Colombia: Virgin Olive Oil Market 2022

Virgin Olive Oil Market Size in Colombia

The Colombian virgin olive oil market soared to $X in 2021, picking up by 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). Overall, consumption showed strong growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Virgin Olive Oil Exports

Exports from Colombia

For the fifth year in a row, Colombia recorded decline in overseas shipments of virgin olive oil, which decreased by -X% to X tons in 2021. In general, exports continue to indicate a dramatic downturn. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, virgin olive oil exports reduced rapidly to $X in 2021. Over the period under review, exports recorded a dramatic setback. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Panama (X kg) 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 Panama exceeded the volume sent to the second major destination, Venezuela (X kg), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Panama stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-X% per year) and Curacao (+X% per year).

In value terms, Panama ($X) emerged as the key foreign market for virgin olive oil exports from Colombia, comprising X% of total exports. The second position in the ranking was taken by Venezuela ($X), with a X% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Panama amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-X% per year) and Curacao (+X% per year).

Export Prices by Country

In 2021, the average virgin olive oil export price amounted to $X per ton, dropping by -X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was Panama ($X per ton), while the average price for exports to Curacao ($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 Panama (+X%), while the prices for the other major destinations experienced a decline.

Virgin Olive Oil Imports

Imports into Colombia

For the fourth consecutive year, Colombia recorded growth in purchases abroad of virgin olive oil, which increased by X% to X tons in 2021. In general, imports showed buoyant growth. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, virgin olive oil imports surged to $X in 2021. Overall, imports saw a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Spain (X tons) 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, Portugal (X tons), tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+X% per year) and Italy (-X% per year).

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

From 2012 to 2021, the average annual rate of growth in terms of value from Spain amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+X% per year) and Italy (-X% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2021, increasing by X% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +X%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform