Romania: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Romania

After two years of growth, the Romanian virgin olive oil market decreased by -8.1% to $X in 2022. Over the period under review, consumption, however, posted a buoyant increase. Virgin olive oil consumption peaked at $X in 2021, and then declined in the following year.

Virgin Olive Oil Exports

Exports from Romania

In 2022, the amount of virgin olive oil exported from Romania declined rapidly to X tons, with a decrease of -28.4% on 2021 figures. In general, exports, however, saw strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 226% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports fell rapidly to $X in 2022. Over the period under review, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 391% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Moldova (X tons), Germany (X tons) and Bulgaria (X kg) were the main destinations of virgin olive oil exports from Romania, together comprising 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Bulgaria (with a CAGR of +58.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Moldova ($X) and Bulgaria ($X) constituted the largest markets for virgin olive oil exported from Romania worldwide, with a combined 100% share of total exports.

Bulgaria, with a CAGR of +54.2%, recorded the highest growth rate of the value of exports, among 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, increasing by 7.6% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +7.3% 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 export price decreased by -15.0% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 102%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while the average price for exports to Moldova ($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 Slovakia (+50.1%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Romania

In 2022, after four years of growth, there was decline in supplies from abroad of virgin olive oil, when their volume decreased by -1.7% to X tons. Overall, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% 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 +79.5% against 2013 indices. The most prominent rate of growth was recorded in 2020 with an increase of 19%. Over the period under review, imports hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, virgin olive oil imports dropped to $X in 2022. In general, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 24%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Italy (X tons), Spain (X tons) and Greece (X tons) were the main suppliers of virgin olive oil imports to Romania, with a combined 79% share of total imports. Germany, Bulgaria, France and the Czech Republic lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +35.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of virgin olive oil to Romania, comprising 42% of total imports. The second position in the ranking was taken by Spain ($X), with a 20% share of total imports. It was followed by Greece, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Italy totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+13.9% per year) and Greece (+15.5% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, with a decrease of -7.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 20%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per ton) and Italy ($X per ton), while the price for Spain ($X per ton) and Bulgaria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :