South-Eastern Asia: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in South-Eastern Asia

For the fourth year in a row, the Southeast Asian virgin olive oil market recorded growth in sales value, which increased by 25% to $X in 2022. Over the period under review, consumption enjoyed a buoyant increase. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Virgin Olive Oil Production in South-Eastern Asia

In value terms, virgin olive oil production amounted to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with a decrease of 99.9% against the previous year. Over the period under review, production reached the peak level in 2022 and is likely to see steady growth in years to come.

Virgin Olive Oil Exports

Exports in South-Eastern Asia

In 2022, exports of virgin olive oil in South-Eastern Asia surged to X tons, increasing by 72% against the previous year. In general, exports, however, showed a mild setback. The most prominent rate of growth was recorded in 2018 with an increase of 348%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, virgin olive oil exports skyrocketed to $X in 2022. Over the period under review, exports showed a noticeable 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 lower figure.

Exports by Country

Singapore was the largest exporter of virgin olive oil in South-Eastern Asia, with the volume of exports reaching X tons, which was near 65% of total exports in 2022. It was distantly followed by Malaysia (X tons), creating a 30% share of total exports. Vietnam (X tons) held 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 ($X) remains the largest virgin olive oil supplier in South-Eastern Asia, comprising 75% of total exports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Singapore totaled +6.8%. In the other countries, the average annual rates were as follows: Malaysia (-3.6% per year) and Vietnam (+38.0% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, falling by -19.4% against the previous year. Overall, the export price, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2016 when the export price increased by 67% against the previous year. The level of export peaked at $X per ton in 2021, and then declined markedly 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.

Virgin Olive Oil Imports

Imports in South-Eastern Asia

In 2022, virgin olive oil imports in South-Eastern Asia soared to X tons, jumping by 19% on 2021 figures. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +8.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 29%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, virgin olive oil imports skyrocketed to $X in 2022. Over the period under review, imports saw a resilient expansion. The pace of growth was the most pronounced in 2013 with an increase of 41% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons), distantly followed by Singapore (X tons), Thailand (X tons), Malaysia (X tons), the Philippines (X tons) and Vietnam (X tons) were the largest importers of virgin olive oil, together making up 97% of total imports. Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +17.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil importing markets in South-Eastern Asia were Indonesia ($X), Singapore ($X) and Thailand ($X), with a combined 67% share of total imports.

Indonesia, with a CAGR of +21.3%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, growing by 6.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2017 an increase of 14%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

Frequently Asked Questions (FAQ) :