U.S.: Olive Oil Market 2024

Olive Oil Market Size in the U.S.

The U.S. olive oil market rose markedly to $X in 2022, growing by 5.1% against the previous year. In general, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +13.4% against 2019 indices. Olive oil consumption peaked in 2022 and is likely to continue growth in the immediate term.

Olive Oil Production in the U.S.

In value terms, olive oil production reached $X in 2022. Over the period under review, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +9.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.7% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 80%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Olive Oil Exports

Exports from the U.S.

Olive oil exports from the United States expanded rapidly to X tons in 2021, with an increase of 11% compared with 2020 figures. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 27%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, olive oil exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by 32% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for olive oil exports from the United States, with a 39% share of total exports. Moreover, olive oil exports to Canada exceeded the volume sent to the second major destination, Panama (X tons), threefold. The third position in this ranking was held by Mexico (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Canada totaled +1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+19.2% per year) and Mexico (+9.5% per year).

In value terms, Canada ($X) remains the key foreign market for olive oil and its fractions exports from the United States, comprising 43% of total exports. The second position in the ranking was held by Mexico ($X), with an 11% share of total exports. It was followed by Panama, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value to Canada stood at +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+9.4% per year) and Panama (+11.4% per year).

Export Prices by Country

The average olive oil export price stood at $X per ton in 2021, increasing by 8.8% against the previous year. In general, the export price saw a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Belize ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into the U.S.

Olive oil imports into the United States rose slightly to X tons in 2022, increasing by 3.4% on 2021. The total import volume increased at an average annual rate of +3.3% over the period 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 2020 when imports increased by 18%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, olive oil imports stood at $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +12.9% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 15% against the previous year. Imports peaked at $X in 2018; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Turkey (X tons) was the main olive oil supplier to the United States, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey totaled +59.6%.

In value terms, Turkey ($X) constituted the largest supplier of olive oil and its fractions to the United States.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey amounted to +63.9%.

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2013 an increase of 23%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Turkey.

From 2012 to 2022, the rate of growth in terms of prices for Argentina amounted to +3.8% per year.

Source: IndexBox Platform