Ukraine: Demand for sunflower oil in 2023 increased due to the rise in price of olive oil in Spain
Olive Oil
Ukraine
Market & Price Trends
Published Jan 26, 2024
Tridge summary
Spain is experiencing a significant increase in olive oil prices, with extra virgin olive oil prices rising by 68% compared to the previous year. This surge is attributed to an imbalance between supply and demand, with concerns that the 2023/24 crop year production may not surpass 700,000 tons. Despite the price increase, consumers are not abandoning the product, instead opting for smaller formats and lower categories of olive oil. However, consumption has decreased due to the higher prices and limited availability. The article also hints at a significant factor that will influence the price trends of sunflower oil and olive oil in Spain for the rest of 2024, but does not provide specific details.
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
After a slight reprieve, olive oil prices in Spain have reached new records, both at origin and in supermarkets. According to Infaoliva’s price observatory, extra virgin olive oil prices at origin hit record highs again in mid-January, reaching €8.988 per kilogram, a 68 percent increase compared to last year. Prices for virgin olive oil and lampante olive oil also rose to record highs. The dramatic increase comes after three months of price decreases at origin as the start of the harvest brought fresh batches of lampante, virgin and extra virgin olive oil to the market, somewhat alleviating the ongoing imbalance between supply and demand that has resulted in the historic price hikes. However, fears that Spanish olive oil production in the 2023/24 crop year may once again fail to exceed 700,000 tons – down from initial expectations of 765,362 tons – paired with a reluctance from consumers to turn away from the category and the moderate rainfall during the winter have resulted in ...
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