Italy: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Italy

In 2022, the Italian refined olive oil market increased by X% to $X, rising for the fourth consecutive year after two years of decline. In general, consumption, however, posted a buoyant increase. Refined olive oil consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Refined Olive Oil Production in Italy

In value terms, refined olive oil production skyrocketed to $X in 2022 estimated in export price. Overall, the total production indicated temperate growth 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 increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, production reached the peak level in 2022 and is expected to retain growth in the near future.

Refined Olive Oil Exports

Exports from Italy

In 2022, approx. X tons of refined olive oil were exported from Italy; picking up by X% on 2021 figures. Overall, exports, however, showed a pronounced slump. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined olive oil exports surged to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for refined olive oil exports from Italy, with a X% share of total exports. Moreover, refined olive oil exports to the United States exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), fivefold. The third position in this ranking was held by Japan (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Japan (X% per year).

In value terms, the United States ($X) remains the key foreign market for refined olive oil exports from Italy, comprising X% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and the UK (X% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Saudi Arabia ($X per ton) and Hong Kong SAR ($X per ton), while the average price for exports to Spain ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Italy

In 2022, the amount of refined olive oil imported into Italy soared to X tons, with an increase of X% on the previous year. Over the period under review, total imports indicated pronounced growth from 2012 to 2022: its volume 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, imports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, refined olive oil imports soared to $X in 2022. Overall, imports saw a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to Italy, accounting for a X% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Greece (X tons), eightfold. Portugal (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (X% per year) and Portugal (X% per year).

In value terms, Spain ($X) constituted the largest supplier of refined olive oil to Italy, comprising X% of total imports. The second position in the ranking was taken by Greece ($X), with a X% share of total imports. It was followed by Portugal, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (X% per year) and Portugal (X% per year).

Import Prices by Country

The average refined olive oil import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, import price indicated a pronounced increase from 2012 to 2022: its price 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, refined olive oil import price increased by X% against 2020 indices. The growth pace was the most rapid in 2013 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Turkey ($X per ton) and Portugal ($X per ton), while the price for Tunisia ($X per ton) and Greece ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform