Spain: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Spain

The Spanish refined olive oil market contracted to $X in 2022, shrinking by -9.3% against the previous year. In general, consumption showed a pronounced reduction. Refined olive oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Refined Olive Oil Production in Spain

In value terms, refined olive oil production fell slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Refined Olive Oil Exports

Exports from Spain

Refined olive oil exports from Spain soared to X tons in 2022, rising by 16% against the previous year's figure. Over the period under review, total exports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.9% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 58% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, refined olive oil exports soared to $X in 2022. In general, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +80.9% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Italy (X tons), the United States (X tons) and Portugal (X tons) were the main destinations of refined olive oil exports from Spain, with a combined 54% share of total exports. France, the UK, China, Australia, Japan, Germany, the Netherlands, Morocco, India and the United Arab Emirates lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +28.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined olive oil exported from Spain were the United States ($X), Italy ($X) and Portugal ($X), together accounting for 53% of total exports. France, the UK, China, Australia, Japan, Germany, the Netherlands, India, Morocco and the United Arab Emirates lagged somewhat behind, together comprising a further 30%.

France, with a CAGR of +32.0%, saw the highest growth rate of the value of exports, among 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

In 2022, the average refined olive oil export price amounted to $X per ton, jumping by 18% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 37%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to the United Arab Emirates ($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 the United States (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Spain

In 2022, approx. X tons of refined olive oil were imported into Spain; rising by 243% compared with the year before. In general, imports recorded a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil imports surged to $X in 2022. Overall, imports showed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Portugal (X tons) constituted the largest supplier of refined olive oil to Spain, with a 76% share of total imports. Moreover, refined olive oil imports from Portugal exceeded the figures recorded by the second-largest supplier, Italy (X tons), sixfold. Greece (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Portugal stood at +34.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+50.9% per year) and Greece (+0.4% per year).

In value terms, Portugal ($X) constituted the largest supplier of refined olive oil to Spain, comprising 75% of total imports. The second position in the ranking was taken by Italy ($X), with a 14% share of total imports. It was followed by Turkey, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value from Portugal totaled +41.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+59.5% per year) and Turkey (+22.6% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, with an increase of 23% against the previous year. Overall, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil import price increased by +77.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 44%. The import price peaked at $X per ton in 2016; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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