According to information provided by Interprofesional del Aceite de Oliva de España, in the first quarter of 2023, Spanish olive oil exports to the United States amounted to 166,859 tons, significantly exceeding the 123,960 tons of Italian oil.
Thus, Spain has once again positioned itself as a leader in the U.S. olive oil market.
Specifically, the region of Andalusia becomes the leading Spanish community in this destination, with 35% of total sales.
For all these reasons, this leadership in olive oil exports to the United States is a cause for celebration for the Spanish agri-food industry and a significant milestone in the commercial relationship between the Spanish and U.S. olive oil markets.
Growing U.S. market interest for olive oil
It is highly likely that sales of Spanish products to the U.S. will decline in 2023 and 2024 due to the poor harvest in the 2022/23 season and, therefore, the expectation of a low yield in 2023/24.
However, according to Jeffrey Shaw of ICEX New York, there is great potential for growth in the U.S. market.
A comparison of per capita olive oil consumption between the United States and Spain reveals plenty of room for growth. While Spain, a country with a long tradition of olive oil production and consumption, consumes approximately 12 liters per person per year, in the United States this figure is only 2 liters. This substantial difference suggests that the U.S. market has enormous untapped potential for Spanish olive oil.
