Spain: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Spain

The Spanish virgin olive oil market expanded sharply to $X in 2022, surging by 7.8% against the previous year. Overall, consumption, however, saw a noticeable shrinkage. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Virgin Olive Oil Production in Spain

In value terms, virgin olive oil production reached $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 2014 when the production volume increased by 58%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Virgin Olive Oil Exports

Exports from Spain

In 2022, the amount of virgin olive oil exported from Spain rose modestly to X tons, growing by 2.6% on the previous year. Over the period under review, total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -2.5% against 2020 indices. The pace of growth was the most pronounced in 2014 when exports increased by 61% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, virgin olive oil exports declined to $X in 2022. In general, total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +10.5% against 2020 indices. The growth pace was the most rapid in 2014 when exports increased by 42% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X tons) was the main destination for virgin olive oil exports from Spain, with a 33% share of total exports. Moreover, virgin olive oil exports to Italy exceeded the volume sent to the second major destination, Portugal (X tons), threefold. France (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+5.2% per year) and France (+2.6% per year).

In value terms, Italy ($X) remains the key foreign market for virgin olive oil exports from Spain, comprising 29% of total exports. The second position in the ranking was held by the United States ($X), with a 12% share of total exports. It was followed by Portugal, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy amounted to +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+10.3% per year) and Portugal (+6.8% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, falling by -11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 27% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Mexico ($X per ton) and Brazil ($X per ton), while the average price for exports to Italy ($X per ton) and Portugal ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Spain

Virgin olive oil imports into Spain soared to X tons in 2022, increasing by 16% on the previous year's figure. Over the period under review, imports showed resilient growth. The growth pace was the most rapid in 2015 when imports increased by 219%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, virgin olive oil imports declined slightly to $X in 2022. Overall, imports continue to indicate a strong increase. The growth pace was the most rapid in 2015 with an increase of 295%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Tunisia (X tons), Portugal (X tons) and Italy (X tons) were the main suppliers of virgin olive oil imports to Spain, with a combined 89% share of total imports. Argentina, Morocco and Turkey lagged somewhat behind, together accounting for a further 7.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Argentina (with a CAGR of +26.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Portugal ($X), Tunisia ($X) and Italy ($X) appeared to be the largest virgin olive oil suppliers to Spain, together comprising 88% of total imports. Argentina, Morocco and Turkey lagged somewhat behind, together accounting for a further 7.9%.

Among the main suppliers, Argentina, with a CAGR of +29.9%, saw the highest growth rate of 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 average virgin olive oil import price amounted to $X per ton, dropping by -14.9% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 35% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for Morocco ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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