Asia: Virgin Olive Oil Market 2023

Virgin Olive Oil Market Size in Asia

In 2021, after three years of decline, there was significant growth in the Asian virgin olive oil market, when its value increased by 7.7% to $X. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Virgin Olive Oil Production in Asia

In value terms, virgin olive oil production reached $X in 2021 estimated in export price. Over the period under review, production showed a slight contraction. The most prominent rate of growth was recorded in 2017 with an increase of 42%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Virgin Olive Oil Exports

Exports in Asia

In 2021, shipments abroad of virgin olive oil decreased by -10% to X tons for the first time since 2014, thus ending a six-year rising trend. Over the period under review, exports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 95%. The volume of export peaked at X tons in 2020, and then dropped in the following year.

In value terms, virgin olive oil exports rose to $X in 2021. In general, exports, however, posted a strong expansion. The growth pace was the most rapid in 2013 with an increase of 83% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Syrian Arab Republic (X tons) and Turkey (X tons) prevails in exports structure, together creating 83% of total exports. It was distantly followed by Jordan (X tons), creating a 4.8% share of total exports. Palestine (X tons), Lebanon (X tons) and the United Arab Emirates (X tons) held a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the United Arab Emirates (with a CAGR of +24.2%), while the other leaders experienced more modest paces of growth.

In value terms, Syrian Arab Republic ($X), Turkey ($X) and Palestine ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 87% of total exports. These countries were followed by Lebanon, Jordan and the United Arab Emirates, which together accounted for a further 10%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +28.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, picking up by 15% against the previous year. In general, the export price, however, saw a noticeable slump. The pace of growth was the most pronounced in 2017 an increase of 15% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Lebanon ($X per ton), while Jordan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.5%), while the other leaders experienced a decline in the export price figures.

Virgin Olive Oil Imports

Imports in Asia

In 2021, imports of virgin olive oil in Asia expanded sharply to X tons, surging by 9.1% against the previous year's figure. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +25.9% against 2016 indices. The most prominent rate of growth was recorded in 2019 with an increase of 17%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, virgin olive oil imports skyrocketed to $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 25%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the near future.

Imports by Country

The purchases of the five major importers of virgin olive oil, namely Japan, Saudi Arabia, China, Turkey and South Korea, represented more than two-thirds of total import. It was distantly followed by Israel (X tons), mixing up a 6% share of total imports. The United Arab Emirates (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons) and Iran (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Turkey (with a CAGR of +83.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil importing markets in Asia were Japan ($X), China ($X) and Saudi Arabia ($X), together accounting for 55% of total imports. These countries were followed by South Korea, Turkey, Israel, Taiwan (Chinese), the United Arab Emirates, Iran and Malaysia, which together accounted for a further 32%.

In terms of the main importing countries, Turkey, with a CAGR of +74.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, surging by 7.2% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 15% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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