Russian Federation: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in the Russian Federation

After two years of growth, the Russian virgin olive oil market decreased by -3.6% to $X in 2022. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from the Russian Federation

In 2022, after three years of growth, there was significant decline in shipments abroad of virgin olive oil, when their volume decreased by -11.4% to X tons. In general, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 543% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped in the following year.

In value terms, virgin olive oil exports fell to $X in 2022. Over the period under review, exports, however, posted significant growth. The pace of growth was the most pronounced in 2014 with an increase of 607% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped in the following year.

Exports by Country

Kazakhstan (X tons), Ukraine (X tons) and Belarus (X tons) were the main destinations of virgin olive oil exports from Russia, together accounting for 84% 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 Ukraine (with a CAGR of +316.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for virgin olive oil exported from Russia were Kazakhstan ($X), Ukraine ($X) and Belarus ($X), with a combined 86% share of total exports.

Ukraine, with a CAGR of +383.9%, 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

The average virgin olive oil export price stood at $X per ton in 2022, declining by -3.8% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 39% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Tajikistan ($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 Ukraine (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into the Russian Federation

In 2022, imports of virgin olive oil into Russia amounted to X tons, surging by 1.9% on 2021. Over the period under review, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.6% 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 -1.8% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 33%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, virgin olive oil imports shrank to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 38% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Italy (X tons), Spain (X tons) and Greece (X tons) were the main suppliers of virgin olive oil imports to Russia, with a combined 94% share of total imports. Portugal and Turkey lagged somewhat behind, together comprising a further 3.8%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +9.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil suppliers to Russia were Italy ($X), Spain ($X) and Greece ($X), with a combined 95% share of total imports. Portugal and Turkey lagged somewhat behind, together comprising a further 3.5%.

In terms of the main suppliers, Portugal, with a CAGR of +8.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, which is down by -6.2% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 14% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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