Refined olive oil and fractions market in Spain

Earlier Report Observations

From 2018 to 2019, production of refined olive oil in Spain increased from 401 thousand tons to 417 thousand tons, while the market volume grew from 200 thousand tons to 227 thousand tons. This expansion was driven by overproduction during the 2018/19 campaign, which led to lower prices and stimulated consumption. Agricultural and climatic factors also supported favorable harvests. In 2020, production continued to rise to 458 thousand tons, but market volume dropped to 197 thousand tons, coinciding with the COVID-19 pandemic that altered consumer behavior towards higher-quality products and a surge in exports to 269 thousand tons.

From 2021 onwards, imports of refined olive oil into Spain began to climb, reaching 35 thousand tons in 2023-2024, while exports fluctuated, falling from 297 thousand tons in 2022 to 195 thousand tons in 2023. Severe drought in Andalusia in 2022 cut olive yields and pushed prices to record highs, forcing refiners to increase imports to meet demand. Concurrently, shifts in consumption away from extra virgin towards refined oil supported domestic demand. EU regulations updating labeling and quality control rules also impacted market operations.

Throughout the period, product innovations such as oils enriched with phenolic compounds and a growing emphasis on sustainability through environmental certifications helped diversify the market. Supply chain challenges for refiners persisted, contributing to increased reliance on imports.

Production refined olive oil and fractions in Spain

In value, 2017-2020, M $ US

Spain's refined olive oil and fractions production declined for the second consecutive year. In 2020, output was valued at 900 million US dollars, representing a 9.6% decrease from the previous year. Over the period from 2017 to 2020, production fell by 21.4%, with a compound annual growth rate of -7.7%. The highest value was recorded in 2018 at 1,148 million US dollars. The largest decline occurred in 2019, dropping by 13.2%, while the largest increase was a modest 0.2% in 2018.

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

In kind, 2017-2020, K t

Spain's refined olive oil and fractions production increased for the third consecutive year. In 2020, 458.4 thousand tons were produced, marking a measured increase of 9.9% compared to the previous year. Between 2017 and 2020, production grew by 36.7%, equating to an annualized rate of 11.0%.

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

Exports refined olive oil and fractions from Spain

Exports in kind, K t

After a two-year decline, refined olive oil and fractions exports from Spain increased. In 2020, exports reached 268.9 thousand tons, showing a significant improvement of 36.7% compared to the previous year. Between 2017 and 2020, exports rose by 22.8%, with an annualized rate of 7.1%. The lowest value was recorded in 2019 at 196.7 thousand tons, which also saw the largest decline of 8.1%.

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

From 2017 to 2020, Italy, the United States, and Portugal were the principal buyers of refined olive oil and fractions from Spain, accounting for 21.0%, 20.5%, and 10.0% of exports in kind, respectively. Together, they represented 51.5% of total 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

After a two-year contraction, refined olive oil and fractions exports from Spain increased. In 2020, Spain exported 690.8 million US dollars worth of refined olive oil and fractions, marking a limited increase of 8.4% compared to 2019. Over the period from 2017 to 2020, exports decreased by 28%, with a compound annual growth rate of -10.4%. The lowest value was recorded in 2019 at 637.5 million US dollars, which also experienced the largest decline of 25.4%.

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

During 2017 to 2020, refined olive oil and fractions from Spain were supplied to many different markets. Even the largest destinations—the United States, Italy, and Portugal—together represented only 49.8% 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 refined olive oil and fractions to Spain

Imports in kind, K t

In 2020, Spain imported 7.4 thousand tons of refined olive oil and fractions, showing a solid advance of 16.3% compared to 2019. Between 2017 and 2020, imports decreased by 27.6%, with an annualized rate of -10.2%. The lowest value was recorded in 2019 at 6.3 thousand tons, while the highest was in 2018 at 12.4 thousand tons. The largest decline occurred in 2019, dropping by 48.9%, and the largest increase was 22.0% in 2018.

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

From 2017 to 2020, Portugal, Turkey, and Italy were the primary suppliers of refined olive oil and fractions to Spain, accounting for 53.4%, 20.0%, and 12.8% of imports in kind, respectively. Together, they made up 86.2% 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

Volatility characterized the market behavior during these years. Imports peaked in 2018 and reached their lowest point in 2019, with a 3.2-fold difference between these years. In 2020, refined olive oil and fractions imports into Spain totaled 14.3 million US dollars, showing a rise of 3.1% year-over-year. The lowest value was recorded in 2019 at 13.9 million US dollars, while the highest was in 2018 at 43.9 million US dollars. The largest decline occurred in 2019, dropping by 68.3%, and the largest increase was 31.6% in 2018.

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

From 2017 to 2020, Portugal, Turkey, and Italy together accounted for 83.6% of total imports in value terms, with shares of 48.6%, 24.1%, and 10.8%, respectively, remaining the main sources for refined olive oil and fractions to Spain.

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

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