Slovenia: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Slovenia

In 2022, the Slovene refined olive oil market increased by 5.7% to $X for the first time since 2014, thus ending a seven-year declining trend. Over the period under review, consumption, however, continues to indicate a abrupt slump. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Refined Olive Oil Production in Slovenia

In value terms, refined olive oil production amounted to $X in 2022 estimated in export price. In general, production, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 61% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Refined Olive Oil Exports

Exports from Slovenia

After three years of growth, overseas shipments of refined olive oil decreased by -52.5% to X tons in 2022. In general, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2014 with an increase of 1,373% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, refined olive oil exports dropped remarkably to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 1,773% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Croatia (X tons) was the main destination for refined olive oil exports from Slovenia, with a 53% share of total exports. Moreover, refined olive oil exports to Croatia exceeded the volume sent to the second major destination, the Czech Republic (X tons), twofold. The third position in this ranking was held by Italy (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Croatia totaled +133.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+568.8% per year) and Italy (+63.2% per year).

In value terms, Croatia ($X), the Czech Republic ($X) and Italy ($X) constituted the largest markets for refined olive oil exported from Slovenia worldwide, together accounting for 90% of total exports.

In terms of the main countries of destination, the Czech Republic, with a CAGR of +680.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, with an increase of 62% against the previous year. In general, the export price showed a resilient increase. The growth pace was the most rapid in 2013 when the average export price increased by 88%. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Austria ($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 the United States (+19.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Slovenia

Refined olive oil imports into Slovenia totaled X tons in 2022, picking up by 3.1% compared with 2021 figures. Over the period under review, imports posted a resilient increase. The pace of growth appeared the most rapid in 2014 when imports increased by 110%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports skyrocketed to $X in 2022. Overall, imports continue to indicate a strong increase. The pace of growth was the most pronounced in 2014 when imports increased by 242%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Italy (X tons) constituted the largest refined olive oil supplier to Slovenia, accounting for a 67% share of total imports. Moreover, refined olive oil imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+40.7% per year) and Croatia (+28.8% per year).

In value terms, Italy ($X) constituted the largest supplier of refined olive oil to Slovenia, comprising 58% of total imports. The second position in the ranking was held by Spain ($X), with a 19% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy totaled +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+39.5% per year) and Croatia (+18.3% per year).

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, increasing by 20% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.2% 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 +58.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 63% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform