Portugal: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Portugal

The Portuguese virgin olive oil market fell sharply to $X in 2022, shrinking by X% against the previous year. Overall, consumption saw a relatively flat trend pattern. Virgin olive oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Virgin Olive Oil Production in Portugal

In value terms, virgin olive oil production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Virgin olive oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Virgin Olive Oil Exports

Exports from Portugal

In 2022, after five years of growth, there was decline in overseas shipments of virgin olive oil, when their volume decreased by X% to X tons. Over the period under review, exports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, virgin olive oil exports reduced to $X in 2022. In general, exports, however, continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2021, and then reduced in the following year.

Exports by Country

Spain (X tons), Brazil (X tons) and Italy (X tons) were the main destinations of virgin olive oil exports from Portugal, together comprising X% of total exports. France and the United States lagged somewhat behind, together accounting for a further X%.

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 States (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for virgin olive oil exported from Portugal were Spain ($X), Brazil ($X) and Italy ($X), together comprising X% of total exports. France and the United States lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, the United States, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Brazil ($X per ton) and the United States ($X per ton), while the average price for exports to Spain ($X per ton) and Italy ($X per ton) were amongst the lowest.

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

Virgin Olive Oil Imports

Imports into Portugal

Virgin olive oil imports into Portugal totaled X tons in 2022, increasing by X% on 2021 figures. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, virgin olive oil imports shrank to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, imports hit record highs at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Spain (X tons) was the main supplier of virgin olive oil to Portugal, accounting for a approx. X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain stood at X%.

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Portugal.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain totaled X%.

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, waning by X% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Spain.

From 2012 to 2022, the rate of growth in terms of prices for Spain amounted to X% per year.

Source: IndexBox Platform

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