Jun 17, 2025
IndexBox has just published a new report: U.S. – Olive Oil And Its Fractions – Market Analysis, Forecast, Size, Trends And Insights.
Driven by rising demand for olive oil, the United States market is projected to show steady growth over the next decade. By 2035, market volume is expected to reach 310K tons, with a value of $2.9B. The market is forecast to grow at a CAGR of +0.9% in volume and +2.5% in value from 2024 to 2035.
Market Forecast
Driven by increasing demand for olive oil and its fractions in the United States, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.9% for the period from 2024 to 2035, which is projected to bring the market volume to 310K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $2.9B (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited States’s Consumption of Olive Oil And Its Fractions
In 2024, approx. 280K tons of olive oil and its fractions were consumed in the United States; growing by 5.6% compared with the previous year’s figure. The total consumption volume increased at an average annual rate of +3.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume of 311K tons. From 2021 to 2024, the growth of the consumption remained at a somewhat lower figure.
The size of the olive oil market in the United States skyrocketed to $2.2B in 2024, picking up by 43% 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). In general, consumption posted a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.
ProductionUnited States’s Production of Olive Oil And Its Fractions
For the tenth year in a row, the United States recorded growth in production of olive oil and its fractions, which increased by 0% to 16K tons in 2024. Overall, the total production indicated a perceptible increase from 2013 to 2024: its volume increased at an average annual rate of +4.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +100.0% against 2014 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 75%. Olive oil production peaked in 2024 and is expected to retain growth in the immediate term.
In value terms, olive oil production contracted modestly to $57M in 2024. In general, the total production indicated noticeable growth from 2013 to 2024: its value increased at an average annual rate of +3.0% 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 +3.8% against 2022 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 66% against the previous year. Olive oil production peaked at $64M in 2017; however, from 2018 to 2024, production remained at a lower figure.
ImportsUnited States’s Imports of Olive Oil And Its Fractions
In 2024, approx. 274K tons of olive oil and its fractions were imported into the United States; rising by 7.2% against 2023 figures. The total import volume increased at an average annual rate of +3.5% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 18% against the previous year. As a result, imports attained the peak of 300K tons. From 2021 to 2024, the growth of imports remained at a lower figure.
In value terms, olive oil imports soared to $2.5B in 2024. Overall, imports continue to indicate prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.
Imports By Country
Italy (93K tons), Spain (88K tons) and Tunisia (51K tons) were the main suppliers of olive oil imports to the United States, together comprising 85% of total imports. Turkey, Argentina, Greece and Portugal lagged somewhat behind, together comprising a further 11%.
From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +18.6%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Italy ($887M), Spain ($846M) and Tunisia ($424M) appeared to be the largest olive oil suppliers to the United States, together comprising 86% of total imports. Turkey, Argentina, Greece and Portugal lagged somewhat behind, together accounting for a further 10%.
In terms of the main suppliers, Portugal, with a CAGR of +28.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices By Country
In 2024, the average olive oil import price amounted to $9,168 per ton, surging by 46% against the previous year. Overall, the import price posted buoyant growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
Average prices varied somewhat amongst the major supplying countries. In 2024, amid the top importers, the countries with the highest prices were Greece ($9,784 per ton) and Spain ($9,628 per ton), while the price for Argentina ($7,698 per ton) and Turkey ($7,776 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Portugal (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited States’s Exports of Olive Oil And Its Fractions
In 2024, approx. 10K tons of olive oil and its fractions were exported from the United States; growing by 59% against the year before. Over the period under review, exports enjoyed prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, olive oil exports soared to $32M in 2024. Overall, total exports indicated measured growth from 2013 to 2024: its value increased at an average annual rate of +4.1% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +95.4% against 2022 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
Exports By Country
Canada (6.5K tons) was the main destination for olive oil exports from the United States, accounting for a 64% share of total exports. Moreover, olive oil exports to Canada exceeded the volume sent to the second major destination, Mexico (1.3K tons), fivefold. The third position in this ranking was taken by South Korea (383 tons), with a 3.8% share.
From 2013 to 2024, the average annual rate of growth in terms of volume to Canada amounted to +11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+14.4% per year) and South Korea (+61.3% per year).
In value terms, Canada ($19M) remains the key foreign market for olive oil and its fractions exports from the United States, comprising 59% of total exports. The second position in the ranking was held by Mexico ($3.7M), with an 11% share of total exports. It was followed by South Korea, with a 3.6% share.
From 2013 to 2024, the average annual growth rate of value to Canada amounted to +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+14.5% per year) and South Korea (+53.3% per year).
Export Prices By Country
In 2024, the average olive oil export price amounted to $3,195 per ton, remaining constant against the previous year. In general, the export price continues to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2021 when the average export price increased by 8.3% against the previous year. The export price peaked at $4,479 per ton in 2014; however, from 2015 to 2024, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($4,720 per ton), while the average price for exports to Panama ($1,764 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform