World: Olive oil increased its price on average by 80% in the international market in 2023

Olive Oil

United States

Market & Price Trends

Published Jan 24, 2024

Tridge summary

In 2023, the price of olive oil surged by over 80% while other oils saw a decrease of 20-30%, as discussed at the World Olive Oil Exhibition's online round table. Despite olive oil accounting for less than 1% of the 250 million tons of oils and fats produced globally, its demand is expected to rise due to the increasing use of oils and fats in biofuel production. Experts anticipate a future drop in olive oil prices due to the pendulum effect, with the current decrease in consumption attributed more to supply constraints than a lack of demand.

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

During 2023 the only oil that increased its price, on average more than 80%, was olive oil, the rest, all of them, decreased in price between 20 and 30%, and shortly the rest will increase, and will fall the price of olive oils. This is one of the conclusions resulting from the online round table “The international market for animal fats and vegetable oils: Supply, demand and prices”, held on the occasion of the World Olive Oil Exhibition, the world's leading fair dedicated to olive oil. olive that brings together the largest operators in the international trade of this wonderful product, uniting producers and consumers, on February 26 and 27. During the event, it was recalled that around 250 million tons of oils and fats are produced on the planet, of which 30% is palm, 23% is soy and 9% is sunflower, and 18% is animal fat, among others. olive oils, which this year do not even represent 1% of animal and vegetable fats, for the first time in history. Of these 250 million oils and ...

Source: Financialfood