South Africa: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in South Africa

In 2022, the South African refined olive oil market decreased by X% to $X, falling for the eighth consecutive year after three years of growth. Over the period under review, consumption, however, continues to indicate a abrupt curtailment. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Refined Olive Oil Production in South Africa

In value terms, refined olive oil production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a deep slump. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Refined Olive Oil Exports

Exports from South Africa

In 2022, approx. X tons of refined olive oil were exported from South Africa; which is down by X% against 2021. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined olive oil exports reduced to $X in 2022. The total export 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 pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then contracted in the following year.

Exports by Country

Namibia (X tons), Zambia (X tons) and Botswana (X tons) were the main destinations of refined olive oil exports from South Africa, with a combined X% share of total exports. Swaziland, Mauritius, Lesotho, Zimbabwe, Sri Lanka, Malawi, Taiwan (Chinese), Mozambique and Democratic Republic of the Congo 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 Sri Lanka (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined olive oil exported from South Africa were Namibia ($X), Botswana ($X) and Zambia ($X), together comprising X% of total exports. Swaziland, Sri Lanka, Lesotho, Mauritius, Malawi, Taiwan (Chinese), Mozambique, Zimbabwe and Democratic Republic of the Congo lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Sri Lanka, with a CAGR of X%, saw 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

In 2022, the average refined olive oil export price amounted to $X per ton, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The export price peaked at $X per ton in 2015; afterwards, it flattened through to 2022.

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

Refined Olive Oil Imports

Imports into South Africa

For the third consecutive year, South Africa recorded decline in supplies from abroad of refined olive oil, which decreased by X% to X tons in 2022. In general, imports saw a deep contraction. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports declined to $X in 2022. Overall, imports saw a deep setback. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), Italy (X tons) and Portugal (X tons) were the main suppliers of refined olive oil imports to South Africa, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, Italy ($X), Spain ($X) and Portugal ($X) were the largest refined olive oil suppliers to South Africa, together accounting for X% of total imports.

In terms of the main suppliers, Portugal, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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 Portugal ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform