Sep 3, 2025
IndexBox has just published a new report: Latin America and the Caribbean – Olive Oil (Virgin) – Market Analysis, Forecast, Size, Trends and Insights.
The article discusses the rising demand for virgin olive oil in Latin America and the Caribbean, highlighting a projected upward consumption trend in the market. It predicts a decelerating market performance with a +1.4% CAGR in volume, reaching 169K tons by 2035, and a +3.6% CAGR in value, reaching $1.6B by the same year.
Market Forecast
Driven by increasing demand for virgin 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 decelerate, expanding with an anticipated CAGR of +1.4% for the period from 2024 to 2035, which is projected to bring the market volume to 169K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2024 to 2035, which is projected to bring the market value to $1.6B (in nominal wholesale prices) by the end of 2035.
ConsumptionLatin America and the Caribbean’s Consumption of Virgin Olive Oil
In 2024, the amount of virgin olive oil consumed in Latin America and the Caribbean skyrocketed to 145K tons, with an increase of 17% against the previous year. The total consumption indicated a noticeable increase from 2013 to 2024: its volume increased at an average annual rate of +3.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +17.7% against 2022 indices. The volume of consumption peaked in 2024 and is expected to retain growth in years to come.
The revenue of the virgin olive oil market in Latin America and the Caribbean soared to $1.1B in 2024, with an increase of 29% 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). Overall, consumption enjoyed buoyant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were Brazil (65K tons), Mexico (35K tons) and Chile (13K tons), with a combined 77% share of total consumption.
From 2013 to 2024, the biggest increases were recorded for Mexico (with a CAGR of +12.3%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, Brazil ($585M) led the market, alone. The second position in the ranking was taken by Mexico ($177M). It was followed by Chile.
From 2013 to 2024, the average annual growth rate of value in Brazil totaled +6.2%. In the other countries, the average annual rates were as follows: Mexico (+12.8% per year) and Chile (+14.6% per year).
The countries with the highest levels of virgin olive oil per capita consumption in 2024 were Chile (650 kg per 1000 persons), El Salvador (374 kg per 1000 persons) and Brazil (300 kg per 1000 persons).
From 2013 to 2024, the biggest increases were recorded for Mexico (with a CAGR of +11.1%), while consumption for the other leaders experienced more modest paces of growth.
ProductionLatin America and the Caribbean’s Production of Virgin Olive Oil
In 2024, production of virgin olive oil decreased by -18.5% to 61K tons for the first time since 2018, thus ending a five-year rising trend. The total output volume increased at an average annual rate of +1.4% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 54% against the previous year. Over the period under review, production reached the maximum volume at 74K tons in 2023, and then declined sharply in the following year.
In value terms, virgin olive oil production dropped to $377M in 2024 estimated in export price. Overall, production, however, saw a strong expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by 62%. Over the period under review, production reached the maximum level at $419M in 2023, and then dropped 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 93% share of total production.
From 2013 to 2024, the biggest increases were recorded for 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 Virgin Olive Oil
Virgin olive oil imports surged to 128K tons in 2024, increasing by 23% against 2023. Total imports indicated a tangible increase from 2013 to 2024: its volume increased at an average annual rate of +4.4% 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 +24.2% against 2022 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 33%. Over the period under review, imports attained the maximum in 2024 and are expected to retain growth in years to come.
In value terms, virgin olive oil imports surged to $1.1B in 2024. Overall, imports recorded resilient growth. The pace of growth appeared the most rapid in 2023 when imports increased by 44% against the previous year. The level of import peaked in 2024 and is likely to continue growth in years to come.
Imports By Country
In 2024, Brazil (66K tons) represented the largest importer of virgin olive oil, constituting 51% of total imports. Mexico (35K tons) held a 27% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (6.2%). Chile (4.1K tons), the Dominican Republic (2.8K tons) and Ecuador (2K tons) held a relatively small share of total imports.
From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Chile (with a CAGR of +19.5%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Brazil ($676M) constitutes the largest market for imported virgin olive oil in Latin America and the Caribbean, comprising 63% of total imports. The second position in the ranking was taken by Mexico ($179M), with a 17% share of total imports. It was followed by Colombia, with a 6.3% share.
In Brazil, virgin olive oil imports expanded at an average annual rate of +7.5% over the period from 2013-2024. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+12.7% per year) and Colombia (+15.2% per year).
Import Prices By Country
In 2024, the import price in Latin America and the Caribbean amounted to $8,338 per ton, surging by 15% against the previous year. Import price indicated temperate growth from 2013 to 2024: its price increased at an average annual rate of +4.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, virgin olive oil import price increased by +97.0% against 2020 indices. The pace of growth appeared the most rapid in 2023 when the import price increased by 43% against the previous year. Over the period under review, import prices reached the maximum in 2024 and is expected to retain growth in the near future.
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 Brazil ($10,305 per ton), while Mexico ($5,175 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 (+9.1%), while the other leaders experienced more modest paces of growth.
ExportsLatin America and the Caribbean’s Exports of Virgin Olive Oil
In 2024, shipments abroad of virgin olive oil decreased by -20.7% to 44K tons for the first time since 2021, thus ending a two-year rising trend. Total exports indicated a measured expansion from 2013 to 2024: its volume increased at an average annual rate of +3.2% 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 decreased by -11.9% against 2017 indices. The growth pace was the most rapid in 2015 with an increase of 105%. The volume of export peaked at 55K tons in 2023, and then fell notably in the following year.
In value terms, virgin olive oil exports shrank to $309M in 2024. In general, exports, however, saw prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 103%. Over the period under review, the exports hit record highs at $345M in 2023, and then shrank in the following year.
Exports By Country
Argentina was the main exporting country with an export of around 26K tons, which amounted to 59% of total exports. Chile (14K tons) ranks second in terms of the total exports with a 32% share, followed by Peru (6.4%). Mexico (694 tons) held a relatively small share of total exports.
From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Peru (with a CAGR of +16.0%), while the other leaders experienced more modest paces of growth.
In value terms, Argentina ($173M), Chile ($115M) and Peru ($8.3M) appeared to be the countries with the highest levels of exports in 2024, with a combined 96% share of total exports. Mexico lagged somewhat behind, accounting for a further 2.4%.
Mexico, with a CAGR of +14.0%, saw 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 $7,078 per ton in 2024, growing by 13% against the previous year. In general, the export price posted a resilient expansion. The pace of growth appeared the most rapid in 2023 when the export price increased by 51%. Over the period under review, the export prices attained the maximum in 2024 and is expected to retain growth in years to come.
There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Mexico ($10,882 per ton), while Peru ($2,976 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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