Chile, a leading olive oil producer in the Americas, is facing a production decline of 20% in 2024 due to environmental challenges, including a lack of rainfall and climatic instability. Despite stable production in 2023, factors such as old tree genetics and insufficient irrigation are impacting the harvest, particularly the Arbequina variety. Concurrently, a generalized shortage in the Mediterranean has nearly tripled olive oil prices in recent years, benefiting Chilean exports but also leading to increased production costs and prices for producers like Olisur. This situation poses concerns about consumer tolerance for higher prices, potentially driving them towards lower-grade oils or alternatives, amidst a complex and challenging global market for extra virgin olive oil with few signs of recovery.
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Original content
Officials and producers in Chile anticipate a production decline in 2024, citing a lack of rainfall in the north and climatic instability at the moment of flowering in the spring. According to data from ChileOliva, a producers’ association, the second-largest producing country in the Americas yielded 21,000 tons of olive oil in 2023, which aligns with the five-year average. Gabriela Moglia, ChileOliva’s general manager, confirmed that production was likely to fall in the country in 2024, adding how the harvest will unfold from now until July remains uncertain. During late 2023, there had been optimism that production would increase. In its November estimate, the International Olive Council forecasted that production could reach 24,500 tons in 2024. In an October interview, José Pablo Illanes, the general manager of Las Doscientos, also expressed confidence for the 2024 harvest. However, he caveated that summer weather conditions (summer runs from December through March in the ...
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