U.S.: Olive Market 2024

Olive Market Size in the U.S.

The U.S. olive market plummeted to $X in 2022, waning by -21.1% against the previous year. Overall, consumption recorded a abrupt contraction. Olive consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Olive Production in the U.S.

In value terms, olive production contracted significantly to $X in 2022. In general, production recorded a deep reduction. The pace of growth appeared the most rapid in 2019 with an increase of 156% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

The average yield of olives in the United States reduced sharply to X tons per ha in 2022, declining by -16.5% against 2021. Over the period under review, the yield continues to indicate a pronounced decline. The pace of growth appeared the most rapid in 2019 when the yield increased by 212%. The olive yield peaked at X tons per ha in 2015; however, from 2016 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the olive harvested area in the United States was estimated at X ha, remaining relatively unchanged against 2021 figures. In general, the harvested area continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2017 with an increase of 8.1% against the previous year. The olive harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Olive Exports

Exports from the U.S.

In 2022, approx. X tons of olives were exported from the United States; which is down by -46.4% against 2021. Over the period under review, exports showed a deep reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 55%. Over the period under review, the exports reached the maximum at X tons in 2021, and then reduced notably in the following year.

In value terms, olive exports declined remarkably to $X in 2022. Overall, exports recorded a pronounced setback. The pace of growth appeared the most rapid in 2017 with an increase of 35% against the previous year. The exports peaked at $X in 2021, and then shrank markedly in the following year.

Exports by Country

Canada (X tons) was the main destination for olive exports from the United States, with a 53% share of total exports. Moreover, olive exports to Canada exceeded the volume sent to the second major destination, Panama (X tons), fivefold. The third position in this ranking was taken by Colombia (X tons), with a 9.1% share.

From 2012 to 2022, the average annual growth rate of volume to Canada totaled -8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-3.1% per year) and Colombia (+23.8% per year).

In value terms, Canada ($X) remains the key foreign market for olives exports from the United States, comprising 52% of total exports. The second position in the ranking was held by Panama ($X), with a 12% share of total exports. It was followed by Colombia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada totaled -7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-6.5% per year) and Colombia (+22.2% per year).

Export Prices by Country

The average olive export price stood at $X per ton in 2022, rising by 35% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Mexico ($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 Morocco (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Imports

Imports into the U.S.

In 2022, the amount of olives imported into the United States shrank remarkably to X tons, falling by -22.7% compared with the year before. In general, imports showed a deep reduction. The most prominent rate of growth was recorded in 2016 when imports increased by 233%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, olive imports totaled $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 254% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Mexico (X tons) was the main olive supplier to the United States, with a approx. 99% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Mexico amounted to -5.8%.

In value terms, Mexico ($X) constituted the largest supplier of olives to the United States.

From 2012 to 2022, the average annual rate of growth in terms of value from Mexico was relatively modest.

Import Prices by Country

The average olive import price stood at $X per ton in 2022, picking up by 41% against the previous year. Over the period under review, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the rate of growth in terms of prices for Mexico amounted to +5.2% per year.

Source: IndexBox Platform

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