Uruguay: Olive Oil Market 2024

Olive Oil Market Size in Uruguay

In 2022, after five years of decline, there was significant growth in the Uruguayan olive oil market, when its value increased by 219% to $X. Overall, consumption, however, faced a abrupt contraction. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Olive Oil Production in Uruguay

In value terms, olive oil production shrank slightly to $X in 2022 estimated in export price. Overall, production recorded a abrupt setback. The pace of growth appeared the most rapid in 2017 when the production volume increased by 12% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Olive Oil Exports

Exports from Uruguay

In 2022, after three years of growth, there was significant decline in overseas shipments of olive oil and its fractions, when their volume decreased by -29.1% to X tons. Over the period under review, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 258% against the previous year. The exports peaked at X tons in 2021, and then fell sharply in the following year.

In value terms, olive oil exports dropped significantly to $X in 2022. In general, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 214%. The exports peaked at $X in 2021, and then declined rapidly in the following year.

Exports by Country

Spain (X tons) was the main destination for olive oil exports from Uruguay, with a 74% share of total exports. Moreover, olive oil exports to Spain exceeded the volume sent to the second major destination, Brazil (X tons), sixfold. Argentina (X tons) ranked third in terms of total exports with a 9.6% share.

From 2012 to 2022, the average annual growth rate of volume to Spain totaled +31.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+38.2% per year) and Argentina (+31.8% per year).

In value terms, Spain ($X) remains the key foreign market for olive oil and its fractions exports from Uruguay, comprising 62% of total exports. The second position in the ranking was taken by Brazil ($X), with a 19% share of total exports. It was followed by Argentina, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Spain totaled +23.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+29.9% per year) and Argentina (+28.3% per year).

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, flattening at the previous year. In general, the export price, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2015 when the average export price increased by 7.5%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the 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 ($X per ton), while the average price for exports to Spain ($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 Argentina (-2.7%), while the prices for the other major destinations experienced a decline.

Olive Oil Imports

Imports into Uruguay

In 2022, after two years of decline, there was significant growth in overseas purchases of olive oil and its fractions, when their volume increased by 7.3% to X tons. Over the period under review, imports, however, recorded a pronounced contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 17% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, olive oil imports declined slightly to $X in 2022. In general, imports, however, continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2015 when imports increased by 23%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest olive oil supplier to Uruguay, accounting for a 51% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was taken by Argentina (X tons), with a 21% share.

From 2012 to 2022, the average annual growth rate of volume from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.4% per year) and Argentina (-10.2% per year).

In value terms, Spain ($X) constituted the largest supplier of olive oil and its fractions to Uruguay, comprising 46% of total imports. The second position in the ranking was held by Argentina ($X), with a 23% share of total imports. It was followed by Italy, with a 22% share.

From 2012 to 2022, the average annual growth rate of value from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-7.7% per year) and Italy (+2.4% per year).

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, declining by -8.9% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 20%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Chile ($X per ton) and Argentina ($X per ton), while the price for Spain ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform