South-Eastern Asia: Olive Oil Market 2024

Olive Oil Market Size in South-Eastern Asia

The Southeast Asian olive oil market surged to $X in 2022, rising by 21% against the previous year. Over the period under review, consumption recorded a resilient increase. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Olive Oil Production in South-Eastern Asia

In value terms, olive oil production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume decreased by 99.9%. Over the period under review, production reached the maximum level in 2022 and is likely to continue growth in the near future.

Olive Oil Exports

Exports in South-Eastern Asia

In 2022, the amount of olive oil and its fractions exported in South-Eastern Asia soared to X tons, jumping by 72% compared with the year before. Overall, exports, however, recorded a slight setback. The most prominent rate of growth was recorded in 2018 when exports increased by 348%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, olive oil exports skyrocketed to $X in 2022. In general, exports recorded a measured expansion. The most prominent rate of growth was recorded in 2018 with an increase of 158% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore represented the key exporting country with an export of around X tons, which accounted for 65% of total exports. It was distantly followed by Malaysia (X tons), creating a 30% share of total exports. Vietnam (X tons) took a relatively small share of total exports.

Exports from Singapore increased at an average annual rate of +1.9% from 2012 to 2022. At the same time, Vietnam (+48.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +48.7% from 2012-2022. By contrast, Malaysia (-6.6%) illustrated a downward trend over the same period. Singapore (+18 p.p.) and Vietnam (+4.3 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -21.8% from 2012 to 2022, respectively.

In value terms, Singapore ($X) remains the largest olive oil supplier in South-Eastern Asia, comprising 75% of total exports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore amounted to +6.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-3.6% per year) and Vietnam (+38.0% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, declining by -19.4% against the previous year. Overall, the export price, however, showed buoyant growth. The pace of growth was the most pronounced in 2016 an increase of 67%. Over the period under review, the export prices reached the peak figure at $X per ton in 2021, and then contracted dramatically 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 Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Olive Oil Imports

Imports in South-Eastern Asia

Olive oil imports surged to X tons in 2022, rising by 16% against 2021. Overall, imports posted a buoyant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 29% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, olive oil imports surged to $X in 2022. In general, imports recorded a remarkable increase. The growth pace was the most rapid in 2013 when imports increased by 41% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) and Indonesia (X tons) were the main importers of olive oil and its fractions in South-Eastern Asia, together creating 53% of total imports. Singapore (X tons) took the next position in the ranking, followed by Thailand (X tons), the Philippines (X tons) and Vietnam (X tons). All these countries together took near 45% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +22.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest olive oil importing markets in South-Eastern Asia were Indonesia ($X), Malaysia ($X) and Singapore ($X), together accounting for 68% of total imports.

In terms of the main importing countries, Indonesia, with a CAGR of +21.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, increasing by 6.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2017 an increase of 14%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform