IndexBox has just published a new report: ‘EU – Olive Oil (Virgin) – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

European virgin olive oil exports soared by +11% y-o-y to 1.5M tonnes or $5.2B in 2020. Spain remains the key virgin olive oil supplier in the EU, accounting for 56% of the total European exports in physical terms. Greece and Italy have significantly strengthened their positions in terms of exports, ramping up the volume of supplies abroad. Greece emerged as the fastest-growing European exporter in 2020. The average price for virgin olive oil in the EU dropped by -6.3% y-o-y last year to $3,370 per tonne. 

Virgin Olive Oil Exports in the EU

Virgin olive oil exports totaled 1.5M tonnes in 2020, growing by +11% on 2019 figures. In value terms, virgin olive oil exports rose by +3.7% y-o-y reached $5.2B (IndexBox estimates) in 2020.

Spain was the main exporter of virgin olive oil in the EU, with the volume of exports reaching 853K tonnes, which was near 56% of total exports in 2020. It was distantly followed by Italy (311K tonnes), Portugal (177K tonnes) and Greece (165K tonnes), together comprising a 43% share of total exports.

Spain experienced a relatively flat trend pattern with regard to the volume of exports. At the same time, Greece (+71.3%), Italy (+22.7%) and Portugal (+11.4%) displayed positive paces of growth. Greece emerged as the fastest-growing European exporter exported in 2020.

In value terms, Spain ($2.5B), Italy ($1.4B) and Portugal ($571M) were the countries with the highest levels of exports in 2020, with a combined 87% share of total exports. Greece lagged somewhat behind, comprising a further 10%.

In 2020, the virgin olive oil export price in the EU amounted to $3,370 per tonne, dropping by -6.3% against the previous year. Prices varied noticeably by the country of origin; the country with the highest price was Italy ($4,481 per tonne), while Spain ($2,960 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Spain, while the other leaders experienced a decline in the export price figures.

Source: IndexBox Platform