Ireland: Virgin Olive Oil Market Overview 2021

Virgin Olive Oil Market Size in Ireland

The Irish virgin olive oil market rose significantly to $X in 2020, surging 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). Over the period under review, consumption, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Virgin olive oil consumption peaked at $X in 2007; however, from 2008 to 2020, consumption remained at a lower figure.

Virgin Olive Oil Exports

Exports from Ireland

In 2020, overseas shipments of virgin olive oil decreased by -X% to X tonnes for the first time since 2017, thus ending a two-year rising trend. In general, exports showed a slight decrease. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. Over the period under review, exports hit record highs at X tonnes in 2013; however, from 2014 to 2020, exports failed to regain the momentum.

In value terms, virgin olive oil exports contracted notably to $X in 2020. Over the period under review, exports saw a perceptible decline. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. As a result, exports reached the peak of $X, and then dropped markedly in the following year.

Exports by Country

The UK (X tonnes) was the main destination for virgin olive oil exports from Ireland, with a X% share of total exports. Moreover, virgin olive oil exports to the UK exceeded the volume sent to the second major destination, Italy (X tonnes), eightfold.

From 2007 to 2020, the average annual growth rate of volume to the UK stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+X% per year) and Spain (-X% per year).

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

From 2007 to 2020, the average annual growth rate of value to the UK totaled -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+X% per year) and Spain (-X% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per tonne in 2020, waning by -X% against the previous year. Over the period under review, the export price continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% y-o-y. Over the period under review, average export prices hit record highs at $X per tonne in 2019, and then shrank markedly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was Italy ($X per tonne), while the average price for exports to the UK ($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 Spain, while the prices for the other major destinations experienced a decline.

Virgin Olive Oil Imports

Imports into Ireland

In 2020, supplies from abroad of virgin olive oil increased by X% to X tonnes, rising for the fourth consecutive year after two years of decline. In general, imports, however, recorded a pronounced reduction. The most prominent rate of growth was recorded in 2018 with an increase of X% year-to-year. Imports peaked at X tonnes in 2007; however, from 2008 to 2020, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports amounted to $X in 2020. Over the period under review, imports, however, recorded a pronounced decline. The pace of growth was the most pronounced in 2018 when imports increased by X% year-to-year. Over the period under review, imports attained the maximum at $X in 2007; however, from 2008 to 2020, imports stood at a somewhat lower figure.

Imports by Country

In 2020, Spain (X tonnes) constituted the largest virgin olive oil supplier to Ireland, with a X% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, the UK (X tonnes), fourfold. The third position in this ranking was occupied by Italy (X tonnes), with a X% share.

From 2007 to 2020, 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: the UK (-X% per year) and Italy (-X% per year).

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

From 2007 to 2020, the average annual growth rate of value from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+X% per year) and the UK (-X% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per tonne in 2020, which is down by -X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of X% y-o-y. Over the period under review, average import prices attained the peak figure at $X per tonne in 2017; however, from 2018 to 2020, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Italy ($X per tonne), while the price for Belgium ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Italy, 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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Spain (1.3M tonnes) constituted the country with the largest volume of virgin olive oil consumption, accounting for 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) constituted the country with the largest volume of virgin olive oil production, comprising approx. 49% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Tunisia (466K tonnes), fourfold. Greece (329K tonnes) ranked third in terms of total production with a 8.3% share.

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

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In value terms, Spain ($8.2M) constituted the largest supplier of virgin olive oil to Ireland, comprising 58% of total imports. The second position in the ranking was occupied by Italy ($2.7M), with a 19% share of total imports. It was followed by the UK, with a 17% share.

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

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In value terms, the UK ($248K) remains the key foreign market for virgin olive oil exports from Ireland, comprising 75% of total exports. The second position in the ranking was occupied by Italy ($55K), with a 17% share of total exports.

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

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In 2020, the average virgin olive oil export price amounted to $3,524 per tonne, waning by -25% against the previous year.

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

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In 2020, the average virgin olive oil import price amounted to $3,746 per tonne, waning by -3.7% against the previous year.