Portugal: Refined Olive Oil Market 2025

Refined Olive Oil Market Size in Portugal

In 2022, the Portuguese refined olive oil market increased by 8.4% to $X, rising for the second year in a row after three years of decline. In general, consumption saw a pronounced shrinkage. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Refined Olive Oil Production in Portugal

In value terms, refined olive oil production stood at $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 0.8% against the previous year. Refined olive oil production peaked at $X in 2020; afterwards, it flattened through to 2022.

Refined Olive Oil Exports

Exports from Portugal

For the third year in a row, Portugal recorded growth in shipments abroad of refined olive oil, which increased by 22% to X tons in 2022. In general, exports showed modest growth. The pace of growth was the most pronounced in 2020 with an increase of 46% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, refined olive oil exports skyrocketed to $X in 2022. Overall, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +113.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 32%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Brazil (X tons), Spain (X tons) and Italy (X tons) were the main destinations of refined olive oil exports from Portugal, with a combined 84% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +25.8%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) remains the key foreign market for refined olive oil exports from Portugal, comprising 51% of total exports. The second position in the ranking was taken by Spain ($X), with a 23% share of total exports. It was followed by Italy, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value to Brazil amounted to +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+8.0% per year) and Italy (+29.9% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, with an increase of 4.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 40%. 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 stood at a somewhat 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 Angola ($X per ton), while the average price for exports to Spain ($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 Cabo Verde (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Portugal

In 2022, after three years of decline, there was significant growth in supplies from abroad of refined olive oil, when their volume increased by 33% to X tons. Over the period under review, imports, however, saw a slight decline. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, refined olive oil imports skyrocketed to $X in 2022. Overall, total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 +63.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 56% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) was the main supplier of refined olive oil to Portugal, accounting for a approx. 99% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Spain totaled -1.7%.

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

From 2012 to 2022, the average annual growth rate of value from Spain stood at +1.3%.

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, picking up by 16% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil import price increased by +55.3% against 2020 indices. The pace of growth appeared the most rapid in 2013 an increase of 35% against the previous year. 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 +3.0% per year.

Source: IndexBox Platform

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