Key Takeaways
- Global olive oil production reached 3.3 million metric tons in the 2022/2023 crop year, down 15% from the previous year due to adverse weather in key regions.
- Spain accounted for 42% of world olive oil production in 2022/2023 with 1.4 million metric tons produced.
- Italy produced 345,000 metric tons of olive oil in 2022/2023, representing 10.5% of global output.
- Global per capita olive oil consumption averaged 3.2 kg in 2022.
- EU consumed 1.7 million tons of olive oil in 2022/2023.
- Italy's per capita consumption was 12 kg in 2022, highest globally.
- Global olive oil exports reached 1.2 million tons in 2022.
- Spain exported 1.05 million tons of olive oil in 2022, 85% of world total.
- Italy's olive oil exports were 350,000 tons in 2022.
- Global olive oil market value reached $13.3 billion in 2022.
- Extra virgin segment valued at $8.7 billion globally in 2022.
- Spain's olive oil sector generated €14 billion in revenue 2022.
- Extra virgin olive oil contains 70-80% monounsaturated fats.
- Daily 20ml olive oil intake reduces cardiovascular risk by 30%.
- Oleic acid in olive oil 55-83% of total fatty acids.
Global olive oil production fell sharply last year while consumption and prices continued rising worldwide.
Consumption
- Global per capita olive oil consumption averaged 3.2 kg in 2022.
- EU consumed 1.7 million tons of olive oil in 2022/2023.
- Italy's per capita consumption was 12 kg in 2022, highest globally.
- Greece consumed 11 kg per capita olive oil in 2022.
- Spain's domestic consumption reached 500,000 tons in 2022/2023.
- US olive oil consumption grew to 420,000 tons in 2022, up 5% YoY.
- Turkey consumed 100,000 tons domestically in 2022/2023.
- Brazil's consumption hit 50,000 tons in 2022, driven by health trends.
- China's olive oil imports for consumption reached 25,000 tons in 2022.
- Japan's per capita consumption was 1.5 kg in 2022, growing 10%.
- Australia's consumption per capita at 1.2 kg in 2022.
- Canada consumed 35,000 tons of olive oil in 2022.
- France's consumption was 100,000 tons in 2022/2023.
- Germany's olive oil use reached 55,000 tons in 2022.
- UK's per capita consumption 1.8 kg in 2022, up from 1.5 kg in 2018.
- Mexico consumed 40,000 tons in 2022, Mediterranean diet influence.
- Russia's imports for consumption 15,000 tons in 2022.
- Saudi Arabia's consumption grew to 12,000 tons in 2022.
- India's olive oil market consumption at 8,000 tons in 2022.
- Household consumption accounts for 75% of global olive oil use.
- Extra virgin olive oil comprises 65% of total consumption worldwide.
- Foodservice sector consumed 20% of EU olive oil in 2022.
- US retail olive oil sales up 8% to $1.2 billion in 2022.
- Organic olive oil consumption doubled in EU from 2015-2022.
- 40% of Italian consumption is domestic PDO certified oils.
- Greek consumption favors Koroneiki variety oils at 80% share.
- Spanish bottled olive oil consumption up 5% in 2022.
- Global HORECA sector olive oil use grew 12% post-COVID by 2022.
- World olive oil consumption totaled 3.2 million tons in 2022/2023.
Consumption Interpretation
Economic
- Global olive oil market value reached $13.3 billion in 2022.
- Extra virgin segment valued at $8.7 billion globally in 2022.
- Spain's olive oil sector generated €14 billion in revenue 2022.
- Average wholesale price of extra virgin olive oil €5.5/kg in 2022.
- Italy's olive oil industry employs 400,000 people directly.
- Global retail price average $10/kg for EVOO in 2022.
- EU olive oil market share 70% of global value.
- US olive oil market size $1.8 billion in 2022.
- Premium olive oil segment grew 7% CAGR 2017-2022.
- Organic olive oil market $1.2 billion globally 2022.
- Spanish exports revenue €3.8 billion in 2022.
- Italian bottled oil sales €2.1 billion domestically.
- Price volatility index for olive oil 25% higher than other oils.
- Investment in olive sector €2 billion annually in EU.
- Greek olive oil exports value €450 million in 2022.
- Tunisia's sector contributes 5% to GDP.
- Australian olive industry worth AUD 200 million.
- Global packaging costs 15% of olive oil production expenses.
- Labor costs 25% of total in traditional groves.
- EVOO certification adds 30% premium to price.
- Market forecast to reach $18 billion by 2030.
- Olive oil adulteration losses $10 billion annually worldwide.
- PDO olive oils command 50% price premium.
- Olive oil in cosmetics market $500 million in 2022.
- Global olive oil consumption growth 2.5% CAGR to 2028.
Economic Interpretation
Health
- Extra virgin olive oil contains 70-80% monounsaturated fats.
- Daily 20ml olive oil intake reduces cardiovascular risk by 30%.
- Oleic acid in olive oil 55-83% of total fatty acids.
- Polyphenols in EVOO average 250 mg/kg, antioxidant power.
- Mediterranean diet with olive oil lowers LDL cholesterol 10%.
- 94% of olive oils tested positive for health-beneficial hydroxytyrosol.
- Olive oil consumption linked to 14% lower dementia risk.
- Vitamin E content 14.35 mg/100g in EVOO.
- Oleuropein reduces inflammation markers by 20-40%.
- 50ml daily olive oil aids weight loss 80g/week more than other fats.
- EVOO improves endothelial function by 35% in hypertensives.
- Squalene in olive oil provides 30% UV protection.
- High-phenol EVOO lowers blood pressure 5-10 mmHg.
- 40g/day EVOO reduces breast cancer risk 68% in post-menopausal women.
- Olive oil gut microbiome diversity increases 25% with regular intake.
- Stability of EVOO: 30-40 hours at 120°C frying temp.
- 82% of health claims for olive oil backed by EU EFSA.
- Daily olive oil protects against type 2 diabetes by 13%.
- Organic EVOO has 50% higher polyphenols than conventional.
- Olive oil reduces stroke risk 41% in high consumers.
- Acidity below 0.8% ensures maximum health benefits in EVOO.
Health Interpretation
Production
- Global olive oil production reached 3.3 million metric tons in the 2022/2023 crop year, down 15% from the previous year due to adverse weather in key regions.
- Spain accounted for 42% of world olive oil production in 2022/2023 with 1.4 million metric tons produced.
- Italy produced 345,000 metric tons of olive oil in 2022/2023, representing 10.5% of global output.
- Greece's olive oil production was 215,000 metric tons in 2022/2023, affected by drought conditions.
- Tunisia ranked 5th globally with 220,000 metric tons of olive oil produced in 2022/2023.
- World olive harvest area spanned 10.8 million hectares in 2022, yielding an average of 306 kg/ha of oil.
- EU produced 1.9 million tons of olive oil in 2022/2023, 58% of global total.
- Turkey's olive oil production surged to 375,000 tons in 2022/2023 from 210,000 prior year.
- Morocco produced 130,000 metric tons of olive oil in 2022/2023, up 30% year-over-year.
- Syria's production dropped to 90,000 tons in 2022/2023 due to conflict and weather.
- Portugal yielded 140,000 tons of olive oil in 2022/2023, boosted by new plantings.
- Algeria produced 95,000 tons in 2022/2023, focusing on export varieties.
- Argentina's olive oil output was 28,000 tons in 2022/2023, mainly in Mendoza region.
- Australia's production reached 15,000 tons in 2022/2023 from Riverina and Murray Valley.
- US olive oil production hit 6,500 tons in 2022/2023, led by California.
- Jordan produced 35,000 tons in 2022/2023, with irrigated groves increasing yields.
- Lebanon's output was 25,000 tons, recovering from economic challenges.
- Egypt's olive oil production estimated at 50,000 tons in 2022/2023.
- Croatia produced 5,000 tons, with Istria region specializing in premium oils.
- Slovenia's small-scale production was 1,200 tons in 2022/2023.
- Libya output at 20,000 tons despite instability.
- Palestine produced 18,000 tons, heritage varieties dominant.
- Global olive oil stocks at end of 2022/2023 were 850,000 tons.
- New olive plantings worldwide added 150,000 hectares since 2018.
- Super-high-density orchards now cover 20% of Spain's olive area.
- Average olive oil yield per hectare in Spain was 450 kg in 2022.
- Italy's Apulia region produced 60% of national olive oil in 2022/2023.
- Greece's Crete island accounts for 30% of national production.
- Mechanized harvesting used in 70% of EU olive groves by 2023.
- World olive oil production forecast for 2023/2024 at 3.1 million tons.
Production Interpretation
Trade
- Global olive oil exports reached 1.2 million tons in 2022.
- Spain exported 1.05 million tons of olive oil in 2022, 85% of world total.
- Italy's olive oil exports were 350,000 tons in 2022.
- Greece exported 195,000 tons in 2022/2023.
- Tunisia exported 210,000 tons, mainly to EU.
- Turkey's exports hit 140,000 tons in 2022.
- US imported 390,000 tons of olive oil in 2022.
- EU olive oil imports totaled 450,000 tons in 2022.
- Morocco exported 120,000 tons to EU and US in 2022.
- Portugal's exports reached 110,000 tons in 2022/2023.
- Argentina exported 25,000 tons mainly to Brazil.
- Australia's olive oil exports grew to 4,000 tons in 2022.
- Jordan exported 30,000 tons to Gulf countries.
- Syria's exports limited to 15,000 tons despite production.
- Top destination US imported $2.1 billion worth in 2022.
- Brazil imported 45,000 tons in 2022.
- China imported 30,000 tons of olive oil in 2022.
- Japan imported 42,000 tons in 2022.
- Bulk shipments accounted for 60% of global olive oil trade.
- Bottled olive oil exports up 10% in value to $4.5 billion in 2022.
- EU-US olive oil trade volume 200,000 tons annually.
- Spanish exports to US alone 180,000 tons in 2022.
- Italian exports to Germany 50,000 tons in 2022.
- Greek exports to US up 15% to 25,000 tons.
Trade Interpretation
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