Southern Asia: Olive Oil Market 2024

Olive Oil Market Size in Southern Asia

The South Asian olive oil market rose markedly to $X in 2022, surging by 13% against the previous year. In general, consumption, however, continues to indicate a deep setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Olive Oil Production in Southern Asia

In value terms, olive oil production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a precipitous setback. The most prominent rate of growth was recorded in 2015 with an increase of 27%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Olive Oil Exports

Exports in Southern Asia

Olive oil exports shrank dramatically to X tons in 2022, reducing by -21% on the previous year. In general, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by 384% against the previous year. 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 contracted significantly to $X in 2022. Overall, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 469%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sri Lanka was the key exporter of olive oil and its fractions in Southern Asia, with the volume of exports reaching X tons, which was approx. 60% of total exports in 2022. India (X tons) ranks second in terms of the total exports with a 23% share, followed by Nepal (16%).

Exports from Sri Lanka increased at an average annual rate of +16.6% from 2012 to 2022. At the same time, Nepal (+38.8%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +38.8% from 2012-2022. By contrast, India (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sri Lanka and Nepal increased by +34 and +15 percentage points, respectively.

In value terms, Sri Lanka ($X) remains the largest olive oil supplier in Southern Asia, comprising 73% of total exports. The second position in the ranking was taken by India ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sri Lanka amounted to +20.9%. The remaining exporting countries recorded the following average annual rates of exports growth: India (-3.1% per year) and Nepal (+19.5% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, growing by 2.5% against the previous year. Over the period under review, the export price showed modest growth. The pace of growth was the most pronounced in 2018 when the export price increased by 18% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+3.7%), while the other leaders experienced mixed trends in the export price figures.

Olive Oil Imports

Imports in Southern Asia

For the seventh year in a row, Southern Asia recorded growth in purchases abroad of olive oil and its fractions, which increased by 1.1% to X tons in 2022. Overall, imports recorded a prominent increase. The pace of growth was the most pronounced in 2020 with an increase of 21% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, olive oil imports soared to $X in 2022. In general, imports saw a prominent increase. The pace of growth was the most pronounced in 2018 when imports increased by 20%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Imports by Country

India represented the largest importing country with an import of about X tons, which reached 46% of total imports. It was distantly followed by Bangladesh (X tons), Pakistan (X tons) and Maldives (X tons), together comprising a 48% share of total imports. Sri Lanka (X tons) and Afghanistan (X tons) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +1.4% from 2012 to 2022. At the same time, Bangladesh (+19.2%), Maldives (+19.1%), Sri Lanka (+12.7%), Afghanistan (+11.1%) and Pakistan (+9.8%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +19.2% from 2012-2022. Bangladesh (+14 p.p.), Maldives (+8.1 p.p.) and Pakistan (+4.4 p.p.) significantly strengthened its position in terms of the total imports, while India saw its share reduced by -27.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported olive oil and its fractions in Southern Asia, comprising 56% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 17% share of total imports. It was followed by Pakistan, with a 13% share.

In India, olive oil imports increased at an average annual rate of +7.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bangladesh (+23.4% per year) and Pakistan (+11.9% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, surging by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.1%. The pace of growth was the most pronounced in 2013 an increase of 20% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform