Global Olive Oil Market 2024

Olive Oil Market Size

The global olive oil market declined slightly to $X in 2022, remaining constant against the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, the global market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Olive Oil Production

In value terms, olive oil production rose slightly to $X in 2022 estimated in export price. In general, production, however, recorded a perceptible decrease. The growth pace was the most rapid in 2014 with an increase of 15% against the previous year. Over the period under review, global production reached the maximum level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Olive Oil Exports

Exports

Global olive oil exports stood at X tons in 2022, approximately reflecting 2021. The total export 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 14%. Over the period under review, the global exports reached the peak figure at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, olive oil exports dropped to $X in 2022. The total export value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when exports increased by 23% against the previous year. The global exports peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Spain was the largest exporter of olive oil and its fractions in the world, with the volume of exports reaching X tons, which was near 45% of total exports in 2022. Italy (X tons) ranks second in terms of the total exports with a 16% share, followed by Portugal (9.9%), Tunisia (9%) and Greece (8.5%). The following exporters - Syrian Arab Republic (X tons) and Turkey (X tons) - together made up 5% of total exports.

From 2012 to 2022, average annual rates of growth with regard to olive oil exports from Spain stood at +3.0%. At the same time, Syrian Arab Republic (+18.3%), Portugal (+10.4%), Turkey (+9.5%), Greece (+3.1%) and Tunisia (+2.1%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing exporter exported in the world, with a CAGR of +18.3% from 2012-2022. Italy experienced a relatively flat trend pattern. Portugal (+4.8 p.p.) and Syrian Arab Republic (+2.3 p.p.) significantly strengthened its position in terms of the global exports, while Italy saw its share reduced by -5.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest olive oil supplying countries worldwide were Spain ($X), Italy ($X) and Portugal ($X), with a combined 73% share of global exports. Greece, Tunisia, Syrian Arab Republic and Turkey lagged somewhat behind, together accounting for a further 20%.

Among the main exporting countries, Syrian Arab Republic, with a CAGR of +14.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, with a decrease of -8.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2021 an increase of 22%. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+2.8%), while the other global leaders experienced more modest paces of growth.

Olive Oil Imports

Imports

In 2022, the amount of olive oil and its fractions imported worldwide reached X tons, remaining constant against the previous year. The total import volume increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 19%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of global imports remained at a lower figure.

In value terms, olive oil imports dropped to $X in 2022. The total import value increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 23% against the previous year. Global imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Italy (X tons), distantly followed by the United States (X tons), Spain (X tons), France (X tons) and Portugal (X tons) were the largest importers of olive oil and its fractions, together committing 66% of total imports. The following importers - Germany (X tons), Japan (X tons), Canada (X tons), the UK (X tons), Saudi Arabia (X tons) and Turkey (X tons) - together made up 15% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Turkey (with a CAGR of +164.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest olive oil importing markets worldwide were Italy ($X), the United States ($X) and Spain ($X), together comprising 48% of global imports. France, Germany, Portugal, Japan, Canada, the UK, Saudi Arabia and Turkey lagged somewhat behind, together comprising a further 28%.

Turkey, with a CAGR of +145.8%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, with a decrease of -8.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 25% against the previous year. Global import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :