Olive oil consumption in Italy is still at a standstill

Olive Oil

Italy

Market & Price Trends

Published Mar 20, 2024

Tridge summary

Wholesale prices of olive oil have slightly decreased by 1-2% due to abundant rainfall in the Iberian Peninsula, boosting optimism for the 2024-2025 harvest. However, this decrease has not yet impacted shelf prices in Italy, causing a temporary dip in consumption. Despite this, Italy remains the top consumer of olive oil. The demand for high-quality olive oil, especially extra virgin, could stimulate Italian production and encourage investment in native varieties and redevelopment of abandoned olive groves. This is part of a broader goal to promote traceable, certified origin olive oils, particularly in foreign markets like North America.

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

The monthly Observatory of Certified Origins records only a slight contraction in the price, which continues to stand at levels that have even tripled compared to March 2020. After a couple of years of continuous increases, the prices of olive oil at the wholesale level are reversing the trend. originating in Italy, Spain and the Mediterranean: an average reduction of 1-2 percentage points compared to January 2024, which interrupts a cycle of almost uninterrupted increases that lasted almost two years, although still far from the 2020 values. It is still too early to establish whether prices will continue to fall in March and in the following months but, after a period characterized by strong volatility caused by limited European inventories and constant global demand, operators expect a return to normality. This is what emerges from the monthly Observatory of Certified Origins, one of the main private label producers and distributors of certified extra virgin olive oil (IGP and ...

Source: Terraevita