Colombia: Virgin Olive Oil Market Overview 2021

Virgin Olive Oil Market Size in Colombia

In 2019, the Colombian virgin olive oil market decreased by -X% to $X for the first time since 2015, thus ending a three-year rising trend. Over the period under review, consumption recorded prominent growth. The pace of growth appeared the most rapid in 2010 when the market value increased by X% against the previous year. Over the period under review, the market reached the maximum level at $X in 2018, and then reduced in the following year.

Virgin Olive Oil Exports

Exports from Colombia

In 2019, overseas shipments of olive oil (virgin) increased by X% to X tonnes, rising for the fourth consecutive year after eight years of decline. Overall, exports, however, continue to indicate a abrupt decline. Exports peaked at X tonnes in 2007; however, from 2008 to 2019, exports remained at a lower figure.

In value terms, virgin olive oil exports soared to $X in 2019. Over the period under review, exports, however, showed a pronounced decrease. Exports peaked at $X in 2007; however, from 2008 to 2019, exports remained at a lower figure.

Exports by Country

Guatemala (X tonnes) was the main destination for virgin olive oil exports from Colombia, accounting for a X% share of total exports. It was followed by Spain (X kg), with a X% share of total exports.

From 2007 to 2019, the average annual growth rate of volume to Guatemala totaled -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+X% per year) and Canada (-X% per year).

In value terms, Guatemala ($X) remains the key foreign market for virgin olive oil exports from Colombia, comprising X% of total exports. The second position in the ranking was occupied by Spain ($X), with a X% share of total exports.

From 2007 to 2019, the average annual rate of growth in terms of value to Guatemala totaled -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+X% per year) and Canada (+X% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per tonne in 2019, rising by X% against the previous year. In general, export price indicated strong growth from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, virgin olive oil export price increased by +X% against 2007 indices. As a result, export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of destination; the country with the highest price was Spain ($X per tonne), while the average price for exports to Guatemala ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Canada, while the prices for the other major destinations experienced mixed trend patterns.

Virgin Olive Oil Imports

Imports into Colombia

In 2019, the amount of olive oil (virgin) imported into Colombia rose markedly to X tonnes, picking up by X% on the previous year's figure. Overall, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2010 when imports increased by X% year-to-year. Imports peaked in 2019 and are likely to continue growth in the immediate term.

In value terms, virgin olive oil imports dropped to $X in 2019. Over the period under review, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2010 when imports increased by X% year-to-year. Over the period under review, imports reached the maximum at $X in 2018, and then declined in the following year.

Imports by Country

In 2019, Spain (X tonnes) constituted the largest supplier of virgin olive oil to Colombia, accounting for a X% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Argentina (X tonnes), more than tenfold.

From 2007 to 2019, the average annual rate of growth in terms of volume from Spain stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+X% per year) and Italy (-X% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Colombia, comprising X% of total imports. The second position in the ranking was occupied by Argentina ($X), with a X% share of total imports.

From 2007 to 2019, the average annual growth rate of value from Spain totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+X% per year) and Italy (-X% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per tonne in 2019, dropping by -X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The import price peaked at $X per tonne in 2017; however, from 2018 to 2019, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2019, the country with the highest price was Italy ($X per tonne), while the price for Spain ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Argentina, while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for olive oil (virgin) in the world?

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The countries with the highest volumes of virgin olive oil consumption in 2019 were Spain (969K tonnes), Italy (755K tonnes) and Greece (340K tonnes), together accounting for 55% of global consumption. These countries were followed by the U.S., Morocco, France, Tunisia, Algeria, Brazil, Portugal, Syrian Arab Republic and Germany, which together accounted for a further 28%.

What are the largest producers of olive oil (virgin) in the world?

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Spain (1.7M tonnes) constituted the country with the largest volume of virgin olive oil production, accounting for 45% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Italy (477K tonnes), fourfold. Greece (434K tonnes) ranked third in terms of total production with a 12% share.

What are the leading suppliers of olive oil (virgin) to Colombia?

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In value terms, Spain ($16M) constituted the largest supplier of virgin olive oil to Colombia, comprising 86% of total imports. The second position in the ranking was occupied by Argentina ($1M), with a 5.5% share of total imports.

What are the leading importers of olive oil (virgin) from Colombia?

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In value terms, Guatemala ($36K) remains the key foreign market for virgin olive oil exports from Colombia, comprising 86% of total exports. The second position in the ranking was occupied by Spain ($4.1K), with a 10% share of total exports.

What is the average export price for olive oil (virgin) in Colombia?

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In 2019, the average virgin olive oil export price amounted to $5,853 per tonne, increasing by 9% against the previous year.

What is the average import price for olive oil (virgin) in Colombia?

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The average virgin olive oil import price stood at $4,096 per tonne in 2019, dropping by -18.2% against the previous year.