume increased by 12% against the previous year. Refined olive oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports from Lithuania

In 2022, shipments abroad of refined olive oil increased by 81% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2014 with an increase of 216%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined olive oil exports skyrocketed to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 152% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons), Latvia (X tons) and Poland (X tons) were the main destinations of refined olive oil exports from Lithuania, together comprising 75% 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 Poland (with a CAGR of +111.1%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Latvia ($X) and Uzbekistan ($X) constituted the largest markets for refined olive oil exported from Lithuania worldwide, together accounting for 75% of total exports. Estonia, Kazakhstan, Poland and Belarus lagged somewhat behind, together accounting for a further 22%.

Poland, with a CAGR of +102.8%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, declining by -12.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 22% against the previous year. The export price peaked at $X per ton in 2021, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Uzbekistan ($X per ton), while the average price for exports to Poland ($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 Estonia (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Lithuania

Refined olive oil imports into Lithuania surged to X tons in 2022, rising by 102% compared with 2021. Overall, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil imports skyrocketed to $X in 2022. In general, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Spain (X tons), Italy (X tons) and Latvia (X tons) were the main suppliers of refined olive oil imports to Lithuania, with a combined 89% share of total imports. Portugal, Germany and Estonia lagged somewhat behind, together accounting for a further 9.4%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +25.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Italy ($X) and Latvia ($X) constituted the largest refined olive oil suppliers to Lithuania, with a combined 88% share of total imports. Estonia, Portugal and Germany lagged somewhat behind, together accounting for a further 10%.

Among the main suppliers, Estonia, with a CAGR of +34.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, rising by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The growth pace was the most rapid in 2013 when the average import price increased by 32%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Estonia ($X per ton) and Germany ($X per ton), while the price for Italy ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform