Olive oil production in the EU will increase by 30%

Published 2024년 10월 14일

Tridge summary

Europe's olive oil supplies are expected to significantly increase next year, with production estimated to reach 2 million metric tons in 2024/2025, a 31% rise from the previous season and a 9% increase above the five-year average. This increase is primarily due to Spain's recovery from drought, which is projected to boost its production by 48% to 1.26 million tons. Other contributing factors include increases in production in Greece and Portugal, despite a less favorable harvest in Italy. The European Commission's prediction of a growth in EU consumption, along with a decline in prices, is subject to several uncertainties, including how quickly prices will adjust to increased supply and whether consumer behavior will return to previous patterns.

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

Original content

Olive oil supplies in Europe could rise sharply next year as top producer Spain recovers from drought, EastFruit reports. European olive oil production is forecast to reach 2 million metric tons in 2024/2025, up 31 percent from last season and 9 percent above the five-year average, Reuters reports, citing a European Commission report on the agricultural sector. A sharp rise in production in Spain, along with increases in Greece and Portugal, should outweigh a less favorable harvest year in Italy, the report said. Spain's olive oil production in 2024/2025 is forecast to rise 48 percent to 1.26 million tons, according to the Agriculture Ministry. Spring rains have spurred early olive growth, although the weather in the coming weeks will be critical to the final harvest level. Read also: Olive oil fraud on the rise in Europe Drought and heatwaves in the previous two years have reduced production in Spain, doubling olive oil prices to record levels and forcing households to buy more ...

Source: Eastfruit