Olive oil and fractions market in Spain

Earlier Report Observations

From 2018 to 2019, olive oil production in Spain increased from 1.8 million tons to 2.1 million tons, and market volume grew from 1.1 million tons to 1.2 million tons. This expansion was fueled by a global overproduction trend during the 2018/19 campaign, which depressed prices and stimulated consumption both domestically and in key European markets. However, in 2020, production fell to 1.9 million tons and market volume dropped to 1.0 million tons, primarily due to the disruptive effects of the COVID-19 pandemic on demand and supply chains.

The subsequent period through 2024 was marked by supply constraints and price volatility. Adverse climatic conditions, including droughts, significantly reduced output, with Spanish production estimated at approximately 800 thousand tons in 2024. This shortage, combined with rising production costs and inflationary pressure, led to historic price increases. The regulatory environment also evolved with the implementation and planned modifications of Royal Decree 861/2018, which introduced mandatory declarations for the sector. Despite these challenges, domestic consumption showed resilience, with estimates indicating a 17% increase in 2024, supported by a partial recovery in supply.

Production olive oil and fractions in Spain

In value, 2017-2020, M $ US

Spain's olive oil and fractions production has declined for the third consecutive year. In 2020, output was valued at 4 719 million US dollars, which is 18.5% lower than in 2019. Between 2017 and 2020, production decreased by 31.2%, equating to an annualized rate of 11.7%.

Annual dynamics of production in Spain in value, 2017-2020, M $ US

In kind, 2017-2020, K t

After a two-year increase, Spain's olive oil and fractions production declined. In 2020, 1 895 thousand tonnes were produced, marking an 11.0% decrease from the previous year. Between 2017 and 2020, production increased by 11.1%, with an annualized rate of 3.6%. The maximum volume was recorded in 2019 at 2 129 thousand tonnes, which also saw the largest increase of 18.5%.

Annual dynamics of production in Spain in kind, 2017-2020, K t

Exports olive oil and fractions from Spain

Exports in kind, K t

Spain's olive oil and fractions exports have increased for the second consecutive year. In 2020, exports reached 1 121 thousand tonnes, up 6.9% from 2019. Over the period 2017-2020, exports grew by 18.9%, with a compound annual growth rate of 5.9%. The minimum value was recorded in 2018 at 900 thousand tonnes, which also saw the largest decline of 4.5%. The largest increase occurred in 2019 at 16.5%.

Annual dynamics of product's exports from Spain in kind, 2017-2020, K t

From 2017 to 2020, three principal markets—Italy, the United States, and Portugal—together accounted for 56.1% of Spain's total olive oil and fractions exports in kind.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Spain in kind, 2017-2020

Exports in value, M $ US

Spain's olive oil and fractions exports have declined for the third consecutive year. In 2020, exports amounted to 3 215 million US dollars, showing a slight decrease of 2.0% compared to the previous year. Between 2017 and 2020, exports decreased by 22.6%, equating to an annualized rate of 8.2%.

Annual dynamics of product's exports from Spain in value, 2017-2020, M $ US

From 2017 to 2020, Italy, the United States, and Portugal were the primary buyers of olive oil and fractions from Spain in value terms, accounting for 29.9%, 13.6%, and 9.4% of exports, respectively. Together, they represented 52.9% of total exports in value terms.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Spain in value, 2017-2020

Imports olive oil and fractions to Spain

Imports in kind, K t

Spain imported approximately 250 thousand tonnes of olive oil and fractions in 2020, which is 68.2% higher than in 2019. Over the period 2017-2020, imports increased by 139.4%, with a compound annual growth rate of 33.8%. The largest decline was recorded in 2019 at 10.8%.

Annual dynamics of product's imports to Spain in kind, 2017-2020, K t

From 2017 to 2020, Tunisia, Portugal, and Syria were the principal suppliers of olive oil and fractions to Spain in kind, accounting for 41.1%, 33.9%, and 5.5% of imports, respectively. Together, they made up 80.5% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Spain in kind, 2017-2020

Imports in value, M $ US

In 2020, Spain's olive oil and fractions imports stood at 544 million US dollars, up 49.3% from the previous year. Between 2017 and 2020, imports increased by 40.9%, equating to an annualized rate of 12.1%. The minimum value was recorded in 2019 at 364 million US dollars, which also saw the largest decline of 39.1%. The maximum value was in 2018 at 598 million US dollars, with the largest increase of 55.0%.

Annual dynamics of product's imports to Spain in value, 2017-2020, M $ US

From 2017 to 2020, Tunisia, Portugal, and Syria together accounted for 79.1% of Spain's total olive oil and fractions imports in value terms, with shares of 38.3%, 34.1%, and 6.6%, respectively, remaining the main sources.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Spain in value, 2017-2020