Peru: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Peru

The Peruvian refined olive oil market dropped slightly to $X in 2022, approximately reflecting the previous year. Over the period under review, consumption continues to indicate a abrupt descent. Refined olive oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Peru

In value terms, refined olive oil production dropped slightly to $X in 2022 estimated in export price. Overall, production recorded a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 26% against the previous year. Refined olive oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Peru

In 2022, the amount of refined olive oil exported from Peru declined notably to X tons, dropping by -20.8% compared with the year before. In general, exports continue to indicate a deep slump. The growth pace was the most rapid in 2019 with an increase of 477%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined olive oil exports shrank to $X in 2022. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 267%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons), Chile (X tons) and Panama (X kg) were the main destinations of refined olive oil exports from Peru, with a combined 37% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +19.5%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Ecuador ($X) remains the key foreign market for refined olive oil exports from Peru, comprising 37% of total exports. The second position in the ranking was taken by Chile ($X), with a 9.9% share of total exports. It was followed by the United States, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador amounted to +1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+20.9% per year) and the United States (-17.5% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, rising by 11% against the previous year. Over the period under review, the export price, however, saw a deep setback. The pace of growth appeared the most rapid in 2016 an increase of 35% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Chile ($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 Spain (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Peru

In 2022, supplies from abroad of refined olive oil was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports posted significant growth. The pace of growth was the most pronounced in 2014 when imports increased by 214%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, refined olive oil imports contracted to $X in 2022. Over the period under review, imports continue to indicate significant growth. The growth pace was the most rapid in 2017 with an increase of 152% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest refined olive oil supplier to Peru, accounting for a 46% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Turkey (X tons), tenfold. Tunisia (X tons) ranked third in terms of total imports with a 1.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +26.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+15.7% per year) and Tunisia (+3.6% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Peru, comprising 46% of total imports. The second position in the ranking was taken by Turkey ($X), with a 3.4% share of total imports. It was followed by Tunisia, with a 1.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +21.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+9.2% per year) and Tunisia (+1.0% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, dropping by -13.5% against the previous year. In general, the import price showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when the average import price increased by 34% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 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 ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (-2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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