Northern America: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Northern America

The North American refined olive oil market rose significantly to $X in 2022, increasing by 7.7% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Refined Olive Oil Production in Northern America

In value terms, refined olive oil production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the production volume increased by 12%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Refined Olive Oil Exports

Exports in Northern America

In 2022, overseas shipments of refined olive oil increased by 40% to X tons, rising for the third consecutive year after two years of decline. Total exports indicated a strong expansion from 2012 to 2022: its volume 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, exports increased by +85.2% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil exports skyrocketed to $X in 2022. Total exports indicated a buoyant 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, exports increased by +70.8% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 36% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

The United States dominates exports structure, reaching X tons, which was approx. 98% of total exports in 2022. Canada (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined olive oil exports from the United States stood at +7.5%. At the same time, Canada (+29.9%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +29.9% from 2012-2022. While the share of Canada (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United States (-1.8 p.p.) displayed negative dynamics.

In value terms, the United States ($X) remains the largest refined olive oil supplier in Northern America, comprising 98% of total exports. The second position in the ranking was taken by Canada ($X), with a 2.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +7.4%.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, declining by -11% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the export price increased by 11%. The level of export peaked at $X per ton in 2021, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+1.2%).

Refined Olive Oil Imports

Imports in Northern America

Refined olive oil imports skyrocketed to X tons in 2022, rising by 26% on the previous year's figure. The total import volume increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil imports soared to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +75.5% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States prevails in imports structure, amounting to X tons, which was near 92% of total imports in 2022. It was distantly followed by Canada (X tons), achieving an 8.2% share of total imports.

Imports into the United States increased at an average annual rate of +1.5% from 2012 to 2022. At the same time, Canada (+1.9%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of +1.9% from 2012-2022. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported refined olive oil in Northern America, comprising 90% of total imports. The second position in the ranking was held by Canada ($X), with a 10% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +5.4%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, jumping by 22% against the previous year. Import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil import price increased by +50.0% against 2020 indices. The pace of growth was the most pronounced in 2013 when the import price increased by 31%. Over the period under review, import prices reached the peak figure 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 Canada ($X per ton), while the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.8%).

Source: IndexBox Platform

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