Malaysia: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Malaysia

In 2022, the Malaysian virgin olive oil market decreased by -3.2% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption, however, saw a remarkable increase. Over the period under review, the market hit record highs at $X in 2021, and then dropped slightly in the following year.

Virgin Olive Oil Exports

Exports from Malaysia

Virgin olive oil exports from Malaysia skyrocketed to X tons in 2022, jumping by 118% against the previous year. Overall, exports, however, showed a abrupt contraction. The growth pace was the most rapid in 2018 when exports increased by 3,219% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports surged to $X in 2022. In general, exports, however, recorded a pronounced decrease. The pace of growth was the most pronounced in 2018 with an increase of 2,732%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Qatar (X tons) was the main destination for virgin olive oil exports from Malaysia, with a 85% share of total exports. Moreover, virgin olive oil exports to Qatar exceeded the volume sent to the second major destination, Nigeria (X tons), more than tenfold. Cambodia (X tons) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Qatar amounted to +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+5.5% per year) and Cambodia (-0.2% per year).

In value terms, Qatar ($X) remains the key foreign market for virgin olive oil exports from Malaysia, comprising 66% of total exports. The second position in the ranking was held by Nigeria ($X), with a 19% share of total exports. It was followed by the Philippines, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value to Qatar stood at +22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+23.3% per year) and the Philippines (-5.5% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, shrinking by -30.6% against the previous year. Over the period under review, the export price, however, posted measured growth. The growth pace was the most rapid in 2021 when the average export price increased by 67%. As a result, the export price reached the peak level of $X per ton, and then contracted significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Seychelles ($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 New Zealand (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Malaysia

In 2022, after four years of growth, there was decline in supplies from abroad of virgin olive oil, when their volume decreased by -4% to X tons. Over the period under review, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 43%. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced modestly in the following year.

In value terms, virgin olive oil imports reduced to $X in 2022. In general, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 37% against the previous year. Imports peaked at $X in 2021, and then declined slightly in the following year.

Imports by Country

In 2022, Cambodia (X tons) constituted the largest supplier of virgin olive oil to Malaysia, with a 48% share of total imports. Moreover, virgin olive oil imports from Cambodia exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Spain (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Cambodia stood at +454.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+6.1% per year) and Spain (+0.8% per year).

In value terms, Italy ($X), Spain ($X) and Morocco ($X) constituted the largest virgin olive oil suppliers to Malaysia, together accounting for 54% of total imports. Cambodia and Turkey lagged somewhat behind, together comprising a further 11%.

Among the main suppliers, Cambodia, with a CAGR of +182.4%, saw 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

The average virgin olive oil import price stood at $X per ton in 2022, with an increase of 3.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2018 an increase of 24% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a lower figure.

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 Morocco ($X per ton), while the price for Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+28.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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