U.S.: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in the U.S.

In 2022, after two years of growth, there was significant decline in the U.S. virgin olive oil market, when its value decreased by X% to $X. Overall, consumption saw a dramatic descent. Virgin olive oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in the U.S.

In value terms, virgin olive oil production totaled $X in 2022. Over the period under review, the total production indicated a resilient expansion 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, production decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

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Virgin Olive Oil Exports

Exports from the U.S.

In 2022, after two years of growth, there was decline in overseas shipments of virgin olive oil, when their volume decreased by X% to X tons. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, virgin olive oil exports dropped to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for virgin olive oil exports from the United States, with a X% share of total exports. Moreover, virgin olive oil exports to Canada exceeded the volume sent to the second major destination, Panama (X tons), threefold. The third position in this ranking was held by Mexico (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (X% per year) and Mexico (X% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value to Canada stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and Panama (X% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Panama ($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 South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into the U.S.

In 2022, purchases abroad of virgin olive oil decreased by X% to X tons, falling for the second year in a row after three years of growth. Overall, imports faced a significant decline. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, virgin olive oil imports contracted significantly to $X in 2022. Over the period under review, imports recorded a precipitous decline. The pace of growth was the most pronounced in 2015 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) was the main virgin olive oil supplier to the United States, accounting for a approx. X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey totaled X%.

In value terms, Turkey ($X) constituted the largest supplier of virgin olive oil to the United States.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey amounted to X%.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, which is down by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Turkey.

From 2012 to 2022, the rate of growth in terms of prices for Morocco amounted to X% per year.

Source: IndexBox Platform

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