Sep 1, 2025
IndexBox has just published a new report: Europe – Refined Olive Oil – Market Analysis, Forecast, Size, Trends And Insights.
The European refined olive oil market is set to experience steady growth in both volume and value over the next decade. With an anticipated CAGR of +0.5% in volume and +2.0% in value from 2024 to 2035, the market is projected to reach 1.6M tons and $12.1B respectively by the end of 2035.
Market Forecast
Driven by increasing demand for refined olive oil in Europe, 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 1.6M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.0% for the period from 2024 to 2035, which is projected to bring the market value to $12.1B (in nominal wholesale prices) by the end of 2035.
ConsumptionEurope’s Consumption of Refined Olive Oil
In 2024, approx. 1.6M tons of refined olive oil were consumed in Europe; approximately equating the year before. Overall, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 7.5% against the previous year. As a result, consumption reached the peak volume of 1.6M tons; afterwards, it flattened through to 2024.
The size of the refined olive oil market in Europe rose remarkably to $9.7B in 2024, surging by 13% 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 pronounced increase from 2013 to 2024: its value increased at an average annual rate of +4.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +63.5% against 2020 indices. The level of consumption peaked in 2024 and is likely to see gradual growth in the immediate term.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were Spain (286K tons), Germany (247K tons) and Russia (216K tons), together accounting for 48% of total consumption. France, Italy, Poland, Romania, Ukraine, the Netherlands and Belgium lagged somewhat behind, together accounting for a further 32%.
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +8.5%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, Germany ($1.9B), Spain ($1.6B) and France ($1.5B) appeared to be the countries with the highest levels of market value in 2024, together comprising 52% of the total market. Russia, Italy, Poland, the Netherlands, Belgium, Ukraine and Romania lagged somewhat behind, together accounting for a further 30%.
Among the main consuming countries, Italy, with a CAGR of +16.0%, 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.
In 2024, the highest levels of refined olive oil per capita consumption was registered in Spain (6.1 kg per person), followed by Germany (3 kg per person), Belgium (2.6 kg per person) and France (2.4 kg per person), while the world average per capita consumption of refined olive oil was estimated at 2.1 kg per person.
From 2013 to 2024, the average annual rate of growth in terms of the refined olive oil per capita consumption in Spain stood at +1.1%. In the other countries, the average annual rates were as follows: Germany (-0.2% per year) and Belgium (-1.4% per year).
ProductionEurope’s Production of Refined Olive Oil
In 2024, after two years of decline, there was growth in production of refined olive oil, when its volume increased by 0.2% to 1.7M tons. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 8.5% against the previous year. Over the period under review, production hit record highs at 1.8M tons in 2021; however, from 2022 to 2024, production remained at a lower figure.
In value terms, refined olive oil production surged to $11.8B in 2024 estimated in export price. The total production indicated a buoyant increase from 2013 to 2024: its value increased at an average annual rate of +5.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +84.2% against 2019 indices. The growth pace was the most rapid in 2023 with an increase of 26%. Over the period under review, production attained the maximum level in 2024 and is likely to see steady growth in the immediate term.
Production By Country
The countries with the highest volumes of production in 2024 were Spain (459K tons), Germany (242K tons) and Russia (213K tons), with a combined 54% share of total production. France, Italy, Poland, Greece, Romania, Ukraine and Portugal lagged somewhat behind, together comprising a further 30%.
From 2013 to 2024, the biggest increases were recorded for Portugal (with a CAGR of +12.6%), while production for the other leaders experienced more modest paces of growth.
ImportsEurope’s Imports of Refined Olive Oil
In 2024, approx. 149K tons of refined olive oil were imported in Europe; shrinking by -12.1% on the previous year’s figure. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by 32% against the previous year. As a result, imports attained the peak of 198K tons. From 2023 to 2024, the growth of imports remained at a lower figure.
In value terms, refined olive oil imports rose remarkably to $1.1B in 2024. Over the period under review, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2022 with an increase of 51% against the previous year. The level of import peaked in 2024 and is expected to retain growth in the near future.
Imports By Country
In 2024, Spain (35K tons) and Italy (35K tons) represented the major importers of refined olive oil in Europe, together committing 46% of total imports. Portugal (20K tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by the UK (13%). The Netherlands (5.7K tons), Germany (5.7K tons), France (3.9K tons), Ireland (2.9K tons), Belgium (2.9K tons) and Russia (2.4K tons) followed a long way behind the leaders.
From 2013 to 2024, the biggest increases were recorded for Spain (with a CAGR of +9.3%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, the largest refined olive oil importing markets in Europe were Italy ($258M), Spain ($221M) and the UK ($169M), together accounting for 60% of total imports.
In terms of the main importing countries, Spain, with a CAGR of +20.5%, saw 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 import price in Europe amounted to $7,249 per ton, growing by 26% against the previous year. In general, the import price showed a resilient expansion. The most prominent rate of growth was recorded in 2023 an increase of 53%. Over the period under review, import prices hit record highs in 2024 and is likely to continue growth in years to come.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($8,709 per ton), while Ireland ($5,050 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+10.2%), while the other leaders experienced more modest paces of growth.
ExportsEurope’s Exports of Refined Olive Oil
Refined olive oil exports was estimated at 307K tons in 2024, standing approx. at the year before. The total export volume increased at an average annual rate of +1.3% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 33%. Over the period under review, the exports reached the peak figure at 419K tons in 2022; however, from 2023 to 2024, the exports remained at a lower figure.
In value terms, refined olive oil exports skyrocketed to $2.6B in 2024. Over the period under review, exports continue to indicate prominent growth. The pace of growth was the most pronounced in 2022 with an increase of 36%. Over the period under review, the exports hit record highs in 2024 and are likely to continue growth in years to come.
Exports By Country
Spain was the major exporting country with an export of around 208K tons, which amounted to 68% of total exports. Italy (46K tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Portugal (10%) and Greece (4.7%).
Exports from Spain increased at an average annual rate of +2.8% from 2013 to 2024. At the same time, Portugal (+3.2%) displayed positive paces of growth. Moreover, Portugal emerged as the fastest-growing exporter exported in Europe, with a CAGR of +3.2% from 2013-2024. Greece experienced a relatively flat trend pattern. By contrast, Italy (-3.5%) illustrated a downward trend over the same period. While the share of Spain (+10 p.p.) and Portugal (+1.9 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of Italy (-10.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Spain ($1.7B) remains the largest refined olive oil supplier in Europe, comprising 68% of total exports. The second position in the ranking was taken by Italy ($436M), with a 17% share of total exports. It was followed by Portugal, with an 8.8% share.
In Spain, refined olive oil exports increased at an average annual rate of +10.6% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Italy (+3.4% per year) and Portugal (+7.2% per year).
Export Prices By Country
The export price in Europe stood at $8,310 per ton in 2024, with an increase of 29% against the previous year. Overall, the export price recorded a prominent increase. The pace of growth was the most pronounced in 2023 when the export price increased by 58%. The level of export peaked 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 Italy ($9,537 per ton), while Greece ($6,187 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+7.5%), while the other leaders experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform
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