Virgin olive oil and fractions market in Latin America and the Caribbean

Earlier Report Observations

Between 2018 and 2021, the virgin olive oil market in Latin America and the Caribbean expanded steadily, with market volume rising from 119.3 thousand tons to 155.7 thousand tons. This growth was supported by increasing imports, which reached 120.3 thousand tons in 2021.

The market contracted sharply from 2022, falling to 52.4 thousand tons that year and further to 33.1 thousand tons in 2023. This decline coincided with a significant increase in olive oil prices, as reported in 2023 and 2024, due to adverse weather conditions in traditional producing regions like Spain, Italy, and Greece. Higher prices reduced import volumes in physical terms, even though import values reached record levels in markets such as Mexico.

In 2024, global price pressures persisted, with extra virgin olive oil prices hitting historic highs. Consumer preferences in the region shifted towards premium and organic products, supported by the development of local production in Latin America, which has gained international recognition for quality.

Production virgin olive oil and fractions in Latin America and the Caribbean

In kind, 2017-2020, t

Top producers of virgin olive oil and fractions, 2017-2020

World map of production of virgin olive oil and fractions, 2017-2020

Production of virgin olive oil and fractions in Latin America and the Caribbean has increased for the second year in a row. In 2020, the region produced 55 165 tonnes, marking a 2.6% year-on-year rise. However, looking at the broader period from 2017 to 2020, production actually fell by 20.6%, which translates to an average annual decline of 7.4%. The lowest point was in 2018, with output dropping to 52 994 tonnes, and that year also saw the steepest decrease of 23.7%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, t

In value, 2017-2020, M $ US

The value of virgin olive oil and fractions production in Latin America and the Caribbean has declined for the third consecutive year. In 2020, production was valued at 241.0 million US dollars, representing a significant 10.7% contraction compared to 2019. Over the 2017-2020 period, the value decreased by 36.9%, with a compound annual growth rate of -14.2%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports virgin olive oil and fractions from Latin America and the Caribbean

Exports in kind, K t

Latin America and the Caribbean exported 27.7 thousand tonnes of virgin olive oil and fractions in 2020, which is 10.9% lower than the previous year. From 2017 to 2020, exports decreased by 28.3%, averaging an annual decline of 10.5%. The lowest export volume was recorded in 2018 at 22.4 thousand tonnes, with the largest drop of 42.0% occurring that year. In contrast, 2019 saw the biggest increase of 38.9%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

Between 2017 and 2020, the United States, Spain, and Canada remained the primary buyers of virgin olive oil and fractions from Latin America and the Caribbean. The United States accounted for 38.1% of exports in volume, Spain for 26.5%, and Canada for 1.2%. Together, these three countries made up 65.9% of total exports in kind.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

Exports of virgin olive oil and fractions from Latin America and the Caribbean have declined for the third year in a row. In 2020, exports totalled 120.2 million US dollars, showing a modest contraction of 4.5% compared to the previous year. Over the 2017-2020 period, export value decreased by 43.2%, with a compound annual growth rate of -17.2%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, the United States, Spain, and Canada continued to lead as the top buyers in value terms. The United States represented 37.8% of export value, Spain 19.7%, and Canada 1.7%. Collectively, these three markets accounted for 59.1% of total exports in value.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports virgin olive oil and fractions to Latin America and the Caribbean

Imports in kind, K t

Imports of virgin olive oil and fractions into Latin America and the Caribbean have increased for the third consecutive year. In 2020, import volume reached 119.8 thousand tonnes, up 7.3% from 2019. Over the 2017-2020 period, imports grew by 57%, with an average annual increase of 16.2%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

Throughout 2017-2020, Portugal, Spain, and Italy were the main sources for imports in kind of virgin olive oil and fractions into Latin America and the Caribbean. Portugal supplied 43.5% of imports, Spain 32.6%, and Italy 7.1%. Together, these three countries accounted for 83.2% of total import flows.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

Latin America and the Caribbean imported 507.7 million US dollars worth of virgin olive oil and fractions in 2020, a 3.2% increase from the previous year. Between 2017 and 2020, imports rose by 19.4%, averaging an annual growth of 6.1%. The highest import value was recorded in 2018 at 543.8 million US dollars, with the largest increase of 27.9% occurring that year. In 2019, imports saw the biggest decline of 9.5%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, Portugal, Spain, and Italy formed the key group of partners for imports in value terms. Portugal accounted for 44.3% of import value, Spain for 32.6%, and Italy for 7.2%. Collectively, these three countries represented 84.1% of total import flows.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020