Luxembourg: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Luxembourg

After two years of growth, the Luxembourg virgin olive oil market decreased by -1.1% to $X in 2022. The market value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. Virgin olive oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Exports

Exports from Luxembourg

Virgin olive oil exports from Luxembourg fell sharply to X tons in 2022, shrinking by -17% on 2021. Overall, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2015 with an increase of 62%. Over the period under review, the exports reached the maximum at X tons in 2021, and then contracted dramatically in the following year.

In value terms, virgin olive oil exports contracted to $X in 2022. In general, exports, however, recorded prominent growth. The pace of growth was the most pronounced in 2018 with an increase of 60% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Belgium (X tons), France (X tons) and Germany (X tons) were the main destinations of virgin olive oil exports from Luxembourg, together comprising 97% of total exports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +9.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for virgin olive oil exported from Luxembourg were Belgium ($X), France ($X) and Azerbaijan ($X), together comprising 93% of total exports.

In terms of the main countries of destination, France, with a CAGR of +10.5%, saw the highest growth rate of 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 average virgin olive oil export price stood at $X per ton in 2022, picking up by 2.9% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 38%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while the average price for exports to Belgium ($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 France (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Luxembourg

In 2022, approx. X tons of virgin olive oil were imported into Luxembourg; remaining constant against 2021. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 11%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, virgin olive oil imports dropped modestly to $X in 2022. The total import value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 26% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Belgium (X tons), Portugal (X tons) and Italy (X tons) were the main suppliers of virgin olive oil imports to Luxembourg, with a combined 72% share of total imports. Spain, France, Germany and Greece lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +25.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Belgium ($X) and Portugal ($X) constituted the largest virgin olive oil suppliers to Luxembourg, together comprising 69% of total imports. France, Spain, Germany and Greece lagged somewhat behind, together accounting for a further 28%.

Greece, with a CAGR of +23.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, with a decrease of -2.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2013 when the average import price increased by 26%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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