Asia-Pacific: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Asia-Pacific

The Asia-Pacific virgin olive oil market fell to $X in 2022, declining by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2021, and then dropped in the following year.

Virgin Olive Oil Production in Asia-Pacific

In value terms, virgin olive oil production surged to $X in 2022 estimated in export price. Overall, production recorded a resilient expansion. As a result, production attained the peak level and is likely to continue growth in the immediate term.

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Virgin Olive Oil Exports

Exports in Asia-Pacific

In 2022, approx. X tons of virgin olive oil were exported in Asia-Pacific; growing by X% compared with the previous year. Overall, exports continue to indicate a notable expansion. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports declined slightly to $X in 2022. Over the period under review, exports, however, showed a noticeable descent. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cambodia (X tons) represented the main exporter of virgin olive oil, comprising X% of total exports. It was distantly followed by Australia (X tons), constituting a X% share of total exports. Singapore (X tons), Hong Kong SAR (X tons) and South Korea (X tons) followed a long way behind the leaders.

Cambodia was also the fastest-growing in terms of the virgin olive oil exports, with a CAGR of X% from 2012 to 2022. At the same time, South Korea (X%), Singapore (X%) and Hong Kong SAR (X%) displayed positive paces of growth. By contrast, Australia (X%) illustrated a downward trend over the same period. Cambodia (X p.p.) significantly strengthened its position in terms of the total exports, while Australia saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest virgin olive oil supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by Cambodia ($X), with a X% share of total exports. It was followed by Singapore, with a X% share.

In Australia, virgin olive oil exports declined by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cambodia (X% per year) and Singapore (X% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, waning by X% against the previous year. Overall, the export price showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 an increase of X%. As a result, the export price attained the peak level of $X per ton. 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 South Korea ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

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

Virgin Olive Oil Imports

Imports in Asia-Pacific

In 2022, overseas purchases of virgin olive oil decreased by X% to X tons, falling for the second year in a row after three years of growth. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports fell notably to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then fell dramatically in the following year.

Imports by Country

In 2022, Japan (X tons) represented the key importer of virgin olive oil, creating X% of total imports. It was distantly followed by Australia (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons), together committing a X% share of total imports. New Zealand (X tons), Singapore (X tons) and Hong Kong SAR (X tons) took a relatively small share of total imports.

Imports into Japan increased at an average annual rate of X% from 2012 to 2022. At the same time, Taiwan (Chinese) (X%), South Korea (X%), Hong Kong SAR (X%), Singapore (X%) and New Zealand (X%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2022. Australia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Japan, South Korea and Taiwan (Chinese) increased by X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported virgin olive oil in Asia-Pacific, comprising X% of total imports. The second position in the ranking was taken by Australia ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Japan stood at X%. In the other countries, the average annual rates were as follows: Australia (X% per year) and South Korea (X% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, shrinking by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 an increase of X% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Taiwan (Chinese) ($X per ton) and Japan ($X per ton), while Australia ($X per ton) and South Korea ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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