Tridge summary
Extra virgin olive oil prices in Australia have reached record highs, exceeding 25 Australian dollars per liter for medium-quality oil, driven by factors such as the natural alternate bearing cycle of olive trees, adverse weather conditions, and rising production costs. Despite a recent favorable harvest and expected recovery in European production, smaller producers struggle with labor and production costs, while larger producers benefit from economies of scale. Unusual weather and climate variability, including spring freezes in northern Victoria and severe drought in Western Australia, have further complicated olive production, impacting yields and quality. Economic pressures and pest management challenges add to the difficulties faced by growers, though table olives may offer a viable alternative for smaller operations.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Extra virgin olive oil prices in Australia have surged to unprecedented levels recently. A visit to Melbourne supermarket shelves revealed that medium-quality extra virgin olive oil can now cost more than 25 Australian dollars (€15) per liter. In recent months, the price of imported extra virgin olive oil has significantly surpassed prices for Australian-made products, reversing a long-standing market trend. However, there are indications that these rising price trends may soon taper off, including a favorable yield for most Australian olive oil producers in the recent harvest and an anticipated recovery in European olive oil production for the upcoming season. “The harvest was near what was expected,” Michael Southan, chief executive of the Australian Olives Association (AOA), told Olive Oil Times. “It was an off-year, so we were expecting yields to be lower, but it was better than the previous off-year in 2022,” Southan explained, referring to the natural alternate bearing cycle ...
Source: Olive Oil Times
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