Global Refined Olive Oil Market 2024

Refined Olive Oil Market Size

In 2022, the global refined olive oil market increased by 4.1% to $X, rising for the second consecutive year after six years of decline. Overall, consumption, however, continues to indicate a mild contraction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the global market remained at a lower figure.

Refined Olive Oil Production

In value terms, refined olive oil production stood at $X in 2022 estimated in export price. In general, production showed a slight contraction. The growth pace was the most rapid in 2014 with an increase of 6.7% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, global production growth remained at a lower figure.

Refined Olive Oil Exports

Exports

In 2022, the amount of refined olive oil exported worldwide skyrocketed to X tons, increasing by 21% compared with 2021. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 26%. Over the period under review, the global exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, refined olive oil exports skyrocketed to $X in 2022. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +76.3% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Spain (X tons) was the key exporter of refined olive oil, mixing up 61% of total exports. Italy (X tons) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by Portugal (6.8%) and Turkey (6%). The following exporters - Greece (X tons), the United States (X tons) and Tunisia (X tons) - together made up 8.3% of total exports.

Exports from Spain increased at an average annual rate of +4.1% from 2012 to 2022. At the same time, Turkey (+11.9%), the United States (+7.5%), Greece (+6.2%) and Portugal (+1.3%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.9% from 2012-2022. By contrast, Italy (-3.1%) and Tunisia (-5.8%) illustrated a downward trend over the same period. While the share of Spain (+8.1 p.p.) and Turkey (+3.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Tunisia (-2.9 p.p.) and Italy (-9.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Spain ($X) remains the largest refined olive oil supplier worldwide, comprising 60% of global exports. The second position in the ranking was held by Italy ($X), with a 14% share of global exports. It was followed by Portugal, with a 6.9% share.

In Spain, refined olive oil exports expanded at an average annual rate of +7.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (-0.4% per year) and Portugal (+3.1% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, rising by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2013 an increase of 27%. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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 ($X per ton), while the United States ($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 (+3.7%), while the other global leaders experienced more modest paces of growth.

Refined Olive Oil Imports

Imports

In 2022, global refined olive oil imports skyrocketed to X tons, rising by 95% against 2021. Over the period under review, imports posted a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined olive oil imports soared to $X in 2022. In general, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +78.8% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India was the key importing country with an import of about X tons, which recorded 39% of total imports. The United States (X tons) took the second position in the ranking, distantly followed by Italy (X tons). All these countries together held near 22% share of total imports. Spain (X tons), the UK (X tons), Portugal (X tons), Brazil (X tons), Japan (X tons), China (X tons) and Australia (X tons) followed a long way behind the leaders.

India was also the fastest-growing in terms of the refined olive oil imports, with a CAGR of +44.9% from 2012 to 2022. At the same time, China (+20.9%), Spain (+19.2%), Italy (+2.4%), the UK (+2.4%) and the United States (+1.5%) displayed positive paces of growth. Japan and Brazil experienced a relatively flat trend pattern. By contrast, Portugal (-1.7%) and Australia (-3.1%) illustrated a downward trend over the same period. India (+37 p.p.) and Spain (+2.4 p.p.) significantly strengthened its position in terms of the global imports, while Japan, the UK, Brazil, Australia, Italy, Portugal and the United States saw its share reduced by -1.7%, -2.1%, -2.4%, -2.9%, -3.8%, -4.9% and -11% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refined olive oil importing markets worldwide were the United States ($X), India ($X) and Italy ($X), together accounting for 44% of global imports.

India, with a CAGR of +28.2%, saw the highest rates of growth with regard to the value of imports, among 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 refined olive oil import price amounted to $X per ton, shrinking by -21.2% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by 23% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+6.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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