Peru: Olive Oil Market 2024

Olive Oil Market Size in Peru

The Peruvian olive oil market declined remarkably to $X in 2022, reducing by -37.4% against the previous year. In general, consumption, however, enjoyed a strong expansion. Olive oil consumption peaked at $X in 2021, and then shrank markedly in the following year.

Olive Oil Production in Peru

In value terms, olive oil production declined to $X in 2022 estimated in export price. Over the period under review, production, however, showed strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 321%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Olive Oil Exports

Exports from Peru

After two years of decline, shipments abroad of olive oil and its fractions increased by 34% to X tons in 2022. Over the period under review, exports recorded a significant increase. The growth pace was the most rapid in 2013 with an increase of 276% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, olive oil exports soared to $X in 2022. In general, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 321%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Spain (X tons) was the main destination for olive oil exports from Peru, accounting for a 62% share of total exports. Moreover, olive oil exports to Spain exceeded the volume sent to the second major destination, Free Zones (X tons), fourfold. The third position in this ranking was taken by Australia (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain stood at +46.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Free Zones (+231.7% per year) and Australia (+89.5% per year).

In value terms, Spain ($X) remains the key foreign market for olive oil and its fractions exports from Peru, comprising 57% of total exports. The second position in the ranking was held by Australia ($X), with a 20% share of total exports. It was followed by Free Zones, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value to Spain totaled +43.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+79.7% per year) and Free Zones (+185.6% per year).

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the export price showed a mild descent. The growth pace was the most rapid in 2017 an increase of 16% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Free Zones ($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 the United States (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into Peru

In 2022, the amount of olive oil and its fractions imported into Peru rose markedly to X tons, with an increase of 7.7% against the previous year. Overall, imports recorded prominent growth. The growth pace was the most rapid in 2020 with an increase of 117%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, olive oil imports totaled $X in 2022. In general, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 85%. As a result, imports attained the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Spain (X tons) constituted the largest olive oil supplier to Peru, accounting for a 85% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +17.5%.

In value terms, Spain ($X) constituted the largest supplier of olive oil and its fractions to Peru, comprising 84% of total imports. The second position in the ranking was taken by Italy ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain amounted to +16.4%.

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, reducing by -6.9% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 21% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably 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 Spain amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform