Virgin olive oil and fractions market in Spain

Earlier Report Observations

The Spanish virgin olive oil market volume increased from 864 thousand tons in 2018 to 1 002 thousand tons in 2019, then declined to 827 thousand tons in 2020. It rebounded to 1 129 thousand tons in 2021, showing high volatility in the early part of the period.

In 2022, the market expanded sharply to 1 570 thousand tons. However, adverse climatic conditions during the 2023/24 season led to a substantial drop in production, pulling the market volume down to 969 thousand tons in 2023. In 2024, the market recovered slightly to 998 thousand tons, supported by a 46% surge in domestic consumption of virgin and extra virgin oils between September and November compared to the second quarter, alongside a global production rebound.

Production virgin olive oil and fractions in Spain

In value, 2017-2020, M $ US

Spain's production of virgin olive oil and fractions has declined for the third year in a row. In 2020, output was valued at 3 819 million US dollars, down 20.4% from 2019. From 2017 to 2020, production fell by 33.2%, which translates to an average annual decrease of 12.6%.

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

In kind, 2017-2020, K t

Spain was the world's top producer of virgin olive oil and fractions from 2017 to 2020.

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

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

After two years of growth, Spain's production of virgin olive oil and fractions declined. In 2020, output was 1 437 thousand tonnes, a 16.1% drop from 2019. Between 2017 and 2020, production rose by 4.8%, averaging 1.6% per year. The peak was in 2019 at 1 712 thousand tonnes, with the largest increase that year of 22.7%.

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

Exports virgin olive oil and fractions from Spain

Exports in kind, K t

Spain exported 852.5 thousand tonnes of virgin olive oil and fractions in 2020, showing little change from the previous year. From 2017 to 2020, exports grew by 17.7%, or 5.6% annually. The lowest point was in 2018 at 686.2 thousand tonnes, with a 5.2% decline that year. The biggest increase occurred in 2019, at 24.2%.

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

From 2017 to 2020, Italy, France, and Portugal were the main destinations for Spain's exports in kind. Italy accounted for 36.6% of exports, France for 12.2%, and Portugal for 10.7%, together making up 59.5% of total flows.

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 exports of virgin olive oil and fractions in value terms have fallen for three consecutive years. In 2020, export value was 2 524 million US dollars, a moderate 4.5% decrease from 2019. Between 2017 and 2020, exports dropped by 20.9%, averaging a 7.5% annual decline.

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

During 2017–2020, Italy, the United States, and France were the leading markets for Spain's exports in value terms. Italy represented 33.0% of exports, the United States 11.8%, and France 11.5%, collectively accounting for 56.3% of total flows.

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

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

Imports virgin olive oil and fractions to Spain

Imports in kind, K t

Spain's imports of virgin olive oil and fractions in kind showed notable fluctuations from 2017 to 2020. The lowest point was in 2017, while imports peaked in 2020, with a 2.6-fold difference between these years. In 2020, import volume was 242.5 thousand tonnes, a sharp 70.5% increase from the prior year. The largest decline was in 2019, at 7.7%.

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

From 2017 to 2020, Tunisia, Portugal, and Syria were the primary sources for Spain's imports in kind. Tunisia supplied 43.0% of imports, Portugal 32.8%, and Syria 5.8%, together comprising 81.6% of total flows.

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

Spain imported virgin olive oil and fractions worth 351 million US dollars in 2020, a dramatic 51.1% rise from the previous year. Over the 2017–2020 period, imports increased by 50.2%, with an average annual growth rate of 14.5%. The minimum value was in 2019 at 351 million US dollars, and the maximum was in 2018 at 555 million US dollars. The largest decline was in 2019 at 36.8%, while the biggest increase was in 2018 at 57.2%.

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

Between 2017 and 2020, Tunisia, Portugal, and Syria were the main suppliers of virgin olive oil and fractions to Spain in value terms. Tunisia accounted for 40.2% of imports, Portugal for 33.3%, and Syria for 6.9%, together making up 80.4% of total imports.

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

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