Norway: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Norway

The Norwegian refined olive oil market dropped to $X in 2022, waning by X% against the previous year. Overall, consumption saw a perceptible curtailment. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Norway

In value terms, refined olive oil production declined to $X in 2022 estimated in export price. Overall, production faced a deep reduction. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Refined Olive Oil Exports

Exports from Norway

In 2022, shipments abroad of refined olive oil increased by X% to X kg for the first time since 2018, thus ending a three-year declining trend. In general, exports showed a tangible expansion. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X kg in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined olive oil exports surged to $X in 2022. Overall, exports recorded a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in years to come.

Exports by Country

The United Arab Emirates (X kg), Denmark (X kg) and the UK (X kg) were the main destinations of refined olive oil exports from Norway.

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

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for refined olive oil exports from Norway, comprising X% of total exports. The second position in the ranking was taken by Denmark ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (X% per year) and the UK (X% per year).

Export Prices by Country

In 2022, the average refined olive oil export price amounted to $X per ton, jumping by X% against the previous year. In general, the export price continues to indicate significant growth. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Denmark ($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 Ghana (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Norway

After two years of growth, purchases abroad of refined olive oil decreased by X% to X tons in 2022. In general, imports saw a mild setback. The most prominent rate of growth was recorded in 2016 when imports increased by X%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, refined olive oil imports contracted to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to Norway, accounting for a X% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Turkey (X tons), more than tenfold. Italy (X tons) ranked third in terms of total imports with a X% share.

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

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

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

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 an increase of X%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform