Ireland: Virgin Olive Oil Market Overview 2021

Virgin Olive Oil Market Size in Ireland

In 2019, the Irish virgin olive oil market decreased by -X% to $X for the first time since 2016, thus ending a two-year rising trend. Over the period under review, consumption, however, recorded a pronounced slump. 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 2019, consumption remained at a lower figure.

Virgin Olive Oil Exports

Exports from Ireland

In 2019, shipments abroad of olive oil (virgin) increased by X% to X tonnes, rising for the second year in a row after four years of decline. In general, total exports indicated slight growth from 2007 to 2019: its volume increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, exports increased by +X% against 2017 indices. Over the period under review, exports hit record highs at X tonnes in 2013; however, from 2014 to 2019, exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports surged to $X in 2019. Overall, total exports indicated a modest expansion from 2007 to 2019: its value increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, exports increased by +X% against 2017 indices. As a result, exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

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

From 2007 to 2019, the average annual rate of growth in terms of volume to the UK stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+X% per year) and Spain (-X% per year).

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

From 2007 to 2019, the average annual growth rate of value to the UK stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+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 2019, increasing by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X% y-o-y. Over the period under review, average export prices hit record highs in 2019 and is likely to continue growth in the near future.

Average prices varied somewhat for the major export markets. In 2019, the country with the highest price was Belgium ($X per tonne), while the average price for exports to Spain ($X per tonne) was amongst the lowest.

From 2007 to 2019, 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 mixed trend patterns.

Virgin Olive Oil Imports

Imports into Ireland

In 2019, overseas purchases of olive oil (virgin) increased by X% to X tonnes, rising for the third consecutive year after two years of decline. Overall, imports, however, continue to indicate a perceptible downturn. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Imports peaked at X tonnes in 2007; however, from 2008 to 2019, imports failed to regain the momentum.

In value terms, virgin olive oil imports fell to $X in 2019. In general, imports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2018 with an increase of X% year-to-year. Imports peaked at $X in 2007; however, from 2008 to 2019, imports remained at a lower figure.

Imports by Country

In 2019, Spain (X tonnes) constituted the largest virgin olive oil supplier to Ireland, accounting for 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), threefold. Italy (X tonnes) ranked third in terms of total imports with a X% share.

From 2007 to 2019, 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: the UK (-X% per year) and Italy (-X% per year).

In value terms, Spain ($X), the UK ($X) and Italy ($X) appeared to be the largest virgin olive oil suppliers to Ireland, with a combined X% share of total imports. Belgium and Greece lagged somewhat behind, together accounting for a further X terms of the main suppliers, Greece recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average virgin olive oil import price stood at $X per tonne in 2019, waning by -X% against the previous year. Over the last twelve years, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2013 an increase of X% year-to-year. The import price peaked at $X per tonne in 2017; however, from 2018 to 2019, import prices failed to regain the momentum.

Prices varied noticeably by the country of origin; the country with the highest price was Belgium ($X per tonne), while the price for Spain ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Belgium, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

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

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The countries with the highest volumes of virgin olive oil consumption in 2019 were Spain (969K tonnes), Italy (755K tonnes) and Greece (340K tonnes), with a combined 55% share of global consumption. These countries were followed by the U.S., Morocco, France, Tunisia, Algeria, Brazil, Portugal, Syrian Arab Republic and Germany, which together accounted for a further 28%.

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

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The country with the largest volume of virgin olive oil production was Spain (1.7M tonnes), comprising approx. 45% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Italy (477K tonnes), fourfold. The third position in this ranking was occupied by Greece (434K tonnes), with a 12% share.

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

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In value terms, Spain ($6M), the UK ($3.2M) and Italy ($1.9M) were the largest virgin olive oil suppliers to Ireland, with a combined 87% share of total imports. These countries were followed by Belgium and Greece, which together accounted for a further 9.6%.

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

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In value terms, the UK ($528K) remains the key foreign market for virgin olive oil exports from Ireland, comprising 82% of total exports. The second position in the ranking was occupied by Belgium ($72K), with a 11% share of total exports.

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

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In 2019, the average virgin olive oil export price amounted to $4,698 per tonne, picking up by 3.1% against the previous year.

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

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In 2019, the average virgin olive oil import price amounted to $3,892 per tonne, with a decrease of -20.2% against the previous year.