Norway: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Norway

After two years of growth, the Norwegian virgin olive oil market decreased by -5% to $X in 2022. Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +35.4% against 2019 indices. Virgin olive oil consumption peaked at $X in 2021, and then reduced modestly in the following year.

Virgin Olive Oil Exports

Exports from Norway

In 2022, overseas shipments of virgin olive oil decreased by -28.5% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 312% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, virgin olive oil exports declined remarkably to $X in 2022. Overall, exports, however, showed significant growth. The growth pace was the most rapid in 2013 when exports increased by 274% against the previous year. The exports peaked at $X in 2021, and then dropped markedly in the following year.

Exports by Country

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

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +49.2%), while the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual growth rate of value to Sweden amounted to +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

In 2022, the average virgin olive oil export price 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 +2.2%. The growth pace was the most rapid in 2017 an increase of 9.6% against the previous year. The export price peaked at $X per ton in 2021, and then fell modestly 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.

Virgin Olive Oil Imports

Imports into Norway

After two years of growth, supplies from abroad of virgin olive oil decreased by -2.1% to X tons in 2022. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when imports increased by 31% against the previous year. Imports peaked at X tons in 2021, and then dropped modestly in the following year.

In value terms, virgin olive oil imports dropped to $X in 2022. Overall, total imports indicated a moderate increase 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 pace of growth was the most pronounced in 2017 when imports increased by 30%. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

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

From 2012 to 2022, the biggest increases were recorded for Iceland (with a CAGR of +72.0%), while purchases for the other leaders experienced a decline.

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

Among the main suppliers, Iceland, with a CAGR of +66.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, dropping by -3.4% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 19%. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :