MERCOSUR: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in MERCOSUR

In 2022, after two years of growth, there was significant decline in the MERCOSUR virgin olive oil market, when its value decreased by -54.5% to $X. In general, consumption continues to indicate a noticeable reduction. The level of consumption peaked at $X in 2021, and then shrank significantly in the following year.

Virgin Olive Oil Production in MERCOSUR

In value terms, virgin olive oil production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 32% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Virgin Olive Oil Exports

Exports in MERCOSUR

In 2022, exports of virgin olive oil in MERCOSUR rose notably to X tons, growing by 5.9% on the year before. Total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -16.4% against 2017 indices. The most prominent rate of growth was recorded in 2015 with an increase of 107%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports rose significantly to $X in 2022. Overall, exports recorded a strong increase. The growth pace was the most rapid in 2017 with an increase of 104% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Argentina (X tons) was the main exporter of virgin olive oil, making up 60% of total exports. Chile (X tons) ranks second in terms of the total exports with a 33% share, followed by Peru (5.2%). Uruguay (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +30.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Chile ($X) and Peru ($X) were the countries with the highest levels of exports in 2022, together accounting for 99% of total exports.

Peru, with a CAGR of +28.3%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in MERCOSUR amounted to $X per ton, flattening at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2021 an increase of 26%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Argentina ($X per ton) and Chile ($X per ton), while Peru ($X per ton) and Uruguay ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+2.0%), while the other leaders experienced mixed trends in the export price figures.

Virgin Olive Oil Imports

Imports in MERCOSUR

In 2022, overseas purchases of virgin olive oil decreased by -57.8% to X tons, falling for the second year in a row after five years of growth. Over the period under review, imports saw a noticeable slump. The growth pace was the most rapid in 2018 when imports increased by 34%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports declined remarkably to $X in 2022. Overall, imports continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2018 with an increase of 31%. The level of import peaked at $X in 2021, and then plummeted in the following year.

Imports by Country

In 2022, Brazil (X tons) represented the key importer of virgin olive oil, generating 53% of total imports. Colombia (X tons) ranks second in terms of the total imports with a 25% share, followed by Argentina (8.4%). Chile (X tons), Ecuador (X tons), Venezuela (X tons) and Peru (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil imports into Brazil stood at -9.2%. At the same time, Argentina (+51.0%), Peru (+14.1%), Colombia (+11.9%), Ecuador (+10.1%) and Chile (+9.2%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +51.0% from 2012-2022. By contrast, Venezuela (-12.1%) illustrated a downward trend over the same period. While the share of Colombia (+20 p.p.), Argentina (+8.3 p.p.), Chile (+2.9 p.p.), Ecuador (+2.5 p.p.) and Peru (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Venezuela (-3.5 p.p.) and Brazil (-31.7 p.p.) displayed negative dynamics.

In value terms, Brazil ($X) constitutes the largest market for imported virgin olive oil in MERCOSUR, comprising 59% of total imports. The second position in the ranking was held by Colombia ($X), with a 20% share of total imports. It was followed by Argentina, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value in Brazil amounted to -7.7%. The remaining importing countries recorded the following average annual rates of imports growth: Colombia (+12.1% per year) and Argentina (+48.7% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2022, leveling off at the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the import price increased by 22%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+1.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform