Refined olive oil and fractions market in Greece

Earlier Report Observations

From 2018 to 2020, Greek refined olive oil production underwent notable changes. Production began at 111.3 million dollars in 2018, a year marked by the harmonization of national standards with EU requirements for refined oils, which mandated blending with virgin olive oil to meet specific taste, color, and aroma profiles. However, output fell to 85.8 million dollars in 2019 as the continuous application of EU Regulation 1991/2568 strengthened compliance checks and restricted false labeling, prompting industry adjustments. By 2020, production stabilized at 87.9 million dollars, with oil mills completing technical adaptations to comply with EU standards for protecting 'extra virgin' labels through stricter quality analysis.

Production recovered from 2021 to 2022, driven by regulatory clarity. In 2021, output rose to 104.1 million dollars following the introduction of national legislation that banned the term 'olive pomace oil' on retail refined oils, eliminating misleading labeling and bolstering market integrity. Growth continued in 2022, reaching 118.4 million dollars, as new EU Regulations (2022/2104 et al.) entered force, updating trade, analysis, and characterization specifications for olive oils and directly facilitating production processes. Over the same period, the domestic market size fluctuated, influenced by varying export volumes and production levels.

Regulatory developments persisted in 2023 and 2024, further shaping the market framework. In 2023, Greece implemented a national traceability system for refined olive oils, requiring digital reporting of virgin olive oil origin and quantities to enhance supply chain transparency. The following year, the European Commission's public consultation culminated in stricter labeling rules under Regulation (EU) 2024/2707 for refined products, while an international initiative from Australia and New Zealand proposed new labeling standards that may affect Greek export markets.

Production refined olive oil and fractions in Greece

In value, 2017-2020, M $ US

In Greece, the output value of refined olive oil and fractions reached 87.9 million US dollars in 2020, marking a 2.4% year-on-year increase. However, looking at the broader period from 2017 to 2020, production actually decreased by 6.6%, with an average annual decline of 2.2%. The lowest value was recorded in 2019 at 85.8 million US dollars, while the peak occurred in 2018 at 111.3 million US dollars. The most significant drop was in 2019, falling by 22.9%, whereas the largest increase was in 2018, rising by 18.3%.

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

In kind, 2017-2020, t

Refined olive oil and fractions production in Greece has increased for the third consecutive year. In 2020, Greece produced 24 994 tonnes, representing a 1.5% rise compared to the previous year. Over the period from 2017 to 2020, production grew by 13.8%, which translates to an average annual growth rate of 4.4%.

Annual dynamics of production in Greece in kind, 2017-2020, t

Exports refined olive oil and fractions from Greece

Exports in kind, t

After a two-year decline, Greece's exports of refined olive oil and fractions in volume terms increased in 2020. Exports were recorded at 9 371 tonnes, showing a strong gain of 22.1% compared to 2019. However, from 2017 to 2020, exports overall decreased by 42.8%, with an average annual decline of 17.0%. The lowest volume was in 2019 at 7 676 tonnes, which also saw the largest decline of 52.8%.

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

From 2017 to 2020, Italy remained the primary destination for Greece's refined olive oil and fractions exports in volume terms, accounting for 77.6% of the total. The remaining volume was distributed among other countries.

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

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

Exports in value, K $ US

Following a two-year contraction, Greece's exports of refined olive oil and fractions in value terms increased in 2020. Exports amounted to 25.382 million US dollars, advancing by 18.7% compared to 2019. Despite this recent uptick, exports from 2017 to 2020 decreased by 67.4%, with an average annual decline of 31.2%. The lowest value was recorded in 2019 at 21.380 million US dollars, which also experienced the largest decline of 63.7%.

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

In value terms from 2017 to 2020, Italy dominated Greece's exports of refined olive oil and fractions, absorbing 74.4% of the total flows. The rest was shared among a large number of minor partners.

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

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

Imports refined olive oil and fractions to Greece

Imports in kind, t

The data shows irregular changes, indicating a volatile market environment for imports. Imports reached their lowest point in 2020 at 170 tonnes, which is 78.3% lower year-on-year, while they peaked in 2018 at 832 tonnes, resulting in a 4.9-fold difference between these years. The largest increase was recorded in 2018 at 4.1%.

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

From 2017 to 2020, Italy and Spain were the main sources for Greece's imports of refined olive oil and fractions in volume terms, jointly accounting for 97.2% of total flows. Other partners made up the remaining share.

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

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

Imports in value, K $ US

Greece's imports of refined olive oil and fractions in value terms declined for the third consecutive year. In 2020, imports amounted to 314 000 US dollars, down by 84.4% year-on-year. Over the period from 2017 to 2020, imports decreased by 91.3%, with an average annual decline of 55.6%.

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

In value terms from 2017 to 2020, Italy and Spain dominated Greece's imports of refined olive oil and fractions, together accounting for 96.0% of total flows. Other destinations had smaller individual contributions.

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

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