Positive scenario for the portuguese olive campaign as EVOO consumption rises 7% YoY

The olive campaign has started last week of October, in a year in which production of 100 thousand tons of olive oil is estimated. According to the Southern Olive Growers Association, the forecasts also anticipate an increase in the consumption of olive oil 7% above the forecasted value for production, translating into an inversion of the trend of recent years.

The Association stated that Portugal currently occupies the 8th largest position in the world production of olive oil, with record productions in the Alentejo that can reach 18 tons of olives per hectare. The modern olive grove (Alentejo and Ribatejo) is responsible for 70% of the national olive oil production.

At the same time the country is the first in the world in quality production, producing 95% of extra virgin and virgin olive oils out of its total output. Spain and Italy occupy the second place, with 70% ratio.

Portugal has been guaranteeing its self-sufficiency in olive oil since 2014, currently managing to export 500 million euros of oil to the international market, contributing to the Portuguese economy with 620 million euros. The investment in the sector allowed it to go from 80 thousand tons, in 2014, to 140 thousand tons of oil produced, in 2019. The companies operating are mostly Portuguese and the sector managed to attract foreign investment from countries such as Spain, England, Chile, Saudi Arabia, Switzerland and Denmark.

The Association position itself as the largest association of olive growers and mills in the country, with 40,000 hectares of agricultural exploitation, 100 members, 300 farms and 10 new mills.