In May 2023, the price for Refined Olive Oil was $6,539 per ton (FOB, Italy), experiencing a decrease of -5.6% compared to the previous month.

View monthly updates and historical trends for Olive Oil Price. Source: International Monetary Fund. Track economic data with YCharts analytics.

The quarter-on-quarter change in olive oil price in Italy fluctuated during the period of time considered. The peak was reached in the last quarter of 2023, when prices went up by over ** percent compared to the previous quarter, while the highest decline was observed in Q4 2019 when prices of olive oil in the country dropped by **** percent.

In November 2022, the price of Olive Oil stood at $4,374 per ton (CIF, Qatar), showing a decrease of -5.8% compared to the previous month.

The GCC virgin olive oil market reduced modestly to $152M in 2024, with a decrease of -4.9% against the previous year. Overall, consumption, however, enjoyed a prominent expansion. The level of consumption peaked at $192M in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

Russia Avg Consumer Price: Oils & Fats: Olive Oil data was reported at 1,008.060 RUB/l in Jan 2019. This records a decrease from the previous number of 1,011.480 RUB/l for Dec 2018. Russia Avg Consumer Price: Oils & Fats: Olive Oil data is updated monthly, averaging 556.750 RUB/l from Jan 2009 (Median) to Jan 2019, with 121 observations. The data reached an all-time high of 1,011.480 RUB/l in Dec 2018 and a record low of 408.840 RUB/l in Jan 2009. Russia Avg Consumer Price: Oils & Fats: Olive Oil data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Russia Premium Database’s Prices – Table RU.PA002: Average Consumer Price: Food.

The exports of olive oil from Spain saw a marked increase over the recent years, registering a record high in 2017 with export values of over *** billion euros. In 2022, however, exports dropped drastically. Aceites del sur-Coosur SA (ACESUR) was the company that most produced bottled olive oil in 2021.

Spain: a big contributor to olive oil production

The world is projected to produce up to **** million metric tons of olive oil during the 2022/2023 season, a slight decrease compared to the results of the previous year. Out of the world production volume, Spain contributed to almost **** million metric tons in 2022, which accounts for a significant share of the total global production of olive oil.

Domestic consumption

Although Spaniards often use their olive oil for many of their dishes, olive oil consumption experienced a downward trend during the last few years, with the average person intaking **** kilograms of the golden liquid in 2022 from *** kilograms in 2010. In terms of expenditure, Spaniards spent on average **** euros on olive oil per year in 2022.

The Iranian virgin olive oil market rose significantly to $37M in 2024, growing by 13% against the previous year. In general, consumption, however, continues to indicate a perceptible decrease. As a result, consumption reached the peak level of $101M. From 2014 to 2024, the growth of the market remained at a somewhat lower figure.

Olive Oil Market Outlook

According to our latest research, the Global Olive Oil market size was valued at $15.2 billion in 2024 and is projected to reach $23.8 billion by 2033, expanding at a CAGR of 5.1% during 2024–2033. The primary driver fueling this robust growth is the rising global awareness of health benefits associated with olive oil consumption, particularly its antioxidant properties and positive effects on cardiovascular health. Increasing preference for natural and organic food ingredients, coupled with a growing trend toward Mediterranean diets, has significantly boosted demand for olive oil across both developed and emerging markets. Moreover, the proliferation of premium and specialty olive oil products, such as extra virgin and cold-pressed variants, is further enhancing the market’s value proposition and attracting a health-conscious consumer base worldwide.

Regional Outlook

Europe continues to dominate the global olive oil market, accounting for over 60% of the total market share in 2024. This region’s leadership is underpinned by its mature olive cultivation industry, longstanding culinary traditions, and favorable agricultural policies supporting olive growers. Spain, Italy, and Greece are the primary producers, benefiting from advanced processing technologies and well-established export channels. The European Union’s regulatory frameworks, including Protected Designation of Origin (PDO) and Protected Geographical Indication (PGI) certifications, further reinforce product quality and authenticity, bolstering consumer trust and export competitiveness. This mature market is also witnessing a surge in premium and organic olive oil segments, driven by discerning consumers seeking high-quality, traceable products.

The Asia Pacific region is emerging as the fastest-growing market for olive oil, projected to register a CAGR of 7.8% from 2024 to 2033. Rapid urbanization, rising disposable incomes, and a shift toward Western dietary patterns have significantly increased olive oil consumption in countries such as China, Japan, India, and South Korea. Investments in marketing and educational campaigns highlighting olive oil’s health benefits are accelerating adoption, particularly among young urban populations. Additionally, the expansion of modern retail infrastructure and the rise of e-commerce platforms are making premium and imported olive oil products more accessible to a broader consumer base, further driving market expansion in this region.

