World: The rise in olive oil prices is causing alarm in the sector due to the risk of fraud

The EU is the world’s largest producer of olive oil, accounting for around 65% of global production. However, due to unfavourable weather conditions, recent harvests have been poor. In the 2022/23 campaign, olive oil production in the EU fell by around 40% compared to previous years, and in 2023/24, production was down 25% compared to the average of the past five years. This trend is reflected globally, with production declining in many regions. As a result, olive oil prices have risen significantly worldwide, with increases ranging from 100% to 175% for extra virgin olive oil, depending on the market. In this context, consumers are likely to opt for cheaper alternatives, and traders could be tempted to offer lower-cost options, increasing the risk of fraud in a market known for its quality and centuries-old tradition. Unfortunately, fraud in the olive oil sector is not a new threat. Olive oil is a high-value product, which creates the temptation for unscrupulous actors to ...