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

Published 2024년 11월 4일

Tridge summary

The European Union (EU), as the world's largest producer of olive oil, has seen a significant drop in production due to adverse weather conditions, with a 40% decrease in the 2022/23 campaign and a 25% decrease in the 2023/24 campaign compared to average production. This global decline has led to a surge in olive oil prices, exacerbating the risk of fraud in the market. The article emphasizes the importance of strengthening administrative measures against fraud and investing in consumer education. It also points out issues with EU marketing rules that allow blending and the need for stricter packaging regulations. The article also discusses the challenge of competition from neighboring countries like Tunisia, which export duty-free to the EU, and calls for efforts to maintain EU's high production standards.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: Agrodigital