Peru: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Peru

The Peruvian virgin olive oil market reduced markedly to $X in 2022, declining by -37.9% against the previous year. In general, consumption, however, saw buoyant growth. Virgin olive oil consumption peaked at $X in 2021, and then declined rapidly in the following year.

Virgin Olive Oil Production in Peru

In value terms, virgin olive oil production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2014 when the production volume increased by 321%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Virgin Olive Oil Exports

Exports from Peru

In 2022, after two years of decline, there was significant growth in overseas shipments of virgin olive oil, when their volume increased by 34% to X tons. Overall, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 276% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports skyrocketed to $X in 2022. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 321%. Over the period under review, the exports attained 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 virgin olive oil exports from Peru, with a 62% share of total exports. Moreover, virgin 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 ($X) remains the key foreign market for virgin olive oil exports from Peru, comprising 57% of total exports. The second position in the ranking was taken by Australia ($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 virgin olive oil export price amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the export price recorded a mild slump. The most prominent rate of growth was recorded in 2017 when the average export price increased by 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 overseas 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.

Virgin Olive Oil Imports

Imports into Peru

Virgin olive oil imports into Peru reached X tons in 2022, growing by 7.7% on 2021. Over the period under review, imports recorded a prominent increase. The pace of growth was the most pronounced in 2020 when imports increased by 117%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, virgin olive oil imports amounted to $X in 2022. In general, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 85% against the previous year. As a result, imports reached the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of virgin olive oil to Peru, with a 85% share of total imports. Moreover, virgin 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 growth rate of volume from Spain amounted to +17.5%.

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

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

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, waning by -6.9% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 15%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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 totaled $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

Frequently Asked Questions (FAQ) :