United Kingdom: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in the UK

The UK virgin olive oil market expanded significantly to $X in 2022, rising 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 continues to indicate a relatively flat trend pattern. Virgin olive oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from the UK

In 2022, after four years of growth, there was decline in shipments abroad of virgin olive oil, when their volume decreased by X% to X tons. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports expanded modestly to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Ireland (X tons) was the main destination for virgin olive oil exports from the UK, with a X% share of total exports. Moreover, virgin olive oil exports to Ireland exceeded the volume sent to the second major destination, Iceland (X tons), more than tenfold. Singapore (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Ireland totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (X% per year) and Singapore (X% per year).

In value terms, Ireland ($X) remains the key foreign market for virgin olive oil exports from the UK, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Iceland, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ireland totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Iceland (X% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Singapore ($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 the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into the UK

In 2022, approx. X tons of virgin olive oil were imported into the UK; growing by X% compared with 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports amounted to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), Italy (X tons) and Greece (X tons) were the main suppliers of virgin olive oil imports to the UK, together accounting for X% of total imports. Belgium, France, Germany and the Netherlands lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Italy ($X) and Greece ($X) constituted the largest virgin olive oil suppliers to the UK, with a combined X% share of total imports. Germany, Belgium, France and the Netherlands lagged somewhat behind, together accounting for a further X%.

France, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, waning by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 an increase of X%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Greece ($X per ton), while the price for France ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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