May 3, 2025
IndexBox has just published a new report: United Kingdom – Olive Oil And Its Fractions – Market Analysis, Forecast, Size, Trends And Insights.
The olive oil market in the UK is set to experience a slight increase in consumption over the next decade, with a forecasted CAGR of +0.1% for volume and +1.6% for value from 2024 to 2035. This growth is fueled by rising demand, leading to a projected market volume of 39K tons and a value of $397M by the end of 2035.
Market Forecast
Driven by rising demand for olive oil in the UK, 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 +0.1% for the period from 2024 to 2035, which is projected to bring the market volume to 39K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market value to $397M (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited Kingdom’s Consumption of Olive Oil And Its Fractions
In 2024, the amount of olive oil and its fractions consumed in the UK shrank modestly to 39K tons, leveling off at the previous year’s figure. Overall, consumption recorded a relatively flat trend pattern. Olive oil consumption peaked at 49K tons in 2020; however, from 2021 to 2024, consumption remained at a lower figure.
The value of the olive oil market in the UK surged to $335M in 2024, increasing by 35% 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, however, recorded a buoyant expansion. Over the period under review, the market reached the maximum level in 2024 and is likely to continue growth in the near future.
ProductionUnited Kingdom’s Production of Olive Oil And Its Fractions
In 2024, production of olive oil and its fractions in the UK fell slightly to 473 tons, waning by -1.8% compared with the previous year’s figure. Over the period under review, production saw a pronounced descent. The pace of growth appeared the most rapid in 2023 when the production volume increased by 3.7% against the previous year. Olive oil production peaked at 648 tons in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.
In value terms, olive oil production fell modestly to $2.3M in 2024 estimated in export price. Overall, production recorded a noticeable downturn. The pace of growth was the most pronounced in 2016 when the production volume increased by 3.6%. Olive oil production peaked at $3.2M in 2018; however, from 2019 to 2024, production failed to regain momentum.
ImportsUnited Kingdom’s Imports of Olive Oil And Its Fractions
In 2024, olive oil imports into the UK shrank slightly to 39K tons, stabilizing at the year before. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 when imports increased by 25% against the previous year. Imports peaked at 50K tons in 2020; however, from 2021 to 2024, imports remained at a lower figure.
In value terms, olive oil imports skyrocketed to $401M in 2024. Over the period under review, imports, however, saw strong growth. The pace of growth appeared the most rapid in 2022 when imports increased by 56% against the previous year. Over the period under review, imports reached the maximum in 2024 and are expected to retain growth in the immediate term.
Imports By Country
In 2024, Spain (24K tons) constituted the largest supplier of olive oil to the UK, accounting for a 62% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (10K tons), twofold. Greece (2.6K tons) ranked third in terms of total imports with a 6.7% share.
From 2013 to 2024, the average annual rate of growth in terms of volume from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.8% per year) and Greece (+8.3% per year).
In value terms, the largest olive oil suppliers to the UK were Spain ($234M), Italy ($119M) and Greece ($32M), together accounting for 96% of total imports.
In terms of the main suppliers, Greece, with a CAGR of +17.4%, recorded the highest rates of growth with regard to 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 $10,257 per ton, surging by 44% against the previous year. Over the period under review, the import price showed strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Greece ($12,010 per ton), while the price for France ($4,927 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited Kingdom’s Exports of Olive Oil And Its Fractions
In 2024, overseas shipments of olive oil and its fractions decreased by -10.5% to 1.1K tons, falling for the second year in a row after five years of growth. Over the period under review, exports continue to indicate a perceptible curtailment. The growth pace was the most rapid in 2020 with an increase of 9.6%. Over the period under review, the exports attained the maximum at 1.5K tons in 2015; however, from 2016 to 2024, the exports stood at a somewhat lower figure.
In value terms, olive oil exports surged to $9.5M in 2024. In general, total exports indicated a temperate expansion from 2013 to 2024: its value 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, exports increased by +76.7% against 2021 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
Exports By Country
Ireland (676 tons) was the main destination for olive oil exports from the UK, with a 63% share of total exports. Moreover, olive oil exports to Ireland exceeded the volume sent to the second major destination, Italy (90 tons), eightfold. The third position in this ranking was held by Spain (80 tons), with a 7.4% share.
From 2013 to 2024, the average annual rate of growth in terms of volume to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+58.1% per year) and Spain (+48.9% per year).
In value terms, Ireland ($5.4M) remains the key foreign market for olive oil and its fractions exports from the UK, comprising 57% of total exports. The second position in the ranking was taken by Spain ($798K), with an 8.4% share of total exports. It was followed by Italy, with a 7.7% share.
From 2013 to 2024, the average annual rate of growth in terms of value to Ireland stood at +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+53.0% per year) and Italy (+60.3% per year).
Export Prices By Country
In 2024, the average olive oil export price amounted to $8,885 per ton, increasing by 64% against the previous year. Overall, export price indicated resilient growth from 2013 to 2024: its price increased at an average annual rate of +6.6% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, olive oil export price increased by +100.7% against 2021 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices for the major overseas markets. In 2024, amid the top suppliers, the country with the highest price was Poland ($15,454 per ton), while the average price for exports to the United Arab Emirates ($7,077 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 France (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform