The climate crisis is negatively impacting the global olive and olive oil sector

Published May 9, 2024

Tridge summary

The global olive oil industry is grappling with severe challenges, as stated by Miguel Angel Guzman, the sales director of Deoleo, the world's largest olive oil producer. The challenges include the effects of global climate change, increasing costs, high interest rates, and inflation. Spain, a key producer accounting for over 40% of the world's production, has seen reduced olive harvests due to extreme heat. This has led to a significant increase in prices, although recent rainfall has slightly mitigated the price hike. Deoleo remains cautiously optimistic, awaiting more information on the 2024-2025 harvest. Guzman emphasizes the need for the industry to adapt and transform to reduce price volatility, addressing the climate vulnerabilities of olive trees.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Global olive oil production is facing one of the most difficult times in its history and is in need of a “profound transformation,” says Miguel Angel Guzman, sales director of the Spanish company Deoleo, the world’s largest producer of the product. Global climate change, soaring prices, high interest rates and persistent inflation have affected the entire olive oil production chain in recent months, he explained. As UkrAgroConsult writes, two years of scorching heat in Spain have led to a limited olive harvest and, as a result, to an unprecedented rise in prices. Spain accounts for more than 40% of global olive oil production, making it the global price benchmark. Most of the global supply of olive oil comes from the Mediterranean, with Southern European countries - Spain, Italy and Greece - among the world's leading producers of this precious commodity. Prices for extra virgin olive oil in Spanish Andalusia reached a record high in January - 9.2 euros ($9.84) per kilogram. ...
Source: Eastfruit
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