In contrast, Latin America, the Middle East, and Africa represent emerging markets with considerable growth potential, albeit with unique challenges. While countries like Brazil and South Africa are witnessing increased olive oil imports due to rising health awareness, market penetration remains constrained by higher price points compared to local edible oils and limited consumer familiarity. Local governments are beginning to implement supportive policies and awareness campaigns to encourage olive oil adoption. However, supply chain inefficiencies, tariff barriers, and fluctuating currency values continue to pose hurdles. Nevertheless, as local production initiatives and strategic partnerships with Mediterranean suppliers gain traction, these regions are expected to play a more significant role in the global olive oil landscape over the next decade.

Report Scope

Turkey Industrial Production: NACE 2: Val: Olive Oil, Crude data was reported at 226,267.106 TRY th in 2016. This records a decrease from the previous number of 250,312.141 TRY th for 2015. Turkey Industrial Production: NACE 2: Val: Olive Oil, Crude data is updated yearly, averaging 143,385.422 TRY th from Dec 2005 (Median) to 2016, with 12 observations. The data reached an all-time high of 391,295.584 TRY th in 2013 and a record low of 93,508.390 TRY th in 2008. Turkey Industrial Production: NACE 2: Val: Olive Oil, Crude data remains active status in CEIC and is reported by Turkish Statistical Institute. The data is categorized under Global Database’s Turkey – Table TR.B014: Industrial Production: NACE 2: Value.

In 2018, the value of olive oil exported from Argentina amounted to approximately **** million U.S. dollars, accounting for a decrease of nearly ** percent in comparison to the previous year. Exports of olive oil from Argentina reached in 2017 the highest value reported in the period between 2010 and 2018, at almost *** million dollars.

Analysis of China's virgin olive oil market in 2024, showing a 5.7% consumption decline to 15K tons but a 29% revenue surge to $124M. Forecasts a CAGR of +1.5% in volume and +3.0% in value through 2035, with Spain dominating imports.

Greece Agricultural Output Price Index: CP: Olive Oil data was reported at 146.900 2000=100 in 2007. This records a decrease from the previous number of 181.700 2000=100 for 2006. Greece Agricultural Output Price Index: CP: Olive Oil data is updated yearly, averaging 134.200 2000=100 from Dec 2000 (Median) to 2007, with 8 observations. The data reached an all-time high of 181.700 2000=100 in 2006 and a record low of 100.000 2000=100 in 2000. Greece Agricultural Output Price Index: CP: Olive Oil data remains active status in CEIC and is reported by Hellenic Statistical Authority. The data is categorized under Global Database’s Greece – Table GR.I019: Agricultural Output and Input Price Index: 2000=100.

Applying forecasting methods on olive oil prices in Gaza

Abstract

We set out to forecast the price of olive oil in Gaza; the data collected from Central Statistics in Palestine. In this study, different types of modelling methods have been used to estimate olive oil price in Gaza, each model have methodological strengths and weaknesses. Olive oil price differs from year to other because production of olive oil is considered as challenging business as olives grow every other year; thus, a risky investment is involved. When the yield of olives is low the sale price of olive oil increases in the market place because of the reduced supply.

Introduction

Olives have been a foundation of Palestinian economy for generations due to the terrain and environment generating some of the best olive oil in the world. The olive is also a symbol of Palestinians ties to the land and their loyalty to it. An estimated 10 million olive trees are planted on 45 percent of agricultural land (about 900,000 dunums), with the capacity to produce between 32,000 and 35,000 metric tons of oil. Olive oil accounts for about 93 percent of the harvest, with the rest going to pickles, table olives, and soap. Up to One hundred thousand families rely on the olive harvest for a portion of their income. The United States consumes the great majority of the crops, with a minor proportion being shipped internationally, primarily to Jordan, where interest andhdemand from the worldwidehorganic and free tradehmarkets is growing. The olive industry is expected to provide about US$ 123 million to the West Bank economy this year (based on 2006/7 numbers), accounting for 18 percent of overall agricultural production. Movement restrictionshand impedimentshimposed by Israel Forces, which limit access to landhand markets; thehBarrier, which divides manyhfarmers from theirholive trees; and the closurehof GazahStrip borders are all examples. And the increasing attacks and destruction of farmers and olive trees by Israeli settlers, all raise concernshabout the potentialhsuccess of this peak olivehseason.

Note: This project was implemented using Minitab 19.0, R (For the Markov Chain model) during the winter semester of 2021. Forecasting and its applications that instructed by Dr. Yahya Saleh.

