Luxembourg: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Luxembourg

In 2022, the Luxembourg refined olive oil market increased by 3.7% to $X, rising for the third consecutive year after two years of decline. Overall, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +42.6% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Refined Olive Oil Production in Luxembourg

In value terms, refined olive oil production declined to $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced contraction. The pace of growth appeared the most rapid in 2015 with an increase of 615%. Refined olive oil production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Luxembourg

In 2022, shipments abroad of refined olive oil decreased by -29.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 119%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined olive oil exports dropped to $X in 2022. In general, exports faced a abrupt contraction. The most prominent rate of growth was recorded in 2013 with an increase of 44% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Germany (X tons) was the main destination for refined olive oil exports from Luxembourg, with a 55% share of total exports. Moreover, refined olive oil exports to Germany exceeded the volume sent to the second major destination, Belgium (X kg), twofold. The third position in this ranking was taken by France (X kg), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Germany amounted to +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (-7.2% per year) and France (-30.6% per year).

In value terms, the largest markets for refined olive oil exported from Luxembourg were Germany ($X), Belgium ($X) and France ($X), with a combined 91% share of total exports.

In terms of the main countries of destination, Germany, with a CAGR of +12.8%, 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

In 2022, the average refined olive oil export price amounted to $X per ton, picking up by 29% against the previous year. Over the period under review, the export price enjoyed a prominent expansion. The pace of growth was the most pronounced in 2019 when the average export price increased by 65%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to France ($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 Belgium (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Luxembourg

For the third consecutive year, Luxembourg recorded growth in supplies from abroad of refined olive oil, which increased by 21% to X tons in 2022. Overall, imports continue to indicate a slight increase. The most prominent rate of growth was recorded in 2020 when imports increased by 32% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports rose notably to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value 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. Based on 2022 figures, imports increased by +113.6% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 41% 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

Belgium (X tons), Italy (X tons) and France (X tons) were the main suppliers of refined olive oil imports to Luxembourg, with a combined 73% share of total imports. Germany, Portugal, Spain and Greece lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +65.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined olive oil suppliers to Luxembourg were Belgium ($X), Italy ($X) and France ($X), together comprising 71% of total imports. Spain, Portugal, Germany and Greece lagged somewhat behind, together accounting for a further 25%.

Among the main suppliers, Greece, with a CAGR of +58.6%, recorded the highest rates of growth with regard to 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

In 2022, the average refined olive oil import price amounted to $X per ton, reducing by -7.9% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil import price increased by +4.2% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 25% against the previous year. The import price peaked at $X per ton in 2021, and then dropped in the following year.

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 Spain ($X per ton), while the price for Germany ($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 (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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