Oct 31, 2025
IndexBox has just published a new report: U.S. – Refined Olive Oil – Market Analysis, Forecast, Size, Trends And Insights.
The United States refined olive oil market is on a steady growth path, with consumption reaching 686,000 tons in 2024, marking the fifth consecutive year of increase. The market value stood at $2 billion. Looking ahead, the market is forecast to expand to 706,000 tons in volume and $2.1 billion in value by 2035, though at a decelerated pace. Domestically, production also hit a record high of 611,000 tons. The import landscape is dominated by Spain, which is the largest and highest-value supplier, with an average import price surging to $7,759 per ton. Meanwhile, US exports are growing robustly, primarily to Canada and Mexico.
Key Findings
US market forecast to grow to 706K tons and $2.1B by 2035Domestic production reached a record 611K tons in 2024Spain is the leading import source, comprising 47% of import valueAverage import price surged 35% to $7,759 per ton in 2024Exports are growing steadily, with Canada as the primary destinationMarket Forecast
Driven by increasing demand for refined olive oil in the United States, 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 +0.3% for the period from 2024 to 2035, which is projected to bring the market volume to 706K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market value to $2.1B (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited States’s Consumption of Refined Olive Oil
In 2024, consumption of refined olive oil increased by 2% to 686K tons, rising for the fifth year in a row after two years of decline. The total consumption volume increased at an average annual rate of +1.5% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 5.1%. Over the period under review, consumption hit record highs in 2024 and is expected to retain growth in years to come.
The value of the refined olive oil market in the United States dropped to $2B in 2024, leveling off at 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 market value increased at an average annual rate of +2.6% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $2B, leveling off in the following year.
ProductionUnited States’s Production of Refined Olive Oil
In 2024, production of refined olive oil in the United States rose modestly to 611K tons, picking up by 2.8% compared with 2023. The total output volume increased at an average annual rate of +1.9% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the production volume increased by 8.5% against the previous year. Over the period under review, production hit record highs in 2024 and is likely to see steady growth in the immediate term.
In value terms, refined olive oil production declined to $1.8B in 2024. The total output value increased at an average annual rate of +3.1% over the period from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2023 when the production volume increased by 17%. As a result, production attained the peak level of $1.8B, leveling off in the following year.
ImportsUnited States’s Imports of Refined Olive Oil
In 2024, refined olive oil imports into the United States contracted modestly to 88K tons, waning by -2.9% against 2023 figures. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when imports increased by 28%. As a result, imports reached the peak of 119K tons. From 2023 to 2024, the growth of imports remained at a somewhat lower figure.
In value terms, refined olive oil imports surged to $685M in 2024. Overall, imports, however, saw buoyant growth. The growth pace was the most rapid in 2022 when imports increased by 56%. Over the period under review, imports attained the peak figure in 2024 and are expected to retain growth in years to come.
Imports By Country
In 2024, Spain (38K tons) constituted the largest supplier of refined olive oil to the United States, accounting for a 43% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (18K tons), twofold. The third position in this ranking was taken by Turkey (18K tons), with a 20% share.
From 2013 to 2024, the average annual rate of growth in terms of volume from Spain stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-6.3% per year) and Turkey (-1.1% per year).
In value terms, Spain ($320M) constituted the largest supplier of refined olive oil to the United States, comprising 47% of total imports. The second position in the ranking was taken by Italy ($148M), with a 22% share of total imports. It was followed by Turkey, with a 17% share.
From 2013 to 2024, the average annual rate of growth in terms of value from Spain stood at +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+0.8% per year) and Turkey (+5.3% per year).
Import Prices By Country
In 2024, the average refined olive oil import price amounted to $7,759 per ton, surging by 35% against the previous year. In general, the import price recorded prominent growth. The most prominent rate of growth was recorded in 2023 when the average import price increased by 47% against the previous year. Over the period under review, average import prices hit record highs in 2024 and is expected to retain growth in years to come.
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 Spain ($8,390 per ton), while the price for Morocco ($3,389 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Tunisia (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited States’s Exports of Refined Olive Oil
In 2024, shipments abroad of refined olive oil increased by 4.8% to 14K tons, rising for the fifth consecutive year after two years of decline. In general, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2022 with an increase of 40% against the previous year. Over the period under review, the exports attained the maximum in 2024 and are expected to retain growth in the immediate term.
In value terms, refined olive oil exports totaled $41M in 2024. Overall, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 36%. Over the period under review, the exports attained the maximum in 2024 and are expected to retain growth in the immediate term.
Exports By Country
Canada (9K tons) was the main destination for refined olive oil exports from the United States, accounting for a 64% share of total exports. Moreover, refined olive oil exports to Canada exceeded the volume sent to the second major destination, Mexico (4.1K tons), twofold.
From 2013 to 2024, the average annual growth rate of volume to Canada amounted to +12.4%.
In value terms, the largest markets for refined olive oil exported from the United States were Canada ($23M) and Mexico ($14M).
Among the main countries of destination, Canada, with a CAGR of +11.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review.
Export Prices By Country
The average refined olive oil export price stood at $2,872 per ton in 2024, dropping by -3.3% against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2015 when the average export price increased by 11%. Over the period under review, the average export prices attained the peak figure at $3,057 per ton in 2021; however, from 2022 to 2024, the export prices failed to regain momentum.
Average prices varied somewhat for the major export markets. In 2024, amid the top suppliers, the country with the highest price was Mexico ($3,548 per ton), while the average price for exports to Canada stood at $2,511 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+6.1%).
Source: IndexBox Market Intelligence Platform
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