South Africa: Olive Oil Market 2024

Olive Oil Market Size in South Africa

The South African olive oil market fell to $X in 2022, waning by -6.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.0% against 2020 indices. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Olive Oil Exports

Exports from South Africa

In 2022, after two years of growth, there was decline in shipments abroad of olive oil and its fractions, when their volume decreased by -3.5% to X tons. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when exports increased by 22% against the previous year. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, olive oil exports shrank to $X in 2022. The total export value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 44%. Over the period under review, the exports attained the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

Namibia (X tons) was the main destination for olive oil exports from South Africa, with a 30% share of total exports. Moreover, olive oil exports to Namibia exceeded the volume sent to the second major destination, Botswana (X tons), twofold. The third position in this ranking was taken by Swaziland (X tons), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume to Namibia stood at +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Botswana (-4.7% per year) and Swaziland (+18.1% per year).

In value terms, Namibia ($X), Botswana ($X) and Zambia ($X) were the largest markets for olive oil exported from South Africa worldwide, together comprising 50% of total exports. Swaziland, Malawi, Lesotho, Zimbabwe, Mozambique, the UK, Canada, Taiwan (Chinese) and France lagged somewhat behind, together accounting for a further 34%.

Among the main countries of destination, France, with a CAGR of +79.4%, saw the highest rates of growth with regard to 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 olive oil export price stood at $X per ton in 2022, declining by -4.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2013 an increase of 21% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to France ($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 Taiwan (Chinese) (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into South Africa

Olive oil imports into South Africa dropped to X tons in 2022, waning by -4.8% against 2021. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.3% 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 +92.2% against 2013 indices. The growth pace was the most rapid in 2018 when imports increased by 52%. Over the period under review, imports reached the maximum at X tons in 2021, and then fell slightly in the following year.

In value terms, olive oil imports dropped to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 32%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of olive oil to South Africa, accounting for a 67% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was taken by Greece (X tons), with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.3% per year) and Greece (-3.9% per year).

In value terms, Spain ($X), Italy ($X) and Greece ($X) constituted the largest olive oil suppliers to South Africa, with a combined 97% share of total imports.

Spain, with a CAGR of +6.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, dropping by -3.3% against the previous year. In general, the import price continues to indicate a mild slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 24%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Italy ($X per ton) and Portugal ($X per ton), while the price for Spain ($X per ton) and Greece ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform