On-the-Ground Updates

High Demand for Turkish Olive Oil Expected From Europe Due to the Low Production Forecast in Spain and Italy

Mehmet Unluyurt
Published Oct 31, 2022
Olive oil production has been negatively affected in Europe due to the summer 2022 heatwaves. Producers expect a 40% drop in production in Italy and Spain, which would present Turkey with an opportunity in the European market. Turkish olive oil production is forecast to be 350-400,000MT for the 2022/23 season, an all time high. High demand for Turkish olive oil is expected from Europe, with prices expected to rise in 2022 due to rising costs despite the high production volume. According to 2021 data from the International Olive Council, the EU produced 1.974MMT of olive oil in 2021, with Spain producing 1.3MMT, Italy producing 315,000MT, Greece producing 225,000MT, Portugal producing 120,000MT and the remaining 14,000MT from Cyprus, France, Croatia, and Slovenia. The total imports into the EU are 210,000MT, while exports are 130,000MT and consumption is 1.5MMT.
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