Portugal: Olive Oil Market 2024

Olive Oil Market Size in Portugal

The Portuguese olive oil market reduced notably to $X in 2022, with a decrease of -16.1% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Olive Oil Production in Portugal

In value terms, olive oil production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.1% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 27%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Olive Oil Exports

Exports from Portugal

In 2022, shipments abroad of olive oil and its fractions decreased by -3.3% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 41%. Over the period under review, the exports attained the maximum at X tons in 2021, and then fell slightly in the following year.

In value terms, olive oil exports fell to $X in 2022. In general, exports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 45% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then fell in the following year.

Exports by Country

Spain (X tons), Brazil (X tons) and Italy (X tons) were the main destinations of olive oil exports from Portugal, together accounting for 91% of total exports. France and the United States lagged somewhat behind, together accounting for a further 3.5%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +22.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for olive oil exported from Portugal were Spain ($X), Brazil ($X) and Italy ($X), with a combined 90% share of total exports. France and the United States lagged somewhat behind, together accounting for a further 3.6%.

The United States, with a CAGR of +22.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, reducing by -7.5% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 19%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Brazil ($X per ton) and the United States ($X per ton), while the average price for exports to Spain ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into Portugal

In 2022, olive oil imports into Portugal rose modestly to X tons, increasing by 2% compared with 2021 figures. Overall, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -1.9% against 2020 indices. The growth pace was the most rapid in 2020 when imports increased by 27% against the previous year. 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 contracted to $X in 2022. In general, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 +28.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 44%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Spain (X tons) was the main supplier of olive oil to Portugal, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +5.4%.

In value terms, Spain ($X) constituted the largest supplier of olive oil and its fractions to Portugal.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +6.8%.

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, shrinking by -13.8% against the previous year. Overall, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, olive oil import price increased by +18.2% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 37% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Spain.

From 2012 to 2022, the rate of growth in terms of prices for Spain amounted to +1.3% per year.

Source: IndexBox Platform

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