MERCOSUR: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in MERCOSUR

The MERCOSUR refined olive oil market dropped slightly to $X in 2022, declining by -4.5% against the previous year. In general, consumption recorded a perceptible downturn. The growth pace was the most rapid in 2021 with an increase of 8% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in MERCOSUR

In value terms, refined olive oil production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 9.4% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Refined Olive Oil Exports

Exports in MERCOSUR

In 2022, the amount of refined olive oil exported in MERCOSUR skyrocketed to X tons, jumping by 19% against the year before. In general, exports, however, showed a abrupt decline. The growth pace was the most rapid in 2020 when exports increased by 91%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports skyrocketed to $X in 2022. Overall, exports, however, recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2017 when exports increased by 79% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Argentina was the largest exporter of refined olive oil in MERCOSUR, with the volume of exports resulting at X tons, which was approx. 63% of total exports in 2022. It was distantly followed by Chile (X tons), achieving a 33% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Argentina (with a CAGR of -6.4%).

In value terms, the largest refined olive oil supplying countries in MERCOSUR were Argentina ($X) and Chile ($X).

Argentina, with a CAGR of -3.2%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2022, growing by 3.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. The growth pace was the most rapid in 2021 an increase of 32% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Argentina amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.0%).

Refined Olive Oil Imports

Imports in MERCOSUR

In 2022, overseas purchases of refined olive oil decreased by -4.4% to X tons, falling for the second consecutive year after four years of growth. In general, imports, however, enjoyed notable growth. The most prominent rate of growth was recorded in 2020 when imports increased by 50%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, refined olive oil imports totaled $X in 2022. Total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +124.9% against 2016 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 31% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Brazil represented the key importer of refined olive oil in MERCOSUR, with the volume of imports accounting for X tons, which was near 64% of total imports in 2022. It was distantly followed by Ecuador (X tons) and Colombia (X tons), together generating a 28% share of total imports. Peru (X tons) followed a long way behind the leaders.

Brazil experienced a relatively flat trend pattern with regard to volume of imports of refined olive oil. At the same time, Peru (+25.6%), Ecuador (+25.3%) and Colombia (+9.9%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +25.6% from 2012-2022. From 2012 to 2022, the share of Ecuador, Colombia and Peru increased by +17, +4.4 and +3.8 percentage points, respectively.

In value terms, Brazil ($X) constitutes the largest market for imported refined olive oil in MERCOSUR, comprising 71% of total imports. The second position in the ranking was held by Ecuador ($X), with a 16% share of total imports. It was followed by Colombia, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value in Brazil amounted to +1.9%. In the other countries, the average annual rates were as follows: Ecuador (+21.6% per year) and Colombia (+9.4% per year).

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, picking up by 5.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2021 when the import price increased by 27% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Peru ($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 (+2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform