Estonia: Olive Oil Market 2024

Olive Oil Market Size in Estonia

The Estonian olive oil market rose remarkably to $X in 2022, growing 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, the total consumption indicated a perceptible increase from 2012 to 2022: its value 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, consumption decreased by X% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Olive Oil Exports

Exports from Estonia

In 2022, shipments abroad of olive oil and its fractions increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports continue to indicate a perceptible increase. The pace of growth appeared the most rapid in 2016 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, olive oil exports amounted to $X in 2022. Overall, exports posted a strong expansion. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons), Latvia (X tons) and Finland (X tons) were the main destinations of olive oil exports from Estonia, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Latvia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for olive oil exported from Estonia were Russia ($X), Latvia ($X) and Finland ($X), with a combined X% share of total exports.

Among the main countries of destination, Latvia, with a CAGR of X%, saw the highest growth rate of 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 olive oil export price stood at $X per ton in 2022, waning by X% against the previous year. Overall, export price indicated a temperate expansion 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, olive oil export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Latvia ($X per ton), while the average price for exports to Finland ($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 Russia (X%), while the prices for the other major destinations experienced a decline.

Olive Oil Imports

Imports into Estonia

After three years of decline, purchases abroad of olive oil and its fractions increased by X% to X tons in 2022. In general, imports saw mild growth. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, olive oil imports rose rapidly to $X in 2022. Overall, imports continue to indicate a perceptible increase. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest olive oil supplier to Estonia, accounting for a X% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was taken by Greece (X tons), with a X% share.

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

In value terms, Spain ($X) constituted the largest supplier of olive oil and its fractions to Estonia, comprising X% of total imports. The second position in the ranking was taken by Italy ($X), with an X% share of total imports. It was followed by Greece, with a X% share.

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

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Greece ($X per ton) and Latvia ($X per ton), while the price for Lithuania ($X per ton) and Italy ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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