Colombia: Virgin Olive Oil Market Overview 2021

Virgin Olive Oil Market Size in Colombia

The Colombian virgin olive oil market skyrocketed to $X in 2020, with an increase of X% 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). Over the period under review, consumption posted a remarkable increase. The pace of growth appeared the most rapid in 2010 with an increase of X% against the previous year. Virgin olive oil consumption peaked in 2020 and is expected to retain growth in the near future.

Virgin Olive Oil Exports

Exports from Colombia

In 2020, after four years of growth, there was significant decline in overseas shipments of virgin olive oil, when their volume decreased by -X% to X tonnes. Overall, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2019 with an increase of X% y-o-y. Over the period under review, exports hit record highs at X tonnes in 2007; however, from 2008 to 2020, exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports declined notably to $X in 2020. Over the period under review, exports saw a deep contraction. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. Over the period under review, exports hit record highs at $X in 2007; however, from 2008 to 2020, exports stood at a somewhat 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. Moreover, virgin olive oil exports to Guatemala exceeded the volume sent to the second major destination, Canada (X kg), threefold. The third position in this ranking was occupied by the Netherlands (X kg), with a X% share.

From 2007 to 2020, 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: Canada (+X% per year) and the Netherlands (X% per year).

In value terms, the U.S. ($X), Guatemala ($X) and Canada ($X) constituted the largest markets for virgin olive oil exported from Colombia worldwide, together accounting for X% of total exports.

Canada 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 tonne in 2020, growing by X% against the previous year. Over the period from 2007 to 2020, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2017 an increase of X% y-o-y. The export price peaked in 2020 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2020, the country with the highest price was the U.S. ($X per tonne), while the average price for exports to Guatemala ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the U.S., while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Colombia

In 2020, approx. X tonnes of virgin olive oil were imported into Colombia; rising by X% against the previous year's figure. Overall, imports saw strong growth. The pace of growth was the most pronounced in 2010 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2020 and are likely to continue growth in the near future.

In value terms, virgin olive oil imports soared to $X in 2020. Over the period under review, imports saw resilient growth. The most prominent rate of growth was recorded in 2010 when imports increased by X% year-to-year. Over the period under review, imports hit record highs in 2020 and are expected to retain growth in years to come.

Imports by Country

In 2020, Spain (X tonnes) constituted the largest virgin olive oil supplier to Colombia, with 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. The third position in this ranking was occupied by Portugal (X tonnes), with a X% share.

From 2007 to 2020, 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: Argentina (+X% per year) and Portugal (+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. It was followed by Portugal, with a X% share.

From 2007 to 2020, 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 Portugal (+X% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per tonne in 2020, waning by -X% against the previous year. Over the period under review, the import price saw a slight decrease. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% y-o-y. The import price peaked at $X per tonne in 2017; however, from 2018 to 2020, import prices failed to regain the momentum.

Average prices varied somewhat amongst the major supplying countries. In 2020, the countries with the highest prices were Argentina ($X per tonne) and Portugal ($X per tonne), while the price for Spain ($X per tonne) and Italy ($X per tonne) were amongst the lowest.

From 2007 to 2020, 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 Platform

Frequently Asked Questions (FAQ) :

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

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The country with the largest volume of virgin olive oil consumption was Spain (1.3M tonnes), comprising approx. 33% of total volume. Moreover, virgin olive oil consumption in Spain exceeded the figures recorded by the second-largest consumer, Italy (498K tonnes), threefold. The third position in this ranking was occupied by the U.S. (313K tonnes), with a 7.8% share.

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

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Spain (1.9M tonnes) remains the largest virgin olive oil producing country worldwide, accounting for 49% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Tunisia (466K tonnes), fourfold. The third position in this ranking was occupied by Greece (329K tonnes), with a 8.3% share.

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

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In value terms, Spain ($18M) constituted the largest supplier of virgin olive oil to Colombia, comprising 85% of total imports. The second position in the ranking was occupied by Argentina ($1.3M), with a 6.1% share of total imports. It was followed by Portugal, with a 2.8% share.

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

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In value terms, the largest markets for virgin olive oil exported from Colombia were the U.S. ($5.7K), Guatemala ($5.4K) and Canada ($2.8K), together accounting for 84% of total exports.

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

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The average virgin olive oil export price stood at $5,590 per tonne in 2020, with an increase of 3.7% against the previous year.

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

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The average virgin olive oil import price stood at $3,445 per tonne in 2020, which is down by -15.8% against the previous year.