Olive oil sales slump in Spain and Italy amid rising prices

Extra virgin olive oil sales are slowing in Spain and Italy, the world’s two largest olive oil consumers, as prices rise and households reduce consumption. The rise in extra virgin olive oil prices has largely been attributed to low expectations for a second consecutive harvest paired with a dearth of olive oil stocked from the previous crop. New research on the sale of oils and fats in Spain found that extra virgin olive oil sales dropped by 11 percent in the first nine months of 2023, while virgin olive oils grew 69 percent. According to government data, more than half of the olive oil produced in Spain is extra virgin. The study, conducted by the researchers at the University of Jaén, also showed an 86 percent increase in olive pomace oil sales. According to the research, the approach of Spanish consumers is shifting toward lower grades of olive oil and smaller, more affordable bottles and containers. Other cheaper oils, such as sunflower oil, are gaining in popularity. The ...