Portugal: Chestnut Market 2024

Chestnut Market Size in Portugal

In 2021, after four years of growth, there was decline in the Portuguese chestnut market, when its value decreased by -4.7% to $X. Over the period under review, consumption, however, continues to indicate a resilient expansion. Chestnut consumption peaked at $X in 2020, and then shrank slightly in the following year.

Chestnut Production in Portugal

In value terms, chestnut production amounted to $X in 2021 estimated in export price. Over the period under review, production posted prominent growth. The growth pace was the most rapid in 2018 when the production volume increased by 44% against the previous year. Chestnut production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

The average yield of chestnuts in Portugal rose to X kg per ha in 2021, increasing by 2% compared with the year before. Overall, the yield indicated a notable increase from 2012 to 2021: its figure increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, chestnut yield decreased by -5.2% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 49% against the previous year. The chestnut yield peaked at X kg per ha in 2018; however, from 2019 to 2021, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the harvested area of chestnuts in Portugal shrank to X ha, therefore, remained relatively stable against 2020. Overall, the total harvested area indicated tangible growth from 2012 to 2021: its figure increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, chestnut harvested area increased by +48.5% against 2012 indices. The growth pace was the most rapid in 2019 with an increase of 33% against the previous year. Over the period under review, the harvested area dedicated to chestnut production reached the maximum at X ha in 2020, and then contracted in the following year.

Chestnut Exports

Exports from Portugal

Chestnut exports from Portugal skyrocketed to X tons in 2021, picking up by 25% on 2020 figures. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 48%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, chestnut exports surged to $X in 2021. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 77%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Spain (X tons) was the main destination for chestnut exports from Portugal, with a 50% share of total exports. Moreover, chestnut exports to Spain exceeded the volume sent to the second major destination, Italy (X tons), twofold. France (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Spain amounted to +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-6.8% per year) and France (+4.5% per year).

In value terms, Spain ($X) remains the key foreign market for chestnut exports from Portugal, comprising 43% of total exports. The second position in the ranking was held by Italy ($X), with a 21% share of total exports. It was followed by France, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Spain stood at +11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-7.9% per year) and France (+5.3% per year).

Export Prices by Country

In 2021, the average chestnut export price amounted to $X per ton, surging by 10% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 26%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Chestnut Imports

Imports into Portugal

In 2021, the amount of chestnuts imported into Portugal declined notably to X tons, which is down by -23.8% against the previous year. Overall, total imports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -32.8% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 71% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, chestnut imports expanded markedly to $X in 2021. Over the period under review, imports, however, recorded resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 77%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Spain (X tons) constituted the largest supplier of chestnut to Portugal, with a 53% share of total imports. Moreover, chestnut imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was held by Chile (X tons), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain totaled -3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+107.3% per year) and Chile (+14.8% per year).

In value terms, Spain ($X) constituted the largest supplier of chestnut to Portugal, comprising 58% of total imports. The second position in the ranking was taken by Italy ($X), with an 18% share of total imports. It was followed by Chile, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+131.5% per year) and Chile (+20.9% per year).

Import Prices by Country

In 2021, the average chestnut import price amounted to $X per ton, picking up by 42% against the previous year. Over the last nine years, it increased at an average annual rate of +2.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Switzerland ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (+19.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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