Global Olive Oil Market 2024

Olive Oil Market Size

The global olive oil market declined to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the global market failed to regain momentum.

Olive Oil Production

In value terms, olive oil production reached $X in 2022 estimated in export price. In general, production saw a noticeable setback. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Global production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Olive Oil Exports

Exports

In 2022, overseas shipments of olive oil and its fractions increased by X% to X tons, rising for the fifth consecutive year after three years of decline. The total export volume increased at an average annual rate of X% 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 2014 with an increase of X%. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, olive oil exports declined slightly 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 in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then fell modestly in the following year.

Exports by Country

In 2022, Spain (X tons) represented the key exporter of olive oil and its fractions, committing X% of total exports. Italy (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Tunisia (X%), Portugal (X%) and Greece (X%). Syrian Arab Republic (X tons) and Turkey (X tons) held a little share of total exports.

Exports from Spain increased at an average annual rate of X% from 2012 to 2022. At the same time, Syrian Arab Republic (X%), Portugal (X%), Turkey (X%), Tunisia (X%) and Greece (X%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2022. Italy experienced a relatively flat trend pattern. While the share of Portugal (X p.p.) and Syrian Arab Republic (X p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Spain (X p.p.) and Italy (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest olive oil supplying countries worldwide were Spain ($X), Italy ($X) and Tunisia ($X), together comprising X% of global exports. Portugal, Greece, Syrian Arab Republic and Turkey lagged somewhat behind, together accounting for a further X%.

Syrian Arab Republic, with a CAGR of X%, saw the highest growth rate of 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 olive oil export price stood at $X per ton in 2022, with a decrease of 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 was the most pronounced in 2013 when the average export price increased by X% against the previous year. The global export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, 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 2022, the most notable rate of growth in terms of prices was attained by Tunisia (X%), while the other global leaders experienced more modest paces of growth.

Olive Oil Imports

Imports

In 2022, overseas purchases of olive oil and its fractions decreased by X% to X tons, falling for the second consecutive year after three years of growth. The total import volume 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 pace of growth appeared the most rapid in 2020 when imports increased by X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of global imports remained at a lower figure.

In value terms, olive oil imports reduced markedly to $X in 2022. The total import 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 in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Global imports peaked at $X in 2021, and then fell significantly in the following year.

Imports by Country

Italy was the key importing country with an import of about X tons, which recorded X% of total imports. Spain (X tons) ranks second in terms of the total imports with a X% share, followed by France (X%), Portugal (X%) and Germany (X%). Japan (X tons), Canada (X tons), the UK (X tons), Saudi Arabia (X tons) and Turkey (X tons) took a relatively small share of total imports.

Italy experienced a relatively flat trend pattern with regard to volume of imports of olive oil and its fractions. At the same time, Turkey (X%), Spain (X%), Saudi Arabia (X%), Portugal (X%), Japan (X%), Canada (X%), Germany (X%) and France (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the world, with a CAGR of X% from 2012-2022. The UK experienced a relatively flat trend pattern. While the share of Spain (X p.p.), Portugal (X p.p.) and Turkey (X p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Italy (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) constitutes the largest market for imported olive oil and its fractions worldwide, comprising X% of global imports. The second position in the ranking was taken by Spain ($X), with a X% share of global imports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Italy stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Spain (X% per year) and France (X% per year).

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, waning by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. Global import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($X per ton), while Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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