Scandinavia: Olive Oil Market 2024

Olive Oil Market Size in Scandinavia

In 2022, after two years of growth, there was significant decline in the Scandinavia olive oil market, when its value decreased by -6.1% to $X. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2021, and then dropped in the following year.

Olive Oil Production in Scandinavia

In value terms, olive oil production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by 25%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Olive Oil Exports

Exports in Scandinavia

In 2022, after two years of growth, there was decline in shipments abroad of olive oil and its fractions, when their volume decreased by -3.4% to X tons. Overall, exports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2017 with an increase of 33% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, olive oil exports dropped to $X in 2022. In general, exports showed a perceptible slump. The most prominent rate of growth was recorded in 2017 when exports increased by 73% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Sweden (X tons) represented the main exporter of olive oil and its fractions, creating 70% of total exports. It was distantly followed by Finland (X tons), constituting a 28% share of total exports. Norway (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to olive oil exports from Sweden stood at +1.9%. At the same time, Norway (+20.4%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +20.4% from 2012-2022. By contrast, Finland (-15.3%) illustrated a downward trend over the same period. Sweden (+42 p.p.) and Norway (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Finland saw its share reduced by -43.6% from 2012 to 2022, respectively.

In value terms, Sweden ($X) remains the largest olive oil supplier in Scandinavia, comprising 70% of total exports. The second position in the ranking was held by Finland ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sweden stood at +5.2%. In the other countries, the average annual rates were as follows: Finland (-11.6% per year) and Norway (+23.1% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per ton, reducing by -6.2% against the previous year. Over the last decade, it increased at an average annual rate of +4.4%. The pace of growth appeared the most rapid in 2017 when the export price increased by 30%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+4.4%), while the other leaders experienced more modest paces of growth.

Olive Oil Imports

Imports in Scandinavia

After two years of growth, overseas purchases of olive oil and its fractions decreased by -4% to X tons in 2022. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 21%. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, olive oil imports dropped to $X in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 22%. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

Sweden represented the major importer of olive oil and its fractions in Scandinavia, with the volume of imports finishing at X tons, which was near 68% of total imports in 2022. Finland (X tons) ranks second in terms of the total imports with an 18% share, followed by Norway (15%).

Imports into Sweden increased at an average annual rate of +2.8% from 2012 to 2022. At the same time, Norway (+3.3%) and Finland (+1.4%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +3.3% from 2012-2022. Finland (-2.2 p.p.) significantly weakened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported olive oil and its fractions in Scandinavia, comprising 59% of total imports. The second position in the ranking was taken by Norway ($X), with a 23% share of total imports.

In Sweden, olive oil imports increased at an average annual rate of +3.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Norway (+4.6% per year) and Finland (+1.6% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, waning by -2.9% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the import price increased by 20% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+1.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform