May 22, 2025
IndexBox has just published a new report: Latin America and the Caribbean – Refined Olive Oil – Market Analysis, Forecast, Size, Trends And Insights.
The article highlights the growing demand for refined olive oil in Latin America and the Caribbean, predicting a steady increase in consumption over the next ten years. By 2035, the market volume is expected to reach 934K tons, with a market value of $7B. This upward trend is driven by various factors, indicating a positive outlook for the olive oil industry in the region.
Market Forecast
Driven by increasing demand for refined olive oil in Latin America and the Caribbean, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2024 to 2035, which is projected to bring the market volume to 934K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2024 to 2035, which is projected to bring the market value to $7B (in nominal wholesale prices) by the end of 2035.
ConsumptionLatin America and the Caribbean’s Consumption of Refined Olive Oil
In 2024, consumption of refined olive oil decreased by -0.6% to 801K tons, falling for the second year in a row after four years of growth. In general, consumption, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 7.6% against the previous year. Over the period under review, consumption hit record highs at 817K tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.
The revenue of the refined olive oil market in Latin America and the Caribbean declined modestly to $4.6B in 2024, dropping by -4.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The total consumption indicated a perceptible expansion from 2013 to 2024: its value increased at an average annual rate of +3.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +48.4% against 2019 indices. As a result, consumption attained the peak level of $4.8B, and then fell modestly in the following year.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were Brazil (221K tons), Mexico (161K tons) and Argentina (70K tons), with a combined 56% share of total consumption. Colombia, Venezuela, Chile, Peru, Ecuador, Cuba and the Dominican Republic lagged somewhat behind, together accounting for a further 28%.
From 2013 to 2024, the biggest increases were recorded for the Dominican Republic (with a CAGR of +1.9%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, Brazil ($1.6B), Mexico ($826M) and Argentina ($427M) appeared to be the countries with the highest levels of market value in 2024, with a combined 63% share of the total market.
Among the main consuming countries, Argentina, with a CAGR of +5.5%, saw the highest rates of growth with regard to market size over the period under review, while market for the other leaders experienced more modest paces of growth.
The countries with the highest levels of refined olive oil per capita consumption in 2024 were Chile (1.9 kg per person), the Dominican Republic (1.7 kg per person) and Cuba (1.7 kg per person).
From 2013 to 2024, the biggest increases were recorded for the Dominican Republic (with a CAGR of +0.8%), while consumption for the other leaders experienced more modest paces of growth.
ProductionLatin America and the Caribbean’s Production of Refined Olive Oil
In 2024, production of refined olive oil decreased by -0.8% to 776K tons, falling for the second year in a row after four years of growth. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 6.7%. Over the period under review, production hit record highs at 786K tons in 2022; however, from 2023 to 2024, production remained at a lower figure.
In value terms, refined olive oil production declined to $4.9B in 2024 estimated in export price. The total production indicated a tangible increase from 2013 to 2024: its value increased at an average annual rate of +4.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +64.9% against 2019 indices. The pace of growth appeared the most rapid in 2023 with an increase of 44%. As a result, production attained the peak level of $5.2B, and then shrank in the following year.
Production By Country
The countries with the highest volumes of production in 2024 were Brazil (209K tons), Mexico (157K tons) and Argentina (72K tons), together comprising 56% of total production. Colombia, Venezuela, Chile, Peru, Ecuador, Cuba and the Dominican Republic lagged somewhat behind, together comprising a further 28%.
From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the Dominican Republic (with a CAGR of +2.2%), while production for the other leaders experienced more modest paces of growth.
ImportsLatin America and the Caribbean’s Imports of Refined Olive Oil
In 2024, after three years of decline, there was significant growth in overseas purchases of refined olive oil, when their volume increased by 10% to 26K tons. Overall, imports, however, continue to indicate a slight slump. The growth pace was the most rapid in 2020 with an increase of 42%. As a result, imports attained the peak of 34K tons. From 2021 to 2024, the growth of imports failed to regain momentum.
In value terms, refined olive oil imports soared to $216M in 2024. In general, imports showed a temperate expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.
