New Zealand: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in New Zealand

The New Zealand virgin olive oil market amounted to $X in 2022, picking up by 2.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.3% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Virgin Olive Oil Exports

Exports from New Zealand

In 2022, virgin olive oil exports from New Zealand declined notably to X tons, dropping by -26.5% on 2021 figures. Over the period under review, exports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 116% against the previous year. As a result, the exports reached the peak of X tons, and then reduced sharply in the following year.

In value terms, virgin olive oil exports dropped notably to $X in 2022. Overall, exports, however, enjoyed a temperate expansion. The growth pace was the most rapid in 2021 when exports increased by 146%. As a result, the exports reached the peak of $X, and then plummeted in the following year.

Exports by Country

Australia (X tons) was the main destination for virgin olive oil exports from New Zealand, with a 46% share of total exports. Moreover, virgin olive oil exports to Australia exceeded the volume sent to the second major destination, Vanuatu (X tons), threefold. The third position in this ranking was taken by French Polynesia (X tons), with a 9.6% share.

From 2012 to 2022, the average annual growth rate of volume to Australia stood at +19.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vanuatu (+25.1% per year) and French Polynesia (+69.7% per year).

In value terms, Australia ($X), the United States ($X) and Japan ($X) constituted the largest markets for virgin olive oil exported from New Zealand worldwide, with a combined 61% share of total exports. Vanuatu, French Polynesia, Fiji, Cook Islands and Samoa lagged somewhat behind, together comprising a further 30%.

Among the main countries of destination, French Polynesia, with a CAGR of +67.6%, 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 virgin olive oil export price amounted to $X per ton, falling by -4.3% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 71% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Australia ($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 China (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into New Zealand

In 2022, the amount of virgin olive oil imported into New Zealand rose remarkably to X tons, with an increase of 6.9% compared with the year before. Over the period under review, total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -6.0% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 23%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, virgin olive oil imports reached $X in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.4% 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 +10.8% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 29% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Italy (X tons), Spain (X tons) and Tunisia (X tons) were the main suppliers of virgin olive oil imports to New Zealand, with a combined 79% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Tunisia (with a CAGR of +69.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil suppliers to New Zealand were Italy ($X), Spain ($X) and Tunisia ($X), with a combined 76% share of total imports.

Among the main suppliers, Tunisia, with a CAGR of +61.2%, 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

The average virgin olive oil import price stood at $X per ton in 2022, falling by -5.6% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by +5.5% against 2020 indices. The growth pace was the most rapid in 2015 when the average import price increased by 31% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Australia ($X per ton) and Greece ($X per ton), while the price for Tunisia ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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