Portugal: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Portugal

The Portuguese virgin olive oil market fell notably to $X in 2022, reducing by -16.1% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in Portugal

In value terms, virgin olive oil production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 28% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Virgin Olive Oil Exports

Exports from Portugal

After five years of growth, overseas shipments of virgin olive oil decreased by -3.3% to X tons in 2022. Overall, exports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 41% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, virgin olive oil exports dropped to $X in 2022. Over the period under review, exports, however, recorded a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 45%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Spain (X tons), Brazil (X tons) and Italy (X tons) were the main destinations of virgin olive oil exports from Portugal, with a combined 91% share of total exports. France and the United States lagged somewhat behind, together comprising 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 virgin 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 comprising a further 3.6%.

The United States, with a CAGR of +22.8%, recorded the highest rates of growth with regard to 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 virgin olive oil export price amounted to $X per ton, falling by -7.5% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 19%. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to 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.

Virgin Olive Oil Imports

Imports into Portugal

In 2022, virgin olive oil imports into Portugal rose modestly to X tons, picking up by 2% compared with the previous year. Overall, total imports indicated a buoyant expansion 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 pace of growth appeared the most rapid in 2020 with an increase of 27%. 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 reduced to $X in 2022. Over the period under review, total imports indicated a prominent 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 when imports increased by 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 virgin olive oil to Portugal, with a approx. 100% share of total imports.

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

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

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

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, which is down by -13.8% against the previous year. In general, import price indicated a modest increase 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, virgin olive oil import price increased by +18.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 37%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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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