Australia: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Australia

The Australian virgin olive oil market shrank to $X in 2022, declining by X% against the previous year. Over the period under review, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in Australia

In value terms, virgin olive oil production declined markedly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

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Virgin Olive Oil Exports

Exports from Australia

In 2022, virgin olive oil exports from Australia stood at X tons, growing by X% against 2021 figures. In general, exports, however, showed a abrupt setback. The pace of growth appeared the most rapid in 2015 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, virgin olive oil exports reduced to $X in 2022. Overall, exports, however, continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and New Zealand (X tons) were the main destinations of virgin olive oil exports from Australia, with a combined X% share of total exports. Japan, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and New Zealand ($X) constituted the largest markets for virgin olive oil exported from Australia worldwide, with a combined X% share of total exports. Japan, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Taiwan (Chinese), with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, which is down 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 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2021, and then declined in the following year.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and China ($X per ton), while the average price for exports to the United States ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Australia

In 2022, virgin olive oil imports into Australia stood at X tons, almost unchanged from the previous year. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, virgin olive oil imports dropped modestly to $X in 2022. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2015 indices. The pace of growth was the most pronounced in 2016 with an increase of X%. Imports peaked at $X in 2021, and then shrank slightly in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of virgin olive oil to Australia, accounting for a X% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. Greece (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Greece (X% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Australia, comprising X% of total imports. The second position in the ranking was taken by Italy ($X), with a X% share of total imports. It was followed by Greece, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Greece (X% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, declining by X% against the previous year. In general, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Lebanon ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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