Oct 27, 2025
IndexBox has just published a new report: Europe – Olive Oil (Virgin) – Market Analysis, Forecast, Size, Trends and Insights.
This analysis of Europe’s virgin olive oil market projects a slight volume increase to 2 million tons by 2035, with market value reaching $14.1 billion. In 2024, consumption was 1.7 million tons, led by Spain, Italy, and Greece, which together accounted for 79% of consumption. Production declined to 1.7 million tons, with Spain as the dominant producer. Imports rose to 945,000 tons, primarily to Italy and Spain, while exports fell to 913,000 tons, led by Spain. Significant price increases were observed, with import prices at $8,557 per ton and export prices at $9,056 per ton, reflecting strong market value growth despite volume fluctuations.
Key Findings
Market volume is forecast to reach 2M tons by 2035, with value projected at $14.1BSpain, Italy, and Greece are the top consuming and producing countries, accounting for 79% of consumptionProduction declined to 1.7M tons in 2024, with Spain contributing over half of the total outputImport and export prices surged significantly, reaching $8,557 and $9,056 per ton respectivelyItaly is the largest importer by value, while Spain remains the dominant exporterMarket Forecast
Driven by rising demand for virgin olive oil in Europe, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2024 to 2035, which is projected to bring the market volume to 2M 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 $14.1B (in nominal wholesale prices) by the end of 2035.
ConsumptionEurope’s Consumption of Virgin Olive Oil
In 2024, virgin olive oil consumption in Europe reduced modestly to 1.7M tons, dropping by -1.8% compared with the year before. Overall, consumption saw a perceptible decrease. Over the period under review, consumption hit record highs at 2.5M tons in 2013; however, from 2014 to 2024, consumption failed to regain momentum.
The size of the virgin olive oil market in Europe surged to $10.7B in 2024, picking up by 17% 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 prominent expansion from 2013 to 2024: its value increased at an average annual rate of +6.7% 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 +134.6% against 2022 indices. Over the period under review, the market reached the peak level in 2024 and is expected to retain growth in years to come.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were Spain (615K tons), Italy (522K tons) and Greece (197K tons), with a combined 79% share of total consumption.
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Greece (with a CAGR of +3.0%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, Italy ($3.7B), Spain ($3.6B) and France ($838M) were the countries with the highest levels of market value in 2024, with a combined 76% share of the total market.
Among the main consuming countries, Spain, with a CAGR of +9.2%, recorded 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 virgin olive oil per capita consumption in 2024 were Greece (19 kg per person), Spain (13 kg per person) and Italy (8.9 kg per person).
From 2013 to 2024, the biggest increases were recorded for Greece (with a CAGR of +3.4%), while consumption for the other leaders experienced mixed trends in the per capita consumption figures.
ProductionEurope’s Production of Virgin Olive Oil
In 2024, the amount of virgin olive oil produced in Europe fell to 1.7M tons, waning by -10.3% compared with 2023. Over the period under review, production showed a pronounced reduction. The growth pace was the most rapid in 2015 with an increase of 60%. Over the period under review, production hit record highs at 2.6M tons in 2013; however, from 2014 to 2024, production failed to regain momentum.
In value terms, virgin olive oil production expanded notably to $12.2B in 2024 estimated in export price. The total production indicated a resilient increase from 2013 to 2024: its value increased at an average annual rate of +7.9% 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 +90.2% against 2022 indices. The pace of growth was the most pronounced in 2023 with an increase of 70% against the previous year. Over the period under review, production reached the maximum level in 2024 and is likely to continue growth in the near future.
Production By Country
Spain (873K tons) constituted the country with the largest volume of virgin olive oil production, comprising approx. 52% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Italy (333K tons), threefold. The third position in this ranking was held by Greece (299K tons), with an 18% share.
From 2013 to 2024, the average annual growth rate of volume in Spain stood at -6.2%. In the other countries, the average annual rates were as follows: Italy (-3.0% per year) and Greece (+0.2% per year).
