Global Olive Oil Market: Rising Demand in Asia to Buoy Weak Market Growth

Vegetable And Animal Oils And Fats November 14, 2018
World - Olive Oil (Virgin) - Market Analysis, Forecast, Size, Trends and Insights

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IndexBox has just published a new report "World - Olive Oil (Virgin) - Market Analysis, Forecast, Size, Trends and Insights". Here is a summary of the report’s key findings.

Virgin Olive Oil Consumption Is Falling For The Third Consecutive Year

Virgin olive oil is a popular ingredient in Mediterranean cuisine, especially in Spain, Italy, and Greece. It is a staple of the Mediterranean diet and is widely used in the restaurant and catering industry and at home. Over the past ten years, however, the market has been mostly expanding in countries where the tradition of olive oil consumption has remained relatively weaker – such as Japan, China, and the USA. 

It is heavily advertised as a healthy substitute for other vegetable oils due to its various biochemical characteristics, but its consumption is very much determined by income and fluctuations in price.

According to IndexBox estimates, in 2017, approx. ••• tonnes of virgin olive oil was consumed worldwide, a decline of -•••% against the previous year. Overall, virgin olive oil consumption continues to indicate a slight negative trend. The price of olive oil has been rising for the past four years, and this has caused the main European consumers – Spain and Italy – to cut back in terms of consumption. These two Mediterranean countries comprise •••% of the global consumption volume and have been experiencing weak or virtually negligible economic growth and consistently high unemployment since the 2008 global crisis. Since 2014, the price of virgin olive oil has also been suffering severe supply-side pressure from numerous droughts in Spain and a bacterial disease in Italy.

Therefore, considering the high price and income elasticity of virgin olive oil demand, global consumption is weakening; the rapid rise in consumption in the emerging economy countries and the USA is yet not sufficient to boost global figures.

The most prominent rate of growth was recorded in 2010, when it surged by •••% against the previous year, as the global economy was recovering from the 2007-••• financial crisis. Global virgin olive oil consumption peaked at ••• tonnes in 2011; however, from 2012 to 2017, it stood at a somewhat lower level.

Global virgin olive oil market revenue amounted to $••• in 2017, increasing by •••% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, virgin olive oil consumption continues to indicate a relatively flat trend pattern, where price increases were usually annihilated by the falling demand.

Spain accounts for more than half of global virgin olive oil consumption

The country with by far the largest volume of virgin olive oil consumption was Spain (••• tonnes), accounting for •••% of total consumption. Moreover, virgin olive oil consumption in Spain exceeded the figures recorded by the world's second largest consumer, Italy (••• tonnes), threefold. The U.S. (••• tonnes) ranked third in terms of total consumption with a •••% share. Spain and Italy have a longstanding tradition of virgin olive oil consumption, while in the USA olive oil has been popular due to successful campaigns advertising its health benefits.

In Spain, virgin olive oil consumption decreased by an average annual rate of -•••% over the period from 2007-2017. This overall decrease in consumption has its origins in the general downwards trend in terms of consumption that has been a factor since 2012. In 2012 and 2014, Spain was hit by severe droughts; this was followed by a decrease in production and associated increases in price. At that time, unemployment in Spain was around •••%, which had dramatic implications for the Spanish economy overall and the consumption of virgin olive oil in particular. As a result, Spanish consumption has fallen by •••% since 2007 and by almost •••% since 2015.

Against the rapid deterioration of economic indicators in Italy due to the aftermath of the 2008 crisis, the demand for virgin olive oil has continued to fall and is also expected to contract further in the future. Then in 2014, the Xyllela Fastidiosa infestation hit crop production in Italy and yield figures decreased substantially. Overall, Italy recorded a -•••% per year average annual rate of consumption between 2007-2017, recording the worst dynamic trend amongst the top consuming countries.

The USA, and several Northern African and Asian countries, unlike Spain and Italy, have seen their consumption surge, due to rising incomes and increasing attention to healthy eating habits and diet.

Virgin olive oil consumption is set to turn to moderate growth, due to the expanding Asian markets and income growth in Europe

Despite being depressed by the shrinking demand for virgin olive oil worldwide, the market is expected to launch its slow recovery in the near future and then expand gradually in the medium term. 

Italy and Spain still assume a large share of consumption and are currently experiencing a contraction in demand. However, since 2015, the fall in consumption has been decelerating, as the market is recovering, and economic performance figures have shown slow, but stable growth, with declining unemployment rates. On the other hand, the market is still volatile and might remain vulnerable to yet another strong hit if adverse weather conditions strike crop production again in the following ••• years.

At the same time, other countries are expected to show strong consumption growth in the intermediate term. Japan has just agreed on free trade conditions with the EU in the summer of 2018 and is now expected to attract virgin olive oil produced in Europe. The Japanese market is as yet unsaturated, and European healthy habits are becoming popular there; thus the market has promising prospects for expansion in the medium-to-long term. Chinese demand for virgin olive oil is growing too, as the relatively high-income part of the population is moving towards healthy food consumption and a Western lifestyle. 

The healthy eating trend is expected to boom in the USA in the nearest future and is assumed to affect virgin olive oil consumption significantly.

Overall, high and rising virgin olive oil prices, economic volatility and the expectation of natural disasters affecting crop production in the two major consuming countries – Spain and Italy – are expected to be the main factors curtailing the global consumption growth indices for this product. Along with the USA, China and Japan are expected to substantially affect the market in the medium-long term; medium term consumption projection figures indicate a relatively weak average annual growth of +•••% up to •••.

Do you want to know more about the global olive oil market? Get the latest trends and insight from our report. It includes a wide range of statistics on 

  • olive oil market share
  • olive oil prices
  • olive oil industry
  • olive oil sales
  • olive oil import
  • olive oil export
  • olive oil market forecast
  • olive oil price forecast
  • key olive oil producers

Source: World - Olive Oil (Virgin) - Market Analysis, Forecast, Size, Trends and Insights

Product coverage: olive oil (virgin).

This report provides an in-depth analysis of the global virgin olive oil market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.

Country coverage: Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries (United States, China, Japan, Germany, United Kingdom, France, Brazil, Italy, Russian Federation, India, Canada, Australia, Republic of Korea, Spain, Mexico, Indonesia, Netherlands, Turkey, Saudi Arabia, Switzerland, Sweden, Nigeria, Poland, Belgium, Argentina, Norway, Austria, Thailand, United Arab Emirates, Colombia, Denmark, South Africa, Malaysia, Israel, Singapore, Egypt, Philippines, Finland, Chile, Ireland, Pakistan, Greece, Portugal, Kazakhstan, Algeria, Czech Republic, Qatar, Peru, Romania, Vietnam) + the largest producing countries.

Data coverage:
• Market volume and value;
• Per Capita consumption;
• Forecast of the market dynamics in the medium term;
• Production, split by region and country;
• Trade (exports and imports);
• Export and import prices;
• Market trends, drivers and restraints;
• Key market players and their profiles.

Reasons to buy this report:
• Take advantage of the latest data;
• Find deeper insights into current market developments;
• Discover vital success factors affecting the market.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues

1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
1.1 REPORT DESCRIPTION
1.2 RESEARCH METHODOLOGY AND AI PLATFORM
1.3 DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4 GLOSSARY AND SPECIFIC TERMS

2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
2.1 KEY FINDINGS
2.2 MARKET TRENDS

3. MARKET OVERVIEW
Understanding the Current State of The Market And Its Prospects
3.1 MARKET SIZE
3.2 CONSUMPTION BY COUNTRY
3.3 MARKET FORECAST TO 2025

4. MOST PROMISING PRODUCTS
Finding New Products to Diversify Your Business
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION
4.1 TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2 BEST-SELLING PRODUCTS
4.3 MOST CONSUMED PRODUCT
4.4 MOST TRADED PRODUCT
4.5 MOST PROFITABLE PRODUCT FOR EXPORT

5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION
5.1 TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2 TOP PRODUCING COUNTRIES
5.3 TOP EXPORTING COUNTRIES
5.4 LOW-COST EXPORTING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION
6.1 TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2 TOP CONSUMING MARKETS
6.3 UNSATURATED MARKETS
6.4 TOP IMPORTING MARKETS
6.5 MOST PROFITABLE MARKETS

7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
7.1 PRODUCTION VOLUME AND VALUE
7.2 PRODUCTION BY COUNTRY

8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
8.1 IMPORTS FROM 2007–2017
8.2 IMPORTS BY COUNTRY
8.3 IMPORT PRICES BY COUNTRY

9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
9.1 EXPORTS FROM 2007–2017
9.2 EXPORTS BY COUNTRY
9.3 EXPORT PRICES BY COUNTRY

10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION

11. COUNTRY PROFILES
The Largest Markets And Their Profiles
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION
United States
China
Japan
Germany
United Kingdom
France
Brazil
Italy
Russian Federation
India
Canada
Australia
Republic of Korea
Spain
Mexico
Indonesia
Netherlands
Turkey
Saudi Arabia
Switzerland
Sweden
Nigeria
Poland
Belgium
Argentina
Norway
Austria
Thailand
United Arab Emirates
Colombia
Denmark
South Africa
Malaysia
Israel
Singapore
Egypt
Philippines
Finland
Chile
Ireland
Pakistan
Greece
Portugal
Kazakhstan
Algeria
Czech Republic
Qatar
Peru
Romania
Vietnam

LIST OF TABLES
Table 1: Key Findings In 2017
Table 2: Market Volume, In Physical Terms, 2007–2017
Table 3: Market Value, 2007–2017
Table 4: Per Capita Consumption, By Country, 2015-2017
Table 5: Production, In Physical Terms, By Country, 2007–2017
Table 6: Imports, In Physical Terms, By Country, 2007–2017
Table 7: Imports, In Value Terms, By Country, 2007–2017
Table 8: Import Prices, By Country Of Destination, 2007–2017
Table 9: Exports, In Physical Terms, By Country, 2007–2017
Table 10: Exports, In Value Terms, By Country, 2007–2017
Table 11: Export Prices, By Country Of Origin, 2007–2017

LIST OF FIGURES
Figure 1: Market Volume, In Physical Terms, 2007–2017
Figure 2: Market Value, 2007–2017
Figure 3: Consumption, By Country, 2017
Figure 4: Market Forecast To 2025
Figure 5: Products: Market Size And Growth, By Type
Figure 6: Products: Average Per Capita Consumption, By Type
Figure 7: Products: Exports And Growth, By Type
Figure 8: Products: Export Prices And Growth, By Type
Figure 9: Production Volume And Growth
Figure 10: Exports And Growth
Figure 11: Export Prices And Growth
Figure 12: Market Size And Growth
Figure 13: Per Capita Consumption
Figure 14: Imports And Growth
Figure 15: Import Prices
Figure 16: Production, In Physical Terms, 2007–2017
Figure 17: Production, In Value Terms, 2007–2017
Figure 18: Production, By Country, 2017
Figure 19: Production, In Physical Terms, By Country, 2007–2017
Figure 20: Imports, In Physical Terms, 2007–2017
Figure 21: Imports, In Value Terms, 2007–2017
Figure 22: Imports, In Physical Terms, By Country, 2017
Figure 23: Imports, In Physical Terms, By Country, 2007–2017
Figure 24: Imports, In Value Terms, By Country, 2007–2017
Figure 25: Import Prices, By Country, 2007–2017
Figure 26: Exports, In Physical Terms, 2007–2017
Figure 27: Exports, In Value Terms, 2007–2017
Figure 28: Exports, In Physical Terms, By Country, 2017
Figure 29: Exports, In Physical Terms, By Country, 2007–2017
Figure 30: Exports, In Value Terms, By Country, 2007–2017
Figure 31: Export Prices, 2007–2017