Switzerland: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Switzerland

The Swiss refined olive oil market contracted to $X in 2022, reducing by -9% against the previous year. Overall, consumption continues to indicate a mild reduction. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Olive Oil Production in Switzerland

In value terms, refined olive oil production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible setback. The growth pace was the most rapid in 2015 when the production volume increased by 22% 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.

Refined Olive Oil Exports

Exports from Switzerland

For the third year in a row, Switzerland recorded growth in overseas shipments of refined olive oil, which increased by 63% to X tons in 2022. In general, exports, however, showed a dramatic setback. The pace of growth was the most pronounced in 2017 when exports increased by 77%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined olive oil exports fell remarkably to $X in 2022. Overall, exports, however, saw a deep setback. The pace of growth was the most pronounced in 2017 when exports increased by 69% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cameroon (X tons), Italy (X tons) and Germany (X kg) were the main destinations of refined olive oil exports from Switzerland, with a combined 81% share of total exports. Japan, the Philippines, the United States, Brazil and Spain lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +162.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for refined olive oil exports from Switzerland, comprising 41% of total exports. The second position in the ranking was held by Germany ($X), with a 14% share of total exports. It was followed by Italy, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-15.1% per year) and Italy (+2.4% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, shrinking by -49.4% against the previous year. Overall, the export price, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by 116%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Cameroon ($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 Arab Emirates (+82.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Switzerland

After eight years of growth, purchases abroad of refined olive oil decreased by -13.9% to X tons in 2022. Over the period under review, total imports indicated a perceptible increase 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. The most prominent rate of growth was recorded in 2019 with an increase of 13% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then declined in the following year.

In value terms, refined olive oil imports fell to $X in 2022. The total import value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 19%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to Switzerland, accounting for a 59% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Portugal (X tons) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.7% per year) and Portugal (+30.3% per year).

In value terms, Spain ($X), Italy ($X) and Portugal ($X) were the largest refined olive oil suppliers to Switzerland, together accounting for 86% of total imports.

Portugal, with a CAGR of +35.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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 refined olive oil import price amounted to $X per ton, with an increase of 2.7% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 23%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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