The IOC estimates that world olive oil production will decrease by 6% in the 2023/2024 campaign

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Published Mar 26, 2024

Tridge summary

The article discusses a significant downturn in global olive oil production, with a 25% reduction to 2,569,500 tons for the 2022/2023 campaign and an expected further 6% decrease to 2,407,000 tons for the 2023/2024 campaign, as reported by the International Olive Council. This decline is mirrored in consumption and imports, with major European producers like Spain, Italy, and Portugal facing notable drops, while Greece's production increased. Turkey, however, saw a substantial 62% increase in production. The article also highlights a slight 3% decrease in table olive production for the 2022/2023 campaign, with an anticipated 12% decrease for the 2023/2024 campaign, alongside a drop in consumption.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Global olive oil production has been the subject of a detailed analysis, revealing significant figures for the 2022/2023 and 2023/2024 campaigns. According to provisional data provided by the International Olive Council, olive oil production reached 3,422,500 tons in 2021/2022, experiencing a significant increase compared to previous decades. However, provisional figures for the 2022/2023 campaign show a decrease of 25%, standing at 2,569,500 tons. Furthermore, estimates for the 2023/2024 campaign suggest a production of 2,407,000 tons, which represents an additional decrease of 6%. Olive oil During the 2022/2023 campaign, world production is estimated at 2,569,500 tons, which is equivalent to a 25% reduction compared to the previous year. Likewise, consumption is estimated at 2,834,000 tons, reflecting a decrease of 15%, while imports reached 1,063,500 tons. IOC member countries produced a total of 2,359,000 tons during the 2022/2023 campaign, representing 92% of the world total. ...

Source: Oleorevista