Global Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size

The global virgin olive oil market totaled $X.7B in 2023, increasing by X% against the previous year. Overall, the total consumption indicated a temperate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Global consumption peaked at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Virgin Olive Oil Production

In value terms, virgin olive oil production expanded slightly to $X.3B in 2023 estimated in export price. In general, the total production indicated a noticeable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2015 with an increase of X%. Global production peaked at $X.1B in 2018; however, from 2019 to 2023, production remained at a lower figure.

Virgin Olive Oil Exports

Exports

Global virgin olive oil exports shrank dramatically to X tons in 2023, with a decrease of X% on 2022. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of X%. As a result, the exports attained the peak of X tons. From 2021 to 2023, the growth of the global exports remained at a lower figure.

In value terms, virgin olive oil exports rose sharply to $X in 2023. Over the period under review, total exports indicated a resilient expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the global exports attained the maximum in 2023 and are likely to continue growth in the immediate term.

Exports by Country

In 2023, Spain (X tons), distantly followed by Tunisia (X tons), Italy (X tons), Greece (X tons), Portugal (X tons) and Turkey (X tons) represented the main exporters of virgin olive oil, together achieving X% of total exports. Syrian Arab Republic (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Turkey (with a CAGR of X%), while shipments for the other global leaders experienced more modest paces of growth.

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

Among the main exporting countries, Turkey, with a CAGR of X%, recorded the highest rates of growth with regard to 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 virgin olive oil export price stood at $X per ton in 2023, surging by X% against the previous year. Overall, export price indicated prominent growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, virgin olive oil export price increased by X% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 2023, the most notable rate of growth in terms of prices was attained by Spain (X%), while the other global leaders experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports

In 2023, overseas purchases of virgin olive oil decreased by X% to X tons, falling for the third year in a row after three years of growth. In general, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of global imports failed to regain momentum.

In value terms, virgin olive oil imports surged to $X in 2023. Over the period under review, total imports indicated a prominent increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased 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, global imports reached the peak figure in 2023 and are likely to see steady growth in the immediate term.

Imports by Country

In 2023, Italy (X tons), the United States (X tons) and Spain (X tons) represented the largest importer of virgin olive oil in the world, mixing up X% of total import. France (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Portugal (X%). The following importers - Brazil (X tons), Turkey (X tons), Germany (X tons), the UK (X tons), Japan (X tons), Canada (X tons) and South Korea (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Turkey (with a CAGR of X%), 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 Spain ($X), together accounting for X% of global imports. France, Brazil, Portugal, Germany, the UK, Japan, Canada, Turkey and South Korea lagged somewhat behind, together comprising a further X%.

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

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2023, jumping by X% against the previous year. Overall, import price indicated a remarkable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, virgin olive oil import price increased by X% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Brazil ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Italy (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform