Philippines: Virgin Olive Oil Market Overview 2021

Virgin Olive Oil Market Size in the Philippines

The Philippine virgin olive oil market rose markedly to $X in 2019, growing 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). In general, consumption continues to indicate resilient growth. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2019, consumption stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from the Philippines

In 2019, approx. X tonnes of virgin olive oil were exported from the Philippines; increasing by X% compared with the previous year. Overall, exports showed a temperate increase. The most prominent rate of growth was recorded in 2016 with an increase of X% year-to-year. As a result, exports attained the peak of X tonnes. From 2017 to 2019, the growth exports remained at a somewhat lower figure.

In value terms, virgin olive oil exports soared to $X in 2019. Over the period under review, exports showed strong growth. The pace of growth appeared the most rapid in 2012 with an increase of X% year-to-year. Exports peaked at $X in 2014; however, from 2015 to 2019, exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tonnes) was the main destination for virgin olive oil exports from the Philippines, accounting for 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 amounted to +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 amounted to +X%.

Export Prices by Country

The average virgin olive oil export price stood at $X per tonne in 2019, with an increase of X% against the previous year. Over the period under review, export price indicated noticeable growth from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, virgin olive oil export price increased by +X% against 2016 indices. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. As a result, export price attained the peak level of $X per tonne. From 2015 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, approx. X tonnes of virgin olive oil were imported into the Philippines; picking up by X% against the previous year. Overall, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by X% year-to-year. Imports peaked in 2019 and are likely to see gradual growth in the immediate term.

In value terms, virgin olive oil imports expanded remarkably to $X in 2019. In general, imports recorded buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of X% year-to-year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2019, imports failed to regain the momentum.

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 totaled +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 rate of growth in terms of value from Spain totaled +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, waning by -X% against the previous year. In general, the import price recorded a slight setback. The pace of growth appeared the most rapid in 2013 when the average import price increased by X% year-to-year. The import price peaked at $X per tonne in 2017; however, from 2018 to 2019, import prices stood at a somewhat 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 virgin olive oil in the world?

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Spain (1.1M tonnes) remains the largest virgin olive oil consuming country worldwide, accounting for 31% of total volume. Moreover, virgin olive oil consumption in Spain exceeded the figures recorded by the second-largest consumer, Italy (542K tonnes), twofold. The third position in this ranking was occupied by the U.S. (266K tonnes), with a 7.2% share.

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

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Spain (1.9M tonnes) remains the largest virgin olive oil producing country worldwide, comprising approx. 51% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Greece (329K tonnes), sixfold. The third position in this ranking was occupied by Tunisia (287K tonnes), with a 7.8% share.

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

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In value terms, Spain ($3.3M) 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 virgin olive oil 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 virgin olive oil in the Philippines?

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In 2019, the average virgin olive oil export price amounted to $6,110 per tonne, rising by 14% against the previous year.

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

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In 2019, the average virgin olive oil import price amounted to $4,092 per tonne, shrinking by -20.3% against the previous year.