New Zealand: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in New Zealand

In 2022, the New Zealand refined olive oil market increased by 13% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, showed a slight decline. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in New Zealand

In value terms, refined olive oil production contracted notably to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2015 with an increase of 95%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Refined Olive Oil Exports

Exports from New Zealand

In 2022, exports of refined olive oil from New Zealand soared to X tons, growing by 43% against the year before. In general, exports saw a relatively flat trend pattern. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, refined olive oil exports surged to $X in 2022. Over the period under review, exports saw a tangible expansion. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Cook Islands (X tons), Australia (X tons) and Fiji (X tons) were the main destinations of refined olive oil exports from New Zealand, with a combined 54% share of total exports. Solomon Islands, Samoa, Norfolk Island, French Polynesia, Japan, Taiwan (Chinese) and Tonga lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for French Polynesia (with a CAGR of +58.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined olive oil exported from New Zealand were Cook Islands ($X), Australia ($X) and Solomon Islands ($X), with a combined 46% share of total exports. Japan, Fiji, Samoa, Norfolk Island, Taiwan (Chinese), French Polynesia and Tonga lagged somewhat behind, together accounting for a further 37%.

French Polynesia, with a CAGR of +53.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, rising by 54% against the previous year. In general, the export price enjoyed a measured expansion. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Fiji ($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 Tonga (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into New Zealand

In 2022, refined olive oil imports into New Zealand rose notably to X tons, surging by 10% against 2021 figures. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 56% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, refined olive oil imports surged to $X in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 +43.0% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 36% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to New Zealand, accounting for a 77% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), sixfold. The third position in this ranking was taken by Tunisia (X tons), with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-6.6% per year) and Tunisia (+49.1% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to New Zealand, comprising 75% of total imports. The second position in the ranking was taken by Italy ($X), with a 16% share of total imports. It was followed by Australia, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +13.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.1% per year) and Australia (-1.4% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, growing by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The growth pace was the most rapid in 2017 when the average import price increased by 31% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Australia ($X per ton) and Italy ($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 Italy (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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