Report Update: May 1, 2024

Azerbaijan - Olive Oil (Virgin) - Market Analysis, Forecast, Size, Trends and Insights

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Virgin Olive Oil Price in Azerbaijan - 2022

Virgin Olive Oil Price in Azerbaijan (CIF) - 2022

In 2022, the average virgin olive oil import price amounted to $4,740 per ton, with an increase of 2.7% against the previous year. Overall, the import price posted resilient growth. The pace of growth appeared the most rapid in 2016 an increase of 101% against the previous year. Over the period under review, average import prices reached the maximum at $5,872 per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($6,140 per ton), while the price for Ukraine ($745 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+16.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Virgin Olive Oil Price in Azerbaijan (FOB) - 2022

In 2022, the average virgin olive oil export price amounted to $5,636 per ton, approximately mirroring the previous year. Over the period under review, the export price saw a remarkable increase. The most prominent rate of growth was recorded in 2017 a decrease of 99.9%. The export price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iran ($6,050 per ton), while the average price for exports to the United Arab Emirates ($1,000 per ton) was amongst the lowest.

From 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+17.7%), while the prices for the other major destinations experienced a decline.

Virgin Olive Oil Imports in Azerbaijan

In 2022, supplies from abroad of virgin olive oil decreased by -70.3% to 59 tons, falling for the second consecutive year after two years of growth. Over the period under review, imports recorded a precipitous slump. The most prominent rate of growth was recorded in 2020 when imports increased by 36% against the previous year. As a result, imports reached the peak of 200 tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, virgin olive oil imports fell rapidly to $279K in 2022. Overall, imports saw a sharp reduction. The pace of growth appeared the most rapid in 2020 with an increase of 34%.

Import of Virgin Olive Oil in Azerbaijan (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Turkey	71.1	231	214	63.0	-4.0%
Italy	120	110	195	57.2	-21.9%
Spain	124	145	158	46.5	-27.9%
Portugal	13.0	13.1	13.7	3.9	-33.1%
Greece	24.1	7.1	2.6	3.7	-46.5%
Ukraine	0.7	2.9	2.2	0.7	0.0%
Others	294	357	330	104	-29.3%
Total	647	865	915	279	-24.5%

Top Suppliers of Virgin Olive Oil to Azerbaijan in 2022:

Turkey (15.0 tons)
Spain (10.9 tons)
Italy (9.3 tons)
Greece (1.5 tons)
Portugal (1.0 tons)
Ukraine (0.9 tons)

Virgin Olive Oil Exports in Azerbaijan

In 2022, the amount of virgin olive oil exported from Azerbaijan shrank sharply to 22 kg, waning by -50% against the previous year. Over the period under review, exports recorded a sharp decline.

In value terms, virgin olive oil exports declined sharply to $124 in 2022. Overall, exports faced a sharp decline.

Export of Virgin Olive Oil in Azerbaijan (USD)
COUNTRY	2021	2022	CAGR, 2021-2022
Iran	236	121	-48.7%
Russia	3.0	2.0	-33.3%
United Arab Emirates	2.0	1.0	-50.0%
China	6.0	N/A	0%
Turkey	1.0	N/A	0%
Others	N/A	N/A	0%
Total	248	124	-50.0%

Top Export Markets for Virgin Olive Oil from Azerbaijan in 2022:

Iran (20.0 kg)
United Arab Emirates (1.0 kg)
Russia (1.0 kg)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the virgin olive oil market in Azerbaijan. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 261 - Oil of Olives, Virgin

Country coverage:

Azerbaijan

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Azerbaijan
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023