Belgium: Virgin Olive Oil Market 2023

Virgin Olive Oil Market Size in Belgium

The Belgian virgin olive oil market reduced to $X in 2021, with a decrease of -10% 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). The market value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Virgin olive oil consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Virgin Olive Oil Exports

Exports from Belgium

In 2021, overseas shipments of virgin olive oil increased by 118% to X tons, rising for the fourth consecutive year after four years of decline. Over the period under review, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2020 when exports increased by 131%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, virgin olive oil exports skyrocketed to $X in 2021. Overall, exports recorded a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 153% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

The UK (X tons), France (X tons) and Luxembourg (X tons) were the main destinations of virgin olive oil exports from Belgium, with a combined 88% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +65.5%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), France ($X) and Luxembourg ($X) constituted the largest markets for virgin olive oil exported from Belgium worldwide, with a combined 86% share of total exports.

Among the main countries of destination, the UK, with a CAGR of +64.9%, 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 more modest paces of growth.

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2021, waning by -9.2% against the previous year. Over the last nine years, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2013 an increase of 29% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Ireland ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Belgium

In 2021, overseas purchases of virgin olive oil increased by 6.7% to X tons, rising for the third year in a row after two years of decline. Overall, total imports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +56.7% against 2018 indices. The pace of growth appeared the most rapid in 2020 with an increase of 39%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, virgin olive oil imports soared to $X in 2021. Over the period under review, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% 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 +66.3% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 53% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in years to come.

Imports by Country

Spain (X tons), Italy (X tons) and Tunisia (X tons) were the main suppliers of virgin olive oil imports to Belgium, together comprising 77% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Tunisia (with a CAGR of +36.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Italy ($X) and France ($X) were the largest virgin olive oil suppliers to Belgium, together comprising 76% of total imports. These countries were followed by Tunisia, Greece, the Netherlands and Portugal, which together accounted for a further 20%.

Tunisia, with a CAGR of +39.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average virgin olive oil import price amounted to $X per ton, growing by 18% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The pace of growth was the most pronounced in 2013 when the average import price increased by 27% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Portugal (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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