W26: Olive & Olive Oil Update

In W26 in the olive and olive oil landscape, Andalucía TRADE organized the participation of 23 Andalusian extra virgin olive oil brands from Córdoba, Jaén, Granada, Málaga and Seville in the XXIX International Conference of Polish Olive Oil Experts held on the 15th and 16th of June. In 2022, Andalusian olive oil exports reached a record figure of USD 3.58 billion, with Europe accounting for 56% of sales at USD 1.98 billion, an increase of 22.9% YoY. The Junta de Andalucía aims to expand the presence of olive oil in the Polish market, where Andalusia is already the sales leader with exports reaching USD 13.95 million in 2022, showing a growth of 27.4% YoY. Poland has 38 million potential consumers, who show an increasing interest in maintaining healthy eating habits, such as consuming olive oil, due to the increase in their purchasing power, which drives sales of extra virgin olive oil. This represents a great business opportunity for Andalusian oil companies, since Poland does not produce olive oil. So everything it consumes is imported and most of it is from the extra virgin category (EVOO).

Andalucía TRADE also successfully facilitated the participation of twelve Andalusian agri-food companies in a trade mission held during the 67th edition of the Summer Fancy Food fair in Miami and New York from June 22 to 27. These companies conducted 660 business interviews with over fifty agents from the US, which is their largest non-European market. In 2022, Andalusian exports to the US reached a record high of USD 1.31 billion. Currently, according to data from the Spanish Olive Oil Interprofessional, imports of Spanish virgin olive oil from the US during the Q1 of 2023 amounted to 166,859 mt, compared to 123,960 mt of Italian oil. Andalusian agriculture's market diversification strategy is evident as the US becomes its top non-European destination, with sales amounting to USD 1.12 billion and a YoY increase of 25% in 2022. Lastly, through its participation in the Summer Fancy Food show in New York, the Moroccan olive sector aims to enhance its position in the American market. Morocco has experienced significant growth in its exports to the US, with food industry product exports reaching around 169,000 metric tons in 2022. This represents a remarkable increase of 65% compared to 2019 and 59% compared to 2021.