China: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in China

The Chinese virgin olive oil market declined to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption, however, recorded a mild slump. Virgin olive oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Virgin Olive Oil Production in China

In value terms, virgin olive oil production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. Over the period under review, production reached the maximum level in 2022 and is expected to retain growth in years to come.

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Virgin Olive Oil Exports

Exports from China

After two years of decline, shipments abroad of virgin olive oil increased by X% to X tons in 2022. Overall, exports, however, saw a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports dropped to $X in 2022. Over the period under review, exports, however, showed a noticeable reduction. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The UK (X tons), the United States (X tons) and Canada (X tons) were the main destinations of virgin olive oil exports from China, together comprising X% of total exports. Australia, Hong Kong SAR, New Zealand and Germany lagged somewhat behind, together accounting for 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 Australia (with a CAGR of X%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for virgin olive oil exported from China were Hong Kong SAR ($X), the UK ($X) and the United States ($X), together comprising X% of total exports. Canada, Australia, Germany and New Zealand lagged somewhat behind, together comprising a further X%.

Australia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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, waning by X% against the previous year. Over the period under review, export price indicated moderate growth 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 export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then declined significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

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

Virgin Olive Oil Imports

Imports into China

For the third year in a row, China recorded decline in overseas purchases of virgin olive oil, which decreased by X% to X kg in 2022. Over the period under review, imports saw a dramatic slump. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, virgin olive oil imports fell notably to $X in 2022. Overall, imports continue to indicate a sharp curtailment. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X kg) constituted the largest supplier of virgin olive oil to China, accounting for a X% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Switzerland (X kg), fourfold. The third position in this ranking was held by Italy (X kg), with a X% share.

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

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

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

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the import price recorded a slight reduction. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Switzerland ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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