May 3, 2025
IndexBox has just published a new report: United Kingdom – Olive Oil (Virgin) – Market Analysis, Forecast, Size, Trends and Insights.
Driven by increasing demand for virgin olive oil in the UK, the market is forecasted to expand with a CAGR of +0.5% in volume and +5.3% in value from 2024 to 2035. This growth trend is expected to bring the market volume to 42K tons and the market value to $599M by the end of 2035.
Market Forecast
Driven by increasing demand for virgin olive oil in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 42K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +5.3% for the period from 2024 to 2035, which is projected to bring the market value to $599M (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited Kingdom’s Consumption of Virgin Olive Oil
In 2024, approx. 40K tons of virgin olive oil were consumed in the UK; increasing by 5.3% compared with the previous year’s figure. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, consumption attained the maximum volume at 49K tons in 2020; however, from 2021 to 2024, consumption stood at a somewhat lower figure.
The size of the virgin olive oil market in the UK surged to $339M in 2024, growing by 36% 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 saw a strong expansion. Virgin olive oil consumption peaked in 2024 and is expected to retain growth in years to come.
ImportsUnited Kingdom’s Imports of Virgin Olive Oil
In 2024, imports of virgin olive oil into the UK reached 41K tons, surging by 4.8% on 2023. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 with an increase of 25%. Imports peaked at 50K tons in 2020; however, from 2021 to 2024, imports stood at a somewhat lower figure.
In value terms, virgin olive oil imports soared to $396M in 2024. In general, imports showed a remarkable increase. The growth pace was the most rapid in 2022 with an increase of 56% against the previous year. Imports peaked in 2024 and are likely to continue growth in years to come.
Imports By Country
In 2024, Spain (25K tons) constituted the largest virgin olive oil supplier to the UK, accounting for a 60% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (11K tons), twofold. The third position in this ranking was taken by Greece (4.5K tons), with an 11% 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 (-1.7% per year) and Greece (+13.7% per year).
In value terms, Spain ($233M), Italy ($120M) and Greece ($32M) appeared to be the largest virgin olive oil suppliers to the UK, together accounting for 97% of total imports.
Greece, with a CAGR of +17.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices By Country
The average virgin olive oil import price stood at $9,634 per ton in 2024, rising by 35% against the previous year. Over the period under review, the import price saw prominent growth. The most prominent rate of growth was recorded in 2023 an increase of 36%. The import price peaked in 2024 and is expected to retain growth in the near future.
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 Italy ($11,440 per ton), while the price for Greece ($7,153 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Germany (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited Kingdom’s Exports of Virgin Olive Oil
In 2024, the amount of virgin olive oil exported from the UK dropped to 1K tons, shrinking by -12.1% on the year before. Over the period under review, exports continue to indicate a perceptible reduction. The pace of growth was the most pronounced in 2014 when exports increased by 10% against the previous year. As a result, the exports reached the peak of 1.5K tons. From 2015 to 2024, the growth of the exports failed to regain momentum.
In value terms, virgin olive oil exports surged to $9.6M in 2024. In general, total exports indicated a notable increase from 2013 to 2024: its value increased at an average annual rate of +4.2% 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 +78.0% against 2021 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
Exports By Country
Ireland (697 tons) was the main destination for virgin olive oil exports from the UK, accounting for a 67% share of total exports. Moreover, virgin olive oil exports to Ireland exceeded the volume sent to the second major destination, Italy (74 tons), ninefold. The third position in this ranking was taken by the Netherlands (32 tons), with a 3.1% share.
From 2013 to 2024, the average annual growth rate of volume to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+55.4% per year) and the Netherlands (+11.0% per year).
In value terms, Ireland ($6.1M) remains the key foreign market for virgin olive oil exports from the UK, comprising 63% of total exports. The second position in the ranking was taken by Italy ($585K), with a 6.1% share of total exports. It was followed by Iceland, with a 3.4% share.
From 2013 to 2024, the average annual rate of growth in terms of value to Ireland totaled +6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+57.1% per year) and Iceland (+60.7% per year).
Export Prices By Country
The average virgin olive oil export price stood at $9,254 per ton in 2024, rising by 68% against the previous year. Over the period under review, export price indicated a prominent expansion from 2013 to 2024: its price increased at an average annual rate of +6.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, virgin olive oil export price increased by +110.0% 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 external markets. In 2024, amid the top suppliers, the country with the highest price was the Czech Republic ($14,382 per ton), while the average price for exports to the Netherlands ($3,418 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 Poland (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform