Philippines: Virgin Olive Oil Market Overview 2021

Virgin Olive Oil Market Size in the Philippines

The Philippine virgin olive oil market amounted to $X in 2019, picking up 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 showed a remarkable increase. The most prominent rate of growth was recorded in 2016 when the market value increased by X% against the previous year. Virgin olive oil consumption peaked at $X in 2017; however, from 2018 to 2019, consumption remained at a lower figure.

Virgin Olive Oil Exports

Exports from the Philippines

In 2019, overseas shipments of olive oil (virgin) increased by X% to X tonnes, rising for the sixth year in a row after three years of decline. In general, exports showed a notable increase. The pace of growth appeared the most rapid in 2010 with an increase of X% y-o-y. Over the period under review, exports attained the peak figure in 2019 and are expected to retain growth in years to come.

In value terms, virgin olive oil exports skyrocketed to $X in 2019. Overall, exports recorded resilient growth. The most prominent rate of growth was recorded in 2010 with an increase of X% y-o-y. Over the period under review, exports attained the peak figure in 2019 and are expected to retain growth in the immediate term.

Exports by Country

Singapore (X tonnes) was the main destination for virgin olive oil exports from the Philippines, with a X% share of total exports. Moreover, virgin olive oil exports to Singapore exceeded the volume sent to the second major destination, Canada (X kg), sixfold.

From 2007 to 2019, the average annual growth rate of volume to Singapore totaled +X%.

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

From 2007 to 2019, the average annual rate of growth in terms of value to Singapore stood at +X%.

Export Prices by Country

The average virgin olive oil export price stood at $X per tonne in 2019, picking up by X% against the previous year. Overall, the export price posted a pronounced increase. The most prominent rate of growth was recorded in 2009 when the average export price increased by X% against the previous year. As a result, export price reached the peak level of $X per tonne. From 2010 to 2019, the growth in terms of the average export prices failed to regain the momentum.

Average prices varied noticeably for the major export markets. In 2019, the country with the highest price was Singapore ($X per tonne), while the average price for exports to Canada stood at $X per tonne.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Singapore.

Virgin Olive Oil Imports

Imports into the Philippines

In 2019, imports of olive oil (virgin) into the Philippines soared to X tonnes, rising by X% compared with the previous year's figure. Overall, imports showed a resilient increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Imports peaked in 2019 and are expected to retain growth in the near future.

In value terms, virgin olive oil imports amounted to $X in 2019. In general, imports showed a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2019, imports stood at a somewhat lower figure.

Imports by Country

In 2019, Spain (X tonnes) constituted the largest supplier of virgin olive oil to the Philippines, accounting for a X% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tonnes), threefold.

From 2007 to 2019, 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 Turkey (-X% per year).

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

From 2007 to 2019, the average annual growth rate 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 Turkey (-X% per year).

Import Prices by Country

In 2019, the average virgin olive oil import price amounted to $X per tonne, shrinking by -X% against the previous year. In general, the import price showed a slight descent. The pace of growth appeared the most rapid in 2013 an increase of X% year-to-year. Over the period under review, average import prices hit record highs at $X per tonne in 2017; however, from 2018 to 2019, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2019, the country with the highest price was Italy ($X per tonne), while the price for Turkey ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Italy, while the prices for the other major suppliers experienced a decline.

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. The U.S., Morocco, France, Tunisia, Algeria, Brazil, Portugal, Syrian Arab Republic and Germany lagged somewhat behind, together accounting 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. Greece (434K tonnes) ranked third in terms of total production with a 12% share.

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

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In value terms, Spain ($3.2M) constituted the largest supplier of virgin olive oil to the Philippines, comprising 67% of total imports. The second position in the ranking was occupied by Italy ($1.3M), with a 27% share of total imports.

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

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In value terms, Singapore ($16K) remains the key foreign market for virgin olive oil exports from the Philippines, comprising 88% of total exports. The second position in the ranking was occupied by Canada ($2.1K), with a 11% share of total exports.

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

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The average virgin olive oil export price stood at $6,114 per tonne in 2019, growing by 2.7% against the previous year.

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

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The average virgin olive oil import price stood at $4,053 per tonne in 2019, with a decrease of -21% against the previous year.