Olive Oil Prices Set to Fall as 2024 Supply Improves

Olive oil prices are set to take a downward turn as 2024 production is believed to have faired much better compared to last year.

“According to estimates, this year’s olive production will reach between 220,000 and 230,000 tons,” George Oikonomou, General Manager of the Association of Hellenic Industries for the Standardization of Olive Oil (SEVITEL) told AMNA. He explained that such a supply will normalize the current situation.

This news comes as an immense relief to households across the Mediterranean, which had seen olive oil prices skyrocket in thr last years, turning it from a staple ingredient into a luxury item.
Supply had reached an all time low in olive-producing countries, such as Greece, Spain and Italy, leading to producers selling a liter of olive for an arm and a leg.

“Last year, producer prices exceeded 10 euros [per litre], and this increase was passed on to the final consumer,” Oikonomou noted.

However, such alarming prices, much to the dismay of producers, are expected to return to normal rates as quantities in 2024 are said to have almost doubled from last year.

Nevertheless, Oikonomou stressed that regulations regarding pure olive oil need to increase, as many consumers, not being able to afford the new prices, started buying unlabeled “olive oil” in bulk, which is often full of impurities.

Others adapted by changing their dietary habits, replacing olive oil with cheaper substitutes like sunflower oil or other seed oils, which are unhealthy. In this regard, Oikonomou also highlighted the need to educate consumers on the importance of buying virgin olive oil.

“We definitely need a national strategy, especially for exports and strengthening actions related to the promotion and marketing of the product,” he emphasized.