Italy: Olive oil prices slightly decreasing, but three times higher than in 2020

Olive Oil

Italy

Market & Price Trends

Published Mar 20, 2024

Tridge summary

Olive oil prices in Italy, Spain, and the Mediterranean have dropped by 1-2% due to abundant rainfall on the Iberian peninsula, boosting optimism for the 2024-2025 harvest. However, consumption in Italy has contracted as shelf prices have not reflected this decrease. Despite this, Italy remains the leading consumer of olive oil, followed by the US and Spain. The North American market could potentially double its consumption of extra virgin olive oil in the next decade, providing growth opportunities for traditional producers like Italy and new players such as California, Argentina, Chile, and South Africa. Certified Origins, a leading company in olive oil production and distribution, provides monthly reports on the market.

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 prices of olive oil at origin in Italy, Spain and the Mediterranean are finally falling: 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, albeit still far from the values of 2020. It is still 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 stocks and constant global demand, a return is expected to normal. 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 (PGI and DOP), single-origin oils and traceable blends. This trend reversal was favored by the abundant rainfall that has affected the Iberian peninsula in recent months, bringing cautious optimism for the next harvest (2024-2025) in the area that produces almost half of the ...

Source: Agricolae