Global Virgin Olive Oil Market 2023

Virgin Olive Oil Market Size

The global virgin olive oil market expanded remarkably to $X in 2021, picking up by 7.2% against the previous year. Overall, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +12.2% against 2019 indices. Over the period under review, the global market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Virgin Olive Oil Production

In value terms, virgin olive oil production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 21% against the previous year. Over the period under review, global production reached the maximum level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Virgin Olive Oil Exports

Exports

In 2021, shipments abroad of virgin olive oil decreased by -12.3% to X tons for the first time since 2017, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 21% against the previous year. As a result, the exports attained the peak of X tons, and then shrank in the following year.

In value terms, virgin olive oil exports rose rapidly to $X in 2021. The total export value increased at an average annual rate of +5.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 22% against the previous year. The global exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

Spain represented the main exporting country with an export of about X tons, which finished at 45% of total exports. Italy (X tons) held the second position in the ranking, followed by Portugal (X tons), Tunisia (X tons) and Greece (X tons). All these countries together held near 44% share of total exports. The following exporters - Syrian Arab Republic (X tons) and Turkey (X tons) - together made up 4.7% of total exports.

From 2012 to 2021, average annual rates of growth with regard to virgin olive oil exports from Spain stood at +3.0%. At the same time, Syrian Arab Republic (+17.8%), Portugal (+12.1%), Turkey (+11.8%), Greece (+2.8%) and Tunisia (+2.7%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.8% from 2012-2021. Italy experienced a relatively flat trend pattern. While the share of Portugal (+5.4 p.p.) and Syrian Arab Republic (+1.8 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of Spain (-1.6 p.p.) and Italy (-6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest virgin olive oil supplying countries worldwide were Spain ($X), Italy ($X) and Portugal ($X), together accounting for 74% of global exports. These countries were followed by Greece, Tunisia, Syrian Arab Republic and Turkey, which together accounted for a further 20%.

Syrian Arab Republic, with a CAGR of +15.8%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2021, with an increase of 28% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The global export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tunisia (+3.5%), while the other global leaders experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports

In 2021, after three years of growth, there was significant decline in supplies from abroad of virgin olive oil, when their volume decreased by -7.7% to X tons. The total import volume increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 18% against the previous year. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, virgin olive oil imports expanded remarkably to $X in 2021. The total import value increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when imports increased by 23%. Over the period under review, global imports hit record highs in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, Italy (X tons), distantly followed by the United States (X tons), Spain (X tons), France (X tons) and Portugal (X tons) represented the key importers of virgin olive oil, together committing 63% of total imports. Brazil (X tons), Germany (X tons), Japan (X tons), Canada (X tons), Saudi Arabia (X tons), China (X tons) and the UK (X tons) took a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Spain (with a CAGR of +15.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil importing markets worldwide were Italy ($X), the United States ($X) and France ($X), with a combined 47% share of global imports. These countries were followed by Spain, Brazil, Portugal, Germany, Japan, Canada, China, the UK and Saudi Arabia, which together accounted for a further 33%.

Spain, with a CAGR of +17.5%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average virgin olive oil import price amounted to $X per ton, growing by 24% against the previous year. Over the last nine years, it increased at an average annual rate of +2.3%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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