Preserved Olive Market

The global olive market is projected to see steady growth in both consumption and value from 2022 to 2030. Consumption is expected to increase by 4.1% annually, reaching 4.1M tons by 2030. In terms of value, the market is forecasted to grow by 7.3% annually, amounting to $11.9B by 2030. The United States, Spain, and Russia are the top consumers of olives in 2022, with Spain leading in exports as well. Greece stands out with the highest growth rates in consumption and production. Import and export prices have shown minor fluctuations over the years, with Belgium having the highest export price and the United States the highest import price in 2022.

Market Forecast

Driven by increasing demand for olives prepared or preserved worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market volume to 4.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.3% for the period from 2022 to 2030, which is projected to bring the market value to $11.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Olives (Prepared Or Preserved)

In 2022, the amount of olives prepared or preserved consumed worldwide expanded rapidly to 3M tons, increasing by 5.5% compared with the previous year. The total consumption volume increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 3.1M tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global preserved olive market size totaled $6.7B in 2022, picking up by 9.4% 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). Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -15.6% against 2019 indices. As a result, consumption attained the peak level of $8B. From 2020 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (518K tons), Spain (438K tons) and Russia (210K tons), with a combined 39% share of global consumption. Bangladesh, Italy, Brazil, France, Iran, Egypt, Greece, Germany, Turkey and the UK lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +17.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.1B), Spain ($936M) and Turkey ($783M) were the countries with the highest levels of market value in 2022, with a combined 42% share of the global market. Italy, Russia, Bangladesh, France, Iran, the UK, Egypt, Germany, Brazil and Greece lagged somewhat behind, together accounting for a further 36%.

Greece, with a CAGR of +13.5%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of preserved olive per capita consumption in 2022 were Spain (9.3 kg per person), Greece (7.5 kg per person) and Italy (2.4 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Greece (with a CAGR of +18.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Olives (Prepared Or Preserved)

In 2022, the amount of olives prepared or preserved produced worldwide stood at 2.9M tons, surging by 4.4% against the previous year. The total output volume increased at an average annual rate of +4.4% over the period 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 2019 with an increase of 15%. Over the period under review, global production reached the maximum volume at 3M tons in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, preserved olive production amounted to $8.2B in 2022 estimated in export price. Over the period under review, production recorded strong growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 25% against the previous year. Global production peaked at $12.4B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of preserved olive production was Spain (904K tons), comprising approx. 31% of total volume. Moreover, preserved olive production in Spain exceeded the figures recorded by the second-largest producer, the United States (377K tons), twofold. Greece (259K tons) ranked third in terms of total production with a 9% share.

In Spain, preserved olive production expanded at an average annual rate of +2.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+19.0% per year) and Greece (+8.2% per year).

Imports

World Imports of Olives (Prepared Or Preserved)

Global preserved olive imports expanded to 1.2M tons in 2022, increasing by 4.7% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.3% 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 2019 when imports increased by 12%. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, preserved olive imports rose notably to $2.5B in 2022. The total import value increased at an average annual rate of +4.2% over the period 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 with an increase of 8.6% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The purchases of the six major importers of olives prepared or preserved, namely the United States, Brazil, Russia, France, Italy and Germany, represented more than half of total import. The UK (47K tons), Romania (38K tons), Belgium (36K tons), Saudi Arabia (35K tons), Canada (31K tons), Iraq (29K tons) and Greece (23K tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Greece (with a CAGR of +12.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($530M) constitutes the largest market for imported olives prepared or preserved worldwide, comprising 21% of global imports. The second position in the ranking was held by Russia ($206M), with an 8.3% share of global imports. It was followed by Germany, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +2.7%. In the other countries, the average annual rates were as follows: Russia (+8.3% per year) and Germany (+2.5% per year).

Import Prices By Country

The average preserved olive import price stood at $2,019 per ton in 2022, with an increase of 3% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 6.8%. As a result, import price attained the peak level of $2,049 per ton; afterwards, it flattened through to 2022.

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 the United States ($3,626 per ton), while Brazil ($1,056 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+3.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Olives (Prepared Or Preserved)

In 2022, approx. 1.2M tons of olives prepared or preserved were exported worldwide; surging by 2% compared with the previous year. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 16% against the previous year. The global exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, preserved olive exports rose modestly to $2.4B in 2022. The total export value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2016 when exports increased by 8.8%. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports By Country

Spain was the key exporter of olives prepared or preserved in the world, with the volume of exports recording 480K tons, which was approx. 41% of total exports in 2022. Greece (203K tons) took the second position in the ranking, distantly followed by Morocco (114K tons) and Turkey (100K tons). All these countries together held approx. 36% share of total exports. Argentina (50K tons), Egypt (34K tons), Italy (33K tons), Portugal (29K tons), Peru (28K tons) and Belgium (18K tons) followed a long way behind the leaders.

Exports from Spain increased at an average annual rate of +1.7% from 2012 to 2022. At the same time, Italy (+11.4%), Belgium (+8.9%), Egypt (+7.4%), Greece (+6.5%), Peru (+5.7%), Morocco (+4.5%), Turkey (+4.4%) and Portugal (+2.5%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.4% from 2012-2022. By contrast, Argentina (-3.0%) illustrated a downward trend over the same period. While the share of Greece (+4.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Argentina (-3.7 p.p.) and Spain (-6.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest preserved olive supplying countries worldwide were Spain ($834M), Greece ($621M) and Turkey ($158M), with a combined 69% share of global exports. Morocco, Italy, Argentina, Belgium, Egypt, Portugal and Peru lagged somewhat behind, together comprising a further 24%.

Among the main exporting countries, Italy, with a CAGR of +9.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average preserved olive export price stood at $2,012 per ton in 2022, increasing by 2.3% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 5.9% against the previous year. The global export price peaked at $2,166 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($3,982 per ton), while Peru ($1,248 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+0.6%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform