South Africa: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in South Africa

The South African virgin olive oil market fell to $X in 2022, which is down 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). In general, the total consumption indicated a modest expansion 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 reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Virgin Olive Oil Exports

Exports from South Africa

In 2022, overseas shipments of virgin olive oil decreased by -3.5% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 22%. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped slightly in the following year.

In value terms, virgin olive oil exports declined 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 44%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

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

From 2012 to 2022, the average annual rate of growth in terms of volume to Namibia totaled +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 virgin olive oil exported from South Africa worldwide, together accounting for 50% of total exports. Swaziland, Malawi, Lesotho, Zimbabwe, Mozambique, the UK, Canada, Taiwan (Chinese) and France lagged somewhat behind, together comprising a further 34%.

France, with a CAGR of +79.4%, recorded 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, which is down by -4.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2013 an increase of 21%. Over the period under review, the average export prices reached the peak figure 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 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.

Virgin Olive Oil Imports

Imports into South Africa

In 2022, approx. X tons of virgin olive oil were imported into South Africa; falling by -4.8% compared with 2021. Over the period under review, total imports indicated temperate growth 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 most prominent rate of growth was recorded in 2018 with an increase of 52% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then shrank modestly in the following year.

In value terms, virgin olive oil imports shrank to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 32% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of virgin olive oil to South Africa, with a 67% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Greece (X tons) ranked third in terms of total imports with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +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 virgin olive oil suppliers to South Africa, with a combined 97% share of total imports.

Spain, with a CAGR of +6.5%, saw the highest rates of growth with regard to the value of imports, among 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 virgin olive oil import price amounted to $X per ton, declining by -3.3% against the previous year. Over the period under review, the import price showed a slight slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 24% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

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

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