Concerns Over Olive Oil Shortage in Italy as Supply Can Only Meet a Third of Demand

Italian extra virgin olive oil suppliers are becoming increasingly concerned since only 200,000MT of olive oil is anticipated for the 2022/23 campaign, which is insufficient to meet the Italian demand of 600,000MT. The main cause of the olive oil shortage is the product's scarcity, which is brought on by 50% less production estimated in Spain YoY due to drought. In addition, rising energy costs and a lack of raw materials have already quadrupled the cost of producing extra virgin olive oil, raising consumer prices. As a result, olive oil will become scarce, and companies will be unable to guarantee its availability throughout the year. Thus, operators of the entire supply chain request supermarkets not to resort to their usual promotions, as these could lead to an even earlier depletion of stock.