Imports By Country
Brazil was the major importer of refined olive oil in Latin America and the Caribbean, with the volume of imports accounting for 12K tons, which was near 45% of total imports in 2024. Mexico (4K tons) held the second position in the ranking, distantly followed by Guatemala (2.1K tons). All these countries together took near 23% share of total imports. The following importers – Belize (1,111 tons), Costa Rica (1,076 tons), El Salvador (998 tons), Peru (683 tons), Ecuador (628 tons), Chile (607 tons) and the Dominican Republic (578 tons) – together made up 22% of total imports.
Imports into Brazil decreased at an average annual rate of -3.1% from 2013 to 2024. At the same time, Belize (+27.4%), Peru (+15.0%), Chile (+15.0%), Guatemala (+14.9%), El Salvador (+6.4%), Costa Rica (+2.5%) and Ecuador (+2.2%) displayed positive paces of growth. Moreover, Belize emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +27.4% from 2013-2024. By contrast, Mexico (-1.9%) and the Dominican Republic (-4.3%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Guatemala, Belize, Peru, El Salvador and Chile increased by +6.5, +4, +2.1, +2.1 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Brazil ($111M) constitutes the largest market for imported refined olive oil in Latin America and the Caribbean, comprising 52% of total imports. The second position in the ranking was taken by Mexico ($37M), with a 17% share of total imports. It was followed by Guatemala, with an 8% share.
In Brazil, refined olive oil imports increased at an average annual rate of +2.7% over the period from 2013-2024. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+9.0% per year) and Guatemala (+20.1% per year).
Import Prices By Country
The import price in Latin America and the Caribbean stood at $8,217 per ton in 2024, rising by 26% against the previous year. In general, the import price enjoyed prominent growth. The pace of growth was the most pronounced in 2023 an increase of 46% against the previous year. Over the period under review, import prices reached the maximum in 2024 and is likely to see gradual growth in the immediate term.
There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was the Dominican Republic ($11,592 per ton), while Belize ($1,300 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+12.7%), while the other leaders experienced more modest paces of growth.
ExportsLatin America and the Caribbean’s Exports of Refined Olive Oil
Refined olive oil exports soared to 1.7K tons in 2024, rising by 56% on 2023. Over the period under review, exports, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of 95%. As a result, the exports attained the peak of 4.2K tons. From 2021 to 2024, the growth of the exports failed to regain momentum.
In value terms, refined olive oil exports skyrocketed to $13M in 2024. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 88% against the previous year. Over the period under review, the exports hit record highs at $14M in 2017; however, from 2018 to 2024, the exports failed to regain momentum.
Exports By Country
Argentina prevails in exports structure, reaching 1.5K tons, which was approx. 89% of total exports in 2024. Chile (63 tons), Mexico (43 tons) and Peru (29 tons) held a relatively small share of total exports.
From 2013 to 2024, average annual rates of growth with regard to refined olive oil exports from Argentina stood at -6.2%. At the same time, Mexico (+26.8%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +26.8% from 2013-2024. By contrast, Peru (-7.8%) and Chile (-16.9%) illustrated a downward trend over the same period. Argentina (+6.3 p.p.) and Mexico (+2.5 p.p.) significantly strengthened its position in terms of the total exports, while Chile saw its share reduced by -9.4% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Argentina ($11M) remains the largest refined olive oil supplier in Latin America and the Caribbean, comprising 90% of total exports. The second position in the ranking was taken by Chile ($396K), with a 3.2% share of total exports. It was followed by Mexico, with a 3.1% share.
From 2013 to 2024, the average annual rate of growth in terms of value in Argentina was relatively modest. In the other countries, the average annual rates were as follows: Chile (-12.4% per year) and Mexico (+37.9% per year).
Export Prices By Country
The export price in Latin America and the Caribbean stood at $7,382 per ton in 2024, increasing by 11% against the previous year. Overall, the export price saw resilient growth. The growth pace was the most rapid in 2023 when the export price increased by 62%. The level of export peaked in 2024 and is expected to retain growth in the immediate term.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($9,047 per ton), while Peru ($2,997 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Mexico (+8.7%), while the other leaders experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform