Sep 3, 2025
IndexBox has just published a new report: Latin America and the Caribbean – Olive Oil And Its Fractions – Market Analysis, Forecast, Size, Trends And Insights.
The olive oil market in Latin America and the Caribbean is on the rise, with consumption expected to continue to increase over the next decade. By 2035, the market volume is forecasted to reach 160K tons, while the market value is projected to reach $1.5B in nominal prices. Market performance is expected to show a slight deceleration, with a CAGR of +1.6% for volume and +2.9% for value from 2024 to 2035.
Market Forecast
Driven by increasing demand for olive oil and its fractions 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 decelerate, expanding with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market volume to 160K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2024 to 2035, which is projected to bring the market value to $1.5B (in nominal wholesale prices) by the end of 2035.
ConsumptionLatin America and the Caribbean’s Consumption of Olive Oil And Its Fractions
Olive oil consumption rose markedly to 135K tons in 2024, with an increase of 7.1% compared with 2023 figures. The total consumption volume increased at an average annual rate of +2.6% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, consumption reached the peak volume at 141K tons in 2021; however, from 2022 to 2024, consumption failed to regain momentum.
The revenue of the olive oil market in Latin America and the Caribbean skyrocketed to $1.1B in 2024, surging by 31% 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). Over the period under review, consumption saw a strong expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.
Consumption By Country
Brazil (65K tons) constituted the country with the largest volume of olive oil consumption, accounting for 48% of total volume. Moreover, olive oil consumption in Brazil exceeded the figures recorded by the second-largest consumer, Mexico (17K tons), fourfold. Argentina (14K tons) ranked third in terms of total consumption with a 10% share.
In Brazil, olive oil consumption expanded at an average annual rate of +1.7% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: Mexico (+5.0% per year) and Argentina (-1.5% per year).
In value terms, Brazil ($585M) led the market, alone. The second position in the ranking was taken by Mexico ($151M). It was followed by Argentina.
From 2013 to 2024, the average annual rate of growth in terms of value in Brazil stood at +6.2%. In the other countries, the average annual rates were as follows: Mexico (+11.1% per year) and Argentina (+3.0% per year).
The countries with the highest levels of olive oil per capita consumption in 2024 were Chile (693 kg per 1000 persons), El Salvador (374 kg per 1000 persons) and Argentina (300 kg per 1000 persons).
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Chile (with a CAGR of +10.9%), while consumption for the other leaders experienced more modest paces of growth.
ProductionLatin America and the Caribbean’s Production of Olive Oil And Its Fractions
In 2024, production of olive oil and its fractions decreased by -22.3% to 61K tons for the first time since 2018, thus ending a five-year rising trend. The total production indicated a modest expansion from 2013 to 2024: its volume increased at an average annual rate of +1.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 54% against the previous year. Over the period under review, production reached the maximum volume at 78K tons in 2023, and then fell remarkably in the following year.
In value terms, olive oil production reduced to $415M in 2024 estimated in export price. Over the period under review, production, however, saw strong growth. The pace of growth appeared the most rapid in 2015 with an increase of 115%. The level of production peaked at $440M in 2023, and then fell in the following year.
Production By Country
The countries with the highest volumes of production in 2024 were Argentina (32K tons), Chile (22K tons) and Peru (2.2K tons), with a combined 94% share of total production.
From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Peru (with a CAGR of +16.1%), while production for the other leaders experienced more modest paces of growth.
ImportsLatin America and the Caribbean’s Imports of Olive Oil And Its Fractions
In 2024, the amount of olive oil and its fractions imported in Latin America and the Caribbean rose markedly to 112K tons, with an increase of 7.8% against the year before. Total imports indicated a tangible increase from 2013 to 2024: its volume 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, imports increased by +10.2% against 2022 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 32% against the previous year. The volume of import peaked at 120K tons in 2021; however, from 2022 to 2024, imports remained at a lower figure.
In value terms, olive oil imports surged to $1.1B in 2024. Over the period under review, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2023 with an increase of 47%. The level of import peaked in 2024 and is expected to retain growth in years to come.
Imports By Country
Brazil was the largest importer of olive oil and its fractions in Latin America and the Caribbean, with the volume of imports accounting for 66K tons, which was approx. 59% of total imports in 2024. Mexico (17K tons) took the second position in the ranking, distantly followed by Colombia (7.9K tons) and Chile (5.5K tons). All these countries together held approx. 27% share of total imports. The following importers – the Dominican Republic (3K tons) and Ecuador (1.8K tons) – together made up 4.3% of total imports.
From 2013 to 2024, average annual rates of growth with regard to olive oil imports into Brazil stood at +1.7%. At the same time, Chile (+22.6%), Ecuador (+9.0%), Colombia (+8.4%), Mexico (+4.7%) and the Dominican Republic (+2.8%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +22.6% from 2013-2024. Chile (+4.2 p.p.), Colombia (+3 p.p.) and Mexico (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Brazil saw its share reduced by -9.1% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Brazil ($676M) constitutes the largest market for imported olive oil and its fractions in Latin America and the Caribbean, comprising 62% of total imports. The second position in the ranking was taken by Mexico ($179M), with a 16% share of total imports. It was followed by Colombia, with a 6.2% share.
From 2013 to 2024, the average annual growth rate of value in Brazil stood at +7.5%. In the other countries, the average annual rates were as follows: Mexico (+12.7% per year) and Colombia (+15.3% per year).
Import Prices By Country
The import price in Latin America and the Caribbean stood at $9,823 per ton in 2024, growing by 35% against the previous year. Over the period under review, the import price continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2023 when the import price increased by 44%. Over the period under review, import prices attained the maximum in 2024 and is likely to see gradual growth in years to come.
Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in Mexico ($10,801 per ton) and Ecuador ($10,446 per ton), while Chile ($8,249 per ton) and Colombia ($8,577 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+9.1%), while the other leaders experienced more modest paces of growth.
ExportsLatin America and the Caribbean’s Exports of Olive Oil And Its Fractions
In 2024, shipments abroad of olive oil and its fractions decreased by -32.9% to 37K tons for the first time since 2021, thus ending a two-year rising trend. Total exports indicated a slight increase from 2013 to 2024: its volume increased at an average annual rate of +1.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 104%. Over the period under review, the exports hit record highs at 55K tons in 2023, and then declined sharply in the following year.
In value terms, olive oil exports shrank to $297M in 2024. In general, exports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2017 when exports increased by 103%. The level of export peaked at $348M in 2023, and then reduced in the following year.
Exports By Country
Argentina (18K tons) and Chile (14K tons) dominates exports structure, together committing 88% of total exports. It was distantly followed by Peru (3K tons), mixing up an 8.1% share of total exports. Mexico (694 tons) held a little share of total exports.
From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Peru (with a CAGR of +16.8%), while the other leaders experienced more modest paces of growth.
In value terms, Argentina ($144M), Chile ($131M) and Peru ($9.5M) constituted the countries with the highest levels of exports in 2024, together accounting for 96% of total exports.
Peru, with a CAGR of +15.3%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Export Prices By Country
The export price in Latin America and the Caribbean stood at $7,988 per ton in 2024, surging by 27% against the previous year. Overall, the export price showed prominent growth. The pace of growth was the most pronounced in 2023 when the export price increased by 50% against the previous year. Over the period under review, the export prices reached the maximum in 2024 and is likely to see steady growth in the near future.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($10,882 per ton), while Peru ($3,170 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Mexico (+11.7%), while the other leaders experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform
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