Chile increases its position in the olive oil market in the face of global crisis and historic prices

Olive

Spain

Sustainability & Environmental Impact

Market & Price Trends

Published Mar 25, 2024

Tridge summary

The global olive oil industry is currently experiencing a significant crisis due to adverse weather conditions affecting major exporting countries like Spain and Australia, leading to a notable decline in production and exports. Spain has seen a 34% drop in olive oil exports, falling below one million tons for the first time, and Australia is expecting a considerable decrease in its 2024 harvest. Amidst this shortage, Chile has emerged as a resilient and high-quality producer, particularly gaining traction in the Japanese market with brands like ICONO By More receiving global recognition. This situation presents a unique opportunity for Chile to establish itself as a premium olive oil supplier internationally. The Chilean government and producers are keen on expanding and innovating marketing strategies to leverage the global demand, aiming to showcase Chile's agricultural richness and diversity, with a focus on quality and variety, to the world.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Uncertainty and global shortage of olive oil has led to an international appreciation for this product, which many already evaluate as the next “liquid gold.” This is given that the weather conditions in the main exporting countries such as Spain and Australia have generated an anticipated decrease in the harvest, which translates into a reduction in the supply of this particular product in bulk. The impact has been such that the Spanish Ministry of Industry, Commerce and Tourism revealed a 34% drop in exports of this product with a total of 719,808 tons in its last campaign, being the first time that that country is ranked below one million tons exported. Meanwhile, Australia has already confirmed that the projections are not good for 2024, where a sharp drop in the harvest is already expected, compared to the previous period, estimated between 18 and 19 million liters, which could trigger a global decrease in this product due to fruit setting problems and, consequently, a market ...

Source: Portaldelcampo