Southern Asia: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Southern Asia

The South Asian virgin olive oil market reached $X in 2022, surging by 13% against the previous year. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.5% 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 +79.7% against 2016 indices. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Virgin Olive Oil Production in Southern Asia

In value terms, virgin olive oil production reached $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 27% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Virgin Olive Oil Exports

Exports in Southern Asia

In 2022, virgin olive oil exports in Southern Asia shrank sharply to X tons, waning by -21% compared with the year before. 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 lower figure.

In value terms, virgin olive oil exports shrank remarkably to $X in 2022. Overall, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 469%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sri Lanka represented the key exporting country with an export of about X tons, which resulted at 60% of total exports. India (X tons) took the second position in the ranking, followed by Nepal (X tons). All these countries together held approx. 39% share of total exports.

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

In Sri Lanka, virgin olive oil exports expanded at an average annual rate of +20.9% over the period from 2012-2022. 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

In 2022, the export price in Southern Asia amounted to $X per ton, surging by 2.5% against the previous year. In general, the export price continues to indicate a modest increase. 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 attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

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.

Virgin Olive Oil Imports

Imports in Southern Asia

Virgin olive oil imports totaled X tons in 2022, remaining constant against 2021 figures. Overall, imports recorded a strong increase. The most prominent rate of growth was recorded 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, virgin olive oil imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed prominent growth. The growth pace was the most rapid in 2018 with an increase of 21%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

India represented the largest importer of virgin olive oil in Southern Asia, with the volume of imports accounting for X tons, which was approx. 46% of total imports in 2022. Bangladesh (X tons) took the second position in the ranking, followed by Pakistan (X tons) and Maldives (X tons). All these countries together took approx. 48% share of total imports. The following importers - Sri Lanka (X tons) and Afghanistan (X tons) - together made up 4.8% of total imports.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil imports into India stood at +1.4%. 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. While the share of Bangladesh (+14 p.p.), Maldives (+8.1 p.p.) and Pakistan (+4.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of India (-27.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In India, virgin olive oil imports expanded at an average annual rate of +7.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: 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, rising by 18% against the previous year. Over the last decade, it increased at an average annual rate of +4.1%. The pace of growth was the most pronounced in 2013 when the import price increased by 20%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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

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