Southern Asia: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Southern Asia

The South Asian virgin olive oil market expanded modestly to $X in 2022, surging by X% against the previous year. The total consumption indicated a remarkable increase 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, consumption increased by X% against 2012 indices. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Virgin Olive Oil Production in Southern Asia

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 2018 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

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Virgin Olive Oil Exports

Exports in Southern Asia

In 2022, virgin olive oil exports in Southern Asia shrank notably to X tons, waning by X% compared with the year before. Overall, exports, however, continue to indicate a modest increase. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports fell rapidly to $X in 2022. Over the period under review, exports, however, showed a resilient increase. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sri Lanka dominates exports structure, finishing at X tons, which was approx. X% of total exports in 2022. India (X kg) followed a long way behind the leaders.

Sri Lanka was also the fastest-growing in terms of the virgin olive oil exports, with a CAGR of X% from 2012 to 2022. India (X%) illustrated a downward trend over the same period. While the share of Sri Lanka (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of India (X p.p.) displayed negative dynamics.

In value terms, Sri Lanka ($X) remains the largest virgin olive oil supplier in Southern Asia, comprising X% of total exports. The second position in the ranking was held by India ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sri Lanka totaled X%.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, reducing by X% against the previous year. Export price indicated a tangible 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 export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2016 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while India totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%).

Virgin Olive Oil Imports

Imports in Southern Asia

In 2022, after six years of growth, there was significant decline in purchases abroad of virgin olive oil, when their volume decreased by X% to X tons. Total imports indicated a prominent expansion 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 increased by X% against 2015 indices. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, virgin olive oil imports rose sharply to $X in 2022. In general, imports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

India represented the key importer of virgin olive oil in Southern Asia, with the volume of imports accounting for X tons, which was near X% of total imports in 2022. Bangladesh (X tons) held the second position in the ranking, distantly followed by Pakistan (X tons) and Maldives (X tons). All these countries together held approx. X% share of total imports. The following importers - Sri Lanka (X tons) and Afghanistan (X tons) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil imports into India stood at X%. At the same time, Bangladesh (X%), Maldives (X%), Sri Lanka (X%), Afghanistan (X%) and Pakistan (X%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Bangladesh, Maldives and Sri Lanka increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported virgin olive oil in Southern Asia, comprising X% of total imports. The second position in the ranking was held by Bangladesh ($X), with a X% share of total imports. It was followed by Pakistan, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at X%. In the other countries, the average annual rates were as follows: Bangladesh (X% per year) and Pakistan (X% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, jumping by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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