Olive oil prices soar worldwide; Brazilian prices rise nearly 50%

Published 2024년 10월 29일

Tridge summary

Global olive oil prices have surged this year due to a significant drop in supply, largely attributed to droughts in Portugal and Spain over the past three years. The reduced production, coupled with unchanged demand, has led to a notable increase in prices, even prompting Portuguese supermarkets to install anti-theft measures on olive oil bottles. However, there is anticipation for a potential price decrease in 2025, with the expectation of a 50% rise in European olive oil production.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to G1, the reason for the surge in global olive oil prices this year is not limited to Brazil, but mainly because of the drought that has hit production in Portugal and Spain in the past three years. "Global supply has dropped significantly, to less than half, while demand has remained the same, which has led to a surge in prices," explained commercial director Joao Teixeira. The price increase has been so severe that some supermarkets in Portugal have now installed anti-theft devices on olive oil bottles. The good news is that after two poor harvests, European olive oil production is expected to increase by 50%, and prices are expected to fall, but ...

Source: Foodmate