Northern America: Olive Oil Market 2024

Olive Oil Market Size in Northern America

For the third consecutive year, the North American olive oil market recorded growth in sales value, which increased by 5.8% to $X in 2022. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.7% against 2018 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in the near future.

Olive Oil Production in Northern America

In value terms, olive oil production amounted to $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +9.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.7% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 80%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Olive Oil Exports

Exports in Northern America

After two years of growth, overseas shipments of olive oil and its fractions decreased by -95.4% to X tons in 2022. Overall, exports recorded a sharp shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 29%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, olive oil exports contracted remarkably to $X in 2022. In general, exports faced a dramatic curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 32% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Canada (X tons) was the major exporter of olive oil and its fractions in Northern America, making up 99% of total export.

Canada was also the fastest-growing in terms of the olive oil and its fractions exports, with a CAGR of +4.5% from 2012 to 2022. Canada (+95 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Canada ($X) also remains the largest olive oil supplier in Northern America.

In Canada, olive oil exports increased at an average annual rate of +4.7% over the period from 2012-2022.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, increasing by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Canada.

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to +0.2% per year.

Olive Oil Imports

Imports in Northern America

In 2022, imports of olive oil and its fractions in Northern America expanded slightly to X tons, growing by 4.4% compared with 2021. Total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.4% 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 -6.2% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 22%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, olive oil imports expanded slightly to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +13.0% against 2019 indices. The pace of growth was the most pronounced in 2013 when imports increased by 14% against the previous year. The level of import peaked at $X in 2018; afterwards, it flattened through to 2022.

Imports by Country

The United States was the main importer of olive oil and its fractions in Northern America, with the volume of imports amounting to X tons, which was near 86% of total imports in 2022. It was distantly followed by Canada (X tons), constituting a 14% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to olive oil imports into the United States stood at +3.3%. At the same time, Canada (+3.8%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of +3.8% from 2012-2022. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported olive oil and its fractions in Northern America, comprising 87% of total imports. The second position in the ranking was held by Canada ($X), with a 13% share of total imports.

In the United States, olive oil imports increased at an average annual rate of +5.3% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2013 when the import price increased by 24%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.0%).

Source: IndexBox Platform