Scandinavia: Virgin Olive Oil Market 2024

Virgin Olive Oil Exports

Exports in Scandinavia

In 2022, after two years of growth, there was decline in overseas shipments of virgin olive oil, when their volume decreased by -3.4% to X tons. Overall, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 33%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports fell to $X in 2022. In general, exports saw a noticeable setback. The pace of growth was the most pronounced in 2017 when exports increased by 73%. As a result, the exports reached 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) was the major exporter of virgin olive oil, achieving 70% of total exports. It was distantly followed by Finland (X tons), achieving a 28% share of total exports. Norway (X tons) followed a long way behind the leaders.

Exports from Sweden increased at an average annual rate of +1.9% from 2012 to 2022. 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 ($X) remains the largest virgin olive oil supplier in Scandinavia, comprising 70% of total exports. The second position in the ranking was taken by Finland ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sweden totaled +5.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Finland (-11.6% per year) and Norway (+23.1% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, shrinking by -6.2% against the previous year. Over the last decade, it increased at an average annual rate of +4.4%. The most prominent rate of growth was recorded in 2017 an increase of 30%. The level of export peaked at $X per ton in 2021, and then contracted in the following year.

Prices varied noticeably by country of origin: 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.

Virgin Olive Oil Imports

Imports in Scandinavia

After two years of growth, purchases abroad of virgin olive oil decreased by -4% to X tons in 2022. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 19%. The volume of import peaked at X tons in 2021, and then fell modestly in the following year.

In value terms, virgin olive oil imports declined 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 relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 22%. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Sweden was the major importer of virgin olive oil in Scandinavia, with the volume of imports amounting to X tons, which was approx. 68% of total imports in 2022. Finland (X tons) took the second position in the ranking, followed by Norway (X tons). All these countries together held near 32% share of total imports.

Sweden was also the fastest-growing in terms of the virgin olive oil imports, with a CAGR of +2.8% from 2012 to 2022. At the same time, Norway (+1.8%) and Finland (+1.4%) displayed positive paces of growth. From 2012 to 2022, the share of Sweden increased by +2.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden stood at +3.3%. 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, dropping by -2.9% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 20% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform