World - Olive Oil (Virgin) - Market Analysis, Forecast, Size, Trends and Insights
Global Virgin Olive Oil Market - Spain Holds a Leading Position
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.
The global virgin olive oil market revenue amounted to $15.2B in 2018, picking up by 1.7% 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). Over the period under review, the total market indicated a strong expansion from 2008 to 2018: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, the virgin olive oil consumption increased by +11.5% against 2013 indices. The most prominent rate of growth was recorded in 2013, with an increase of 59% against the previous year. Global virgin olive oil consumption peaked in 2018, and is expected to retain its growth in the immediate term.
Global virgin olive oil production totaled 3.5M tonnes in 2018, going up by 3.4% against the previous year. The total output volume increased at an average annual rate of +2.7% from 2008 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years.
Global exports totaled 1.5M tonnes in 2018, leveling off at the previous year. Over the period under review, virgin olive oil exports continue to indicate a relatively flat trend pattern.
In value terms, virgin olive oil exports stood at $6.5B (IndexBox estimates) in 2018.
Exports by Country
Spain was the major exporting country with an export of around 656K tonnes, which finished at 45% of total exports. Italy (246K tonnes) took the second position in the ranking, followed by Greece (149K tonnes), Portugal (140K tonnes) and Tunisia (124K tonnes). All these countries together occupied approx. 45% share of total exports. Turkey (36K tonnes) followed a long way behind the leaders.
Spain experienced a relatively flat trend pattern of olive oil (virgin) exports. At the same time, Portugal (+19.0%), Turkey (+12.2%) and Greece (+2.4%) displayed positive paces of growth. Moreover, Portugal emerged as the fastest growing exporter in the world, with a CAGR of +19.0% from 2008-2018. By contrast, Italy (-1.0%) and Tunisia (-2.0%) illustrated a downward trend over the same period. While the share of Spain (3.2%), Tunisia (1.9%) and Italy (1.8%) increased significantly in terms of the global exports from 2008-2018, the share of Turkey (-1.7%), Greece (-2.1%) and Portugal (-7.9%) displayed negative dynamics.
In value terms, the largest virgin olive oil markets worldwide were Spain ($2.8B), Italy ($1.4B) and Greece ($632M), with a combined 74% share of global exports. These countries were followed by Portugal, Tunisia and Turkey, which together accounted for a further 19%.
Export Prices by Country
In 2018, the average virgin olive oil export price amounted to $4,452 per tonne, approximately mirroring the previous year. Over the period from 2008 to 2018, it increased at an average annual rate of +2.6%.
There were significant differences in the average export prices amongst the major exporting countries. In 2018, the country with the highest export price was Italy ($5,658 per tonne), while Turkey ($3,770 per tonne) was amongst the lowest.
From 2008 to 2018, the most notable rate of growth in terms of export prices was attained by Spain, while the other global leaders experienced more modest paces of growth.
In 2018, approx. 1.5M tonnes of olive oil (virgin) were imported worldwide; approximately equating the previous year. The total import volume increased at an average annual rate of +2.2% from 2008 to 2018; the trend pattern remained consistent, with only minor fluctuations being observed over the period under review.
In value terms, virgin olive oil imports stood at $6.7B (IndexBox estimates) in 2018.
Imports by Country
In 2018, Italy (419K tonnes), distantly followed by the U.S. (250K tonnes), France (102K tonnes), Spain (90K tonnes) and Portugal (76K tonnes) were the major importers of olive oil (virgin), together committing 64% of total imports. Brazil (65K tonnes), Germany (56K tonnes), Japan (41K tonnes), the UK (38K tonnes), Canada (37K tonnes) and China (28K tonnes) took a minor share of total imports.
From 2008 to 2018, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by China, while the other global leaders experienced more modest paces of growth.
In value terms, Italy ($1.7B), the U.S. ($1.2B) and France ($525M) constituted the countries with the highest levels of imports in 2018, with a combined 51% share of global imports. These countries were followed by Brazil, Germany, Spain, Portugal, Japan, Canada, China and the UK, which together accounted for a further 31%.
Import Prices by Country
In 2018, the average virgin olive oil import price amounted to $4,611 per tonne, stabilizing at the previous year. In general, the virgin olive oil import price, however, continues to indicate a relatively flat trend pattern.
Import prices varied noticeably by the country of destination; the country with the highest import price was China ($6,713 per tonne), while Spain ($3,451 per tonne) was amongst the lowest.
From 2008 to 2018, the most notable rate of growth in terms of import prices was attained by China, while the other global leaders experienced more modest paces of growth.
Source: IndexBox AI Platform
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.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
The Largest Exporters on The Market and How They Succeed
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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