On-the-Ground Update

High Price of Extra Virgin Olive Oil in Spain Due to Global Shortage

Carlos Iborra
Published Mar 1, 2023
Global olive oil production is usually around 3.2MMT, but this campaign, which is considered a transition campaign, is not expected to exceed 2MMT. As a result of the shortage, the sale prices for extra virgin olive oil are high, ranging around USD 5.63/kg EXW versus USD 3.51/kg EXW in 2022. These price levels have affected demand, which is 15-20% less than in 2022, but not in a pronounced way, due to good demand from emerging markets such as the US, Canada, and Japan.
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