Global olive oil production has risen quickly in recent years which is as a result of higher global demand. Paying attention to the past decade, global imports of olive oil expanded from $2.2 billion in 2000 to $5.4 billion in 2012, indicating an annual growth rate of over 7.5% (1).

As of 2020, the global value of olive oil imported was at $7.6 trillion USD. The annual growth in quantity between the period of 2016 to 2020 was at 6% and the annual growth in value between the period of 2019 and 2020 was at 5% (Sources: ITC calculations based on UN COMTRADE and ITC statistics). This robust growth can be attributed to the increase in demand for olive oil across retail channels and foodservice.

Taking a closer look, other factors that have contributed greatly to the demand of olive oil globally can be the price of the oil, a growing health consciousness, emergence of higher-income consumers with interest in the nutritional benefits of the oil, an increase in per capita income in high demand markets, availability of the oil, and heavy promotional programs by governments for olive oil.

The EU government support programs are known to contribute greatly to the overall supply of olive oil which further causes the global prices of olive oil to drop (2). With the fall in price olive oil becomes competitive with other vegetable oils and coupled with the health benefits of olive oil demand can only increase. Also with the increase in per capita income, consumers’ bargaining power increases.

Looking at non-traditional markets and in some developing countries, the consumption of olive oil was partly driven by the increase in per capita income. Greece’s virgin olive oil exports at one point was positively impacted by a change in the GDP per capita from trade partners.

Also, the differentiation factor of olive oil like organic olive oils, cold-pressed and certified country origin with other food certifications has also pulled some other non-olive oil consumers. All the above factors have contributed to the global import of olive oil.

Here are the top importers of olive oil in the world as of 2020.

Italy

Italy is the top importer of olive oil despite the fact that Italy is the second leading exporter of olive oil in the world. Italy holds a 19.9% share in world imports with an import value of $1.5 trillion USD for the importation of over 608 thousand tons of olive oil.  The annual growth in Italy’s import quantity between 2016 and 2020 was at 4% and an annual growth in import value from 2019 to 2020 of -4%.

The United States of America

The US is the second leading importer of olive oil with an import share value of 17.9%. The US imports over 403 thousand tons of olive oil with an import value of $1.3 trillion USD. The annual growth in US import between 2016 and 2020 was at 6% and an annual growth in import value from 2019 to 2020 of 4%.

Spain

Spain is the third leading importer of olive oil even when the country is the top exporter in the world as of 2020. Spain controls an import market share of 7.1% with an import value of over $544 million USD. Spain’s annual growth in value between 2016 to 2020 was 10%. Between 2019 to 2020, Spain has experienced an annual growth in imports of about 49%.

France

On the fourth position of the top importers of olive oil is France. France reported an import value of over $493.4 million USD for importing over 142 thousand tons of olive oil and controls 6.4% of the global import share of olive oil. The annual growth in France’s import quantity between 2016 and 2020 was at 4% and an annual growth in import value from 2019 to 2020 of 4%.

Brazil

Brazil is the fifth global importer of olive oil importing over 110 thousand tons of olive oil with an import market share of 5.5%. Brazil recorded an import value of over $422.4 million USD with a 5% growth in value between 2019 and 2020. Brazil’s annual growth in quantity imported between 2016 and 2020 was at 19%.

Germany

Germany comes in at sixth place controlling 4.6% in the global import share of olive oil. Germany imports over 80 thousand tons of olive oil with an annual growth rate between 2016 and 2020 of 3%. Germany reported an import value of over $353.7 million USD with an annual growth in value between 2016 to 2020 of 1% and an annual growth in value for the base year (2019-2020) of 10%.

Portugal

Portugal is at the 7th spot with an import share of 4.5% and importing over 144 thousand tons of olive oil as of 2020. Portugal recorded an import value of over $343.8 million USD with an annual growth value of 6% between 2019 and 2020. Portugal’s annual growth in quantity imported between 2016 and 2020 was at 12%.

Japan

At the 8th spot is Japan with an import value of over $275.6 million USD with an import market share of 3.6%. Japan imported over 67 thousand tons of olive oil as of 2020 with an annual growth in quantity of 7% between 2016 to 2020. Japan’s growth in value imported was at -14% between 2019 and 2020.

United Kingdom

The United Kingdom is the 9th largest importer of olive oil with an import share of 3.2%. The UK imported over 82 thousand tons of olive oil in 2020 with an import value of over $244.4 million USD. The UK’s annual growth in value import of olive oil was at 3% between 2019 and 2020 and an annual growth in quantity of 2% between 2016 and 2020.

Canada

Canada is at the 10th spot with an import value of over $205.6 million USD with a market share of 2.7%. Canada imported over 61 thousand tons of olive oil as of 2020 with an annual growth in quantity imported of 9% between 2016 and 2020. Canada recorded an annual growth in value imported of 15% between 2019 and 2020.

The supply of olive oil was greatly interrupted due to the emergence of the COVID-19 pandemic. With the implementations of social distancing and lockdowns, the production of olive oil was severely disrupted. Trade activities were slowed down even with other industries that indirectly contribute to the import and export of olive oil to the world. The US Census Bureau even announced a 13% drop in the importation of olive oil in 2020 when compared to the previous year of 2019.

On the other hand, the emergence of COVID-19 has encouraged the consumption of healthy and organic foods which includes olive oils. Consumptions are expected to increase and even after the pandemic.