Sunflower oil dethrones olive oil in Spanish kitchens amid soaring prices

Published Aug 21, 2024

Tridge summary

Spain's leading consumer of olive oil, the country, has witnessed a shift in cooking preferences as sunflower oil has become the favored choice for cookers, largely due to its lower prices. The first half of 2024 saw a significant shift, with sunflower oil sales increasing by 25% in volume year-over-year, while olive oil sales dropped by 18%. This change is largely attributed to the soaring costs of olive oil, which have doubled due to adverse weather conditions impacting olive harvests, making it unaffordable for many Spanish households. Consequently, sunflower oil, which is more economical, has gained favor, especially among lower-income households. In response to the rising costs and to make olive oil more accessible, the Spanish government slashed taxes on olive oil and Spain's largest supermarket chain, Mercadona, cut olive oil prices by 25% and offers them for as low as 7 euros per liter to attract customers.

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Original content

By Corina Pons MADRID (Reuters) - Sunflower oil has dethroned olive oil as the king of cooking in Spain, the world’s biggest olive oil producer, as rising prices force consumers to opt for cheaper options. Spaniards bought 107 million liters of all types of olive oil in the first half of 2024, compared with 179 million liters of sunflower oil, according to Spain’s largest olive oil bottling association, Anierac. Until this year, olive oil was the most popular cooking oil in Spanish households, accounting for 62% of sales by volume in 2023, while sunflower oil accounted for almost 34%, according to the agriculture ministry. “It is clear that olive oil consumption is falling in Spain,” said Primitivo Fernandez, a spokesman for Anierac. “There are families who used to buy only olive oil and for the first time are buying both sunflower oil and olive oil,” he said. Sales of olive oil fell by 18% in volume compared to the first half of 2023, according to Anierac. Sunflower oil sales ...

Source: NoticiasAgricolas