United Kingdom: Preserved Olive Market 2024

Preserved Olive Market Size in the UK

The UK preserved olive market shrank to $X in 2021, with a decrease of -5.8% against the previous year. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Preserved Olive Production in the UK

In value terms, preserved olive production reduced to $X in 2021 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +57.9% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 35%. Preserved olive production peaked at $X in 2020, and then dropped in the following year.

Preserved Olive Exports

Exports from the UK

In 2021, approx. X tons of olives prepared or preserved were exported from the UK; waning by -37.6% compared with 2020 figures. In general, exports showed a pronounced setback. The pace of growth appeared the most rapid in 2019 with an increase of 31% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, preserved olive exports shrank markedly to $X in 2021. Over the period under review, exports recorded a perceptible contraction. The pace of growth appeared the most rapid in 2013 with an increase of 27%. Over the period under review, the exports hit record highs at $X in 2020, and then contracted remarkably in the following year.

Exports by Country

Ireland (X tons) was the main destination for preserved olive exports from the UK, with a 46% share of total exports. Moreover, preserved olive exports to Ireland exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fivefold. Norway (X tons) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+11.9% per year) and Norway (+21.4% per year).

In value terms, Ireland ($X) remains the key foreign market for olives prepared or preserved exports from the UK, comprising 42% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 19% share of total exports. It was followed by the United States, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+24.2% per year) and the United States (+5.6% per year).

Export Prices by Country

In 2021, the average preserved olive export price amounted to $X per ton, falling by -5.1% against the previous year. Over the last nine years, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2020 when the average export price increased by 37% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Switzerland ($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 the United Arab Emirates (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Olive Imports

Imports into the UK

In 2021, after three years of growth, there was significant decline in purchases abroad of olives prepared or preserved, when their volume decreased by -19.7% to X tons. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 14% against the previous year. Imports peaked at X tons in 2020, and then contracted rapidly in the following year.

In value terms, preserved olive imports shrank to $X in 2021. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 12% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then fell in the following year.

Imports by Country

Spain (X tons), Greece (X tons) and Italy (X tons) were the main suppliers of preserved olive imports to the UK, with a combined 80% share of total imports. These countries were followed by Turkey, Morocco, Germany and the Netherlands, which together accounted for a further 16%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +72.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved olive suppliers to the UK were Spain ($X), Greece ($X) and Italy ($X), together accounting for 80% of total imports. These countries were followed by Turkey, Morocco, Germany and the Netherlands, which together accounted for a further 15%.

In terms of the main suppliers, Germany, with a CAGR of +61.0%, 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 2021, the average preserved olive import price amounted to $X per ton, with an increase of 14% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Morocco ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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