ImportsEurope’s Imports of Virgin Olive Oil
In 2024, overseas purchases of virgin olive oil were finally on the rise to reach 945K tons after three years of decline. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 21% against the previous year. As a result, imports reached the peak of 1.3M tons. From 2021 to 2024, the growth of imports remained at a lower figure.
In value terms, virgin olive oil imports skyrocketed to $8.1B in 2024. Over the period under review, imports continue to indicate a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
Imports By Country
Italy was the largest importer of virgin olive oil in Europe, with the volume of imports reaching 338K tons, which was approx. 36% of total imports in 2024. Spain (192K tons) ranks second in terms of the total imports with a 20% share, followed by France (12%), Portugal (7.7%) and Germany (6.3%). The following importers – the UK (41K tons) and Switzerland (15K tons) – together made up 5.9% of total imports.
From 2013 to 2024, the biggest increases were recorded for Spain (with a CAGR of +5.1%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, Italy ($2.8B) constitutes the largest market for imported virgin olive oil in Europe, comprising 35% of total imports. The second position in the ranking was held by Spain ($1.4B), with a 17% share of total imports. It was followed by France, with a 13% share.
In Italy, virgin olive oil imports increased at an average annual rate of +6.2% over the period from 2013-2024. The remaining importing countries recorded the following average annual rates of imports growth: Spain (+12.9% per year) and France (+8.2% per year).
Import Prices By Country
In 2024, the import price in Europe amounted to $8,557 per ton, jumping by 32% against the previous year. In general, the import price showed a strong increase. The most prominent rate of growth was recorded in 2023 when the import price increased by 58% against the previous year. Over the period under review, import prices hit record highs in 2024 and is expected to retain 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 Switzerland ($11,623 per ton), while Spain ($7,054 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the UK (+8.5%), while the other leaders experienced more modest paces of growth.
ExportsEurope’s Exports of Virgin Olive Oil
In 2024, overseas shipments of virgin olive oil decreased by -13.7% to 913K tons, falling for the fourth consecutive year after three years of growth. Overall, exports saw a slight contraction. The most prominent rate of growth was recorded in 2014 with an increase of 28%. Over the period under review, the exports reached the peak figure at 1.5M tons in 2020; however, from 2021 to 2024, the exports remained at a lower figure.
In value terms, virgin olive oil exports expanded significantly to $8.3B in 2024. Total exports indicated a buoyant expansion from 2013 to 2024: its value increased at an average annual rate of +5.6% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +66.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 18%. The level of export peaked in 2024 and is likely to continue growth in the immediate term.
Exports By Country
In 2024, Spain (450K tons) represented the major exporter of virgin olive oil, generating 49% of total exports. Portugal (181K tons) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by Italy (16%) and Greece (11%).
From 2013 to 2024, average annual rates of growth with regard to virgin olive oil exports from Spain stood at -1.8%. At the same time, Portugal (+7.4%) displayed positive paces of growth. Moreover, Portugal emerged as the fastest-growing exporter exported in Europe, with a CAGR of +7.4% from 2013-2024. By contrast, Greece (-3.4%) and Italy (-5.5%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Portugal increased by +12 percentage points.
In value terms, Spain ($4B) remains the largest virgin olive oil supplier in Europe, comprising 48% of total exports. The second position in the ranking was held by Italy ($1.6B), with a 20% share of total exports. It was followed by Portugal, with a 16% share.
From 2013 to 2024, the average annual rate of growth in terms of value in Spain stood at +6.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (+1.4% per year) and Portugal (+13.0% per year).
Export Prices By Country
In 2024, the export price in Europe amounted to $9,056 per ton, jumping by 30% against the previous year. Overall, the export price posted strong growth. The pace of growth was the most pronounced in 2023 when the export price increased by 55% against the previous year. The level of export peaked in 2024 and is likely to continue growth in the immediate term.
Average prices varied somewhat amongst the major exporting countries. In 2024, major exporting countries recorded the following prices: in Italy ($11,086 per ton) and Greece ($9,407 per ton), while Portugal ($7,395 per ton) and Spain ($8,887 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Greece (+8.2%), while the other leaders experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform
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