Source: Ukragroconsult (Ukraine)
According to Food Navigator, citing prominent Italian supplier Filippo Berio, prices for olive oil are anticipated to drop over the next three months. The olive oil industry has faced challenges in the past two years, primarily due to severe heat and drought in Spain, which produces half of the world’s supply.
Nevertheless, with a return to more stable weather conditions and adequate rainfall, Spain’s olive harvest for 2024 has reached 1.4 million tons, substantially surpassing prior estimates and more than twice the yield from the 2022/23 season, as stated by Walter Zanre, the UK manager for Filippo Berio.
“Toward the close of last year, sourcing enough quality olive oil proved difficult. However, as the new season commenced, we’ve noticed a price decrease, which typically takes around three months to affect supermarket pricing,” he remarked.
While some reductions in price were observed as early as November, many sellers have been slow to convey these adjustments to shoppers. Despite the increase in production and the expectation of lower-priced products, overall consumption has dropped markedly.
“Due to the elevated prices, there has been a 20% decline in consumption over the last two years. Individuals have turned to alternative oils, resulting in demand levels reverting to where they were in 2004, undermining efforts to promote olive oil,” Zanre concluded.