EU: Virgin Olive Oil Market 2023

Virgin Olive Oil Market Size in the EU

The EU virgin olive oil market rose remarkably to $X in 2021, increasing by 8.4% against the previous year. In general, consumption, however, enjoyed a buoyant increase. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Virgin Olive Oil Production in the EU

In value terms, virgin olive oil production fell to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 38% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Virgin Olive Oil Exports

Exports in the EU

In 2021, shipments abroad of virgin olive oil decreased by -4.1% to X tons for the first time since 2017, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by 24% against the previous year. The volume of export peaked at X tons in 2020, and then reduced modestly in the following year.

In value terms, virgin olive oil exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +5.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Spain was the key exporter of virgin olive oil in the European Union, with the volume of exports resulting at X tons, which was near 55% of total exports in 2021. Italy (X tons) ranks second in terms of the total exports with a 20% share, followed by Portugal (13%) and Greece (10%).

Exports from Spain increased at an average annual rate of +3.0% from 2012 to 2021. At the same time, Portugal (+12.1%) and Greece (+2.8%) displayed positive paces of growth. Moreover, Portugal emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +12.1% from 2012-2021. Italy experienced a relatively flat trend pattern. While the share of Portugal (+6.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Italy (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest virgin olive oil supplying countries in the European Union were Spain ($X), Italy ($X) and Portugal ($X), with a combined 87% share of total exports.

Among the main exporting countries, Portugal, with a CAGR of +12.9%, recorded the highest rates of growth with regard to 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 export price in the European Union stood at $X per ton in 2021, increasing by 24% against the previous year. Over the last nine years, it increased at an average annual rate of +2.4%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Italy ($X per ton) and Greece ($X per ton), while Spain ($X per ton) and Portugal ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (+2.9%), while the other leaders experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports in the EU

In 2021, after three years of growth, there was significant decline in supplies from abroad of virgin olive oil, when their volume decreased by -9.7% to X tons. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 20% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, virgin olive oil imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +5.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 28%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

Italy represented the main importing country with an import of around X tons, which accounted for 45% of total imports. Spain (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by France (12%), Portugal (10%) and Germany (6.7%). Belgium (X tons) followed a long way behind the leaders.

Italy experienced a relatively flat trend pattern with regard to volume of imports of virgin olive oil. At the same time, Spain (+15.0%), Portugal (+5.7%), Germany (+3.4%), Belgium (+2.4%) and France (+2.2%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the European Union, with a CAGR of +15.0% from 2012-2021. From 2012 to 2021, the share of Spain and Portugal increased by +10 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) constitutes the largest market for imported virgin olive oil in the European Union, comprising 44% of total imports. The second position in the ranking was held by France ($X), with a 13% share of total imports. It was followed by Spain, with a 13% share.

From 2012 to 2021, the average annual growth rate of value in Italy totaled +3.5%. The remaining importing countries recorded the following average annual rates of imports growth: France (+5.0% per year) and Spain (+17.5% per year).

Import Prices by Country

The import price in the European Union stood at $X per ton in 2021, jumping by 32% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.9%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Germany ($X per ton), while Spain ($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 (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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