Spanish households purchase more sunflower oil than olive oil for the first time

Published 2024년 6월 25일

Tridge summary

For the first time, Spain has seen sunflower oil sales surpass olive oil sales, with a notable 17.5% decrease in olive oil sales and a 24.5% increase in sunflower oil sales between October 2023 and March 2024. This shift is largely attributed to high olive oil prices and reduced production, while sunflower oil prices have seen a significant drop. Despite this shift, the Spanish Ministry of Agriculture asserts that the Mediterranean diet, which heavily relies on olive oil, remains a significant part of the Spanish diet. However, demand for olive oil is anticipated to recover with the expected return of normal production in the 2024/25 crop year.

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Original content

Sunflower oil sales have overtaken olive oil sales in Spain for the first time. According to data from the National Association of Edible Oil Bottlers and Refiners Industrialists (Anierac), olive oil sales dropped from 134,000 tons in October 2023 to 110,477 tons in March 2024, a 17.5 percent decrease. Conversely, sunflower oil sales increased by 24.5 percent over the same period, rising from 127,400 tons to 158,574 tons. Officials in Spain point to below-average production across much of the olive oil world for a second consecutive year, combined with historically high olive oil prices, as the main reasons for falling consumption. Data from NielsenIQ, a market research firm, show that olive oil prices at retail rose by 61 percent from May 2023 to May 2024, reaching an average of €7.41 per liter. Prices for virgin and extra virgin olive oil rose similarly, reaching €8.92 and €7.77 per liter, respectively. At the same time, sunflower oil prices at retail have fallen by 35 percent ...

Source: Olive Oil Times