Norway: Olive Oil Market 2024

Olive Oil Market Size in Norway

In 2022, the Norwegian olive oil market decreased by -4.5% to $X for the first time since 2019, thus ending a two-year rising trend. The market value increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Olive oil consumption peaked at $X in 2021, and then fell in the following year.

Olive Oil Exports

Exports from Norway

In 2022, after four years of growth, there was significant decline in shipments abroad of olive oil and its fractions, when their volume decreased by -28.5% to X tons. Over the period under review, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 312% against the previous year. The exports peaked 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 dramatically to $X in 2022. Overall, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 274% against the previous year. The exports peaked at $X in 2021, and then contracted significantly in the following year.

Exports by Country

Italy (X tons), Sweden (X kg) and Portugal (X kg) were the main destinations of olive oil exports from Norway, together comprising 80% of total exports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +49.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X) remains the key foreign market for olive oil and its fractions exports from Norway, comprising 51% of total exports. The second position in the ranking was taken by Portugal ($X), with a 16% share of total exports. It was followed by Italy, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden totaled +37.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+13.7% per year) and Italy (+34.2% per year).

Export Prices by Country

The average olive oil export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 9.6%. The export price peaked at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Italy ($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 Sweden (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into Norway

After two years of growth, purchases abroad of olive oil and its fractions decreased by -2.1% to X tons in 2022. The total import volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 31%. Over the period under review, imports reached the maximum at X tons in 2021, and then reduced slightly in the following year.

In value terms, olive oil imports dropped to $X in 2022. Overall, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +35.6% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 30% against the previous year. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

Italy (X tons), Spain (X tons) and Greece (X tons) were the main suppliers of olive oil imports to Norway, with a combined 46% share of total imports. Turkey and Iceland lagged somewhat behind, together accounting for a further 2.6%.

From 2012 to 2022, the biggest increases were recorded for Iceland (with a CAGR of +74.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest olive oil suppliers to Norway were Italy ($X), Spain ($X) and Greece ($X), with a combined 46% share of total imports. Turkey and Iceland lagged somewhat behind, together accounting for a further 2%.

Iceland, with a CAGR of +66.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, waning by -3.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2013 when the average import price increased by 15% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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