The project prepared by: Fadi Shaban, Moath Abu Saleh , Moreed jabaji, Nidal Karsou, Osama Hijawi, Rand Ghannam

Olive Oil Tasting Flight Market Outlook

According to our latest research, the Global Olive Oil Tasting Flight market size was valued at $210 million in 2024 and is projected to reach $480 million by 2033, expanding at a CAGR of 9.2% during the forecast period of 2025–2033. One of the major factors driving the growth of this market globally is the increasing consumer interest in gourmet food experiences and culinary education, which is fueling demand for curated olive oil tasting flights in both retail and hospitality sectors. The proliferation of specialty food stores, alongside the rising awareness about the health benefits and flavor profiles of premium olive oils, is further catalyzing market expansion. The trend toward experiential dining and the growing popularity of Mediterranean cuisine are also encouraging both households and foodservice providers to invest in olive oil tasting flights, solidifying their role as a key segment in the premium food and beverage landscape.

Regional Outlook

Europe commands the largest share of the global Olive Oil Tasting Flight market, accounting for approximately 45% of total market value in 2024. This dominance is attributed to the region’s mature olive oil industry, deep-rooted culinary traditions, and robust infrastructure supporting premium olive oil production and distribution. Countries such as Italy, Spain, and Greece, recognized as global leaders in olive oil production, have cultivated a sophisticated consumer base that values product provenance and quality. The presence of established specialty retailers, culinary schools, and high-end hospitality venues further drives market penetration. In addition, the European Union’s stringent quality standards and protected designation of origin (PDO) systems enhance consumer trust and willingness to invest in olive oil tasting flights, making the region a hub for both product innovation and consumer education.

North America is emerging as the fastest-growing region in the Olive Oil Tasting Flight market, with a projected CAGR of 11.5% from 2025 to 2033. The surge in demand is propelled by a burgeoning interest in healthy eating, Mediterranean diets, and gourmet food experiences among American and Canadian consumers. The proliferation of specialty food stores, upscale restaurants, and culinary tourism initiatives has led to increased exposure to olive oil tasting flights. Moreover, the rise of online retail platforms and subscription-based tasting experiences is breaking down geographic barriers, allowing a wider audience to explore premium olive oils. Investments in marketing, influencer collaborations, and educational campaigns are also playing a pivotal role in shaping consumer preferences and accelerating market growth in this region.

Emerging economies in Asia Pacific and Latin America are witnessing a gradual but notable adoption of olive oil tasting flights, driven by rising disposable incomes, urbanization, and a growing appreciation for global culinary trends. However, these regions face unique challenges such as limited consumer awareness, higher import tariffs, and fragmented distribution networks. Localized demand is primarily concentrated in metropolitan areas and among affluent consumers who are more exposed to international cuisines and gourmet products. Policy reforms aimed at reducing import duties and supporting premium food sectors could unlock further growth. Nevertheless, market players must navigate cultural preferences, price sensitivity, and the need for targeted educational initiatives to fully capitalize on the untapped potential in these emerging markets.

Report Scope

In 2022, imports of olive oil into Uruguay reached a value of **** million U.S. dollars, representing a decrease of about ** percent compared to the previous year. That year, the volume of olive oil imports reached over *** thousand kilograms.

In 2020, olive oil reaching an approximate value of *** million Moroccan dirhams (MAD) was exported from Morocco, an equivalent of **** million U.S. dollars. This was a noticeable decrease from the preceding years reviewed, when more than *** million MAD (**** million U.S. dollars) of olive oil exports were registered.

Greece Agricultural Output Price Index: Average: CP: Olive Oil data was reported at 68.692 2005=100 in 2012. This records a decrease from the previous number of 71.600 2005=100 for 2011. Greece Agricultural Output Price Index: Average: CP: Olive Oil data is updated yearly, averaging 72.484 2005=100 from Dec 2000 (Median) to 2012, with 13 observations. The data reached an all-time high of 112.468 2005=100 in 2006 and a record low of 61.930 2005=100 in 2001. Greece Agricultural Output Price Index: Average: CP: Olive Oil data remains active status in CEIC and is reported by Hellenic Statistical Authority. The data is categorized under Global Database’s Greece – Table GR.I018: Agricultural Output and Input Price Index: 2005=100.

The Ugandan virgin olive oil market reduced dramatically to $745K in 2024, with a decrease of -27.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, posted prominent growth. Virgin olive oil consumption peaked at $1M in 2023, and then fell markedly in the following year.

In 2023, Colombia imported around **** thousand metric tons of olive oil, representing a decrease of ** percent compared to the previous year. That same year, the value of olive oil imported into Colombia reached over ** million U.S. dollars.