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W8: Weekly Olive & Olive Oil Update

Updated Feb 27, 2023
Tridge's global market analysts and country representatives take a deep dive into what happened during W8 in the global olive and olive oil landscape. In summary, in the European olive market, there is a price hike between 30-50% expected soon due to a production shortage caused by a drought in 2022. In Turkey, the production of olives in the North Aegean may be affected by insufficient rainfall. As for the olive oil market, The production of olive oil in Spain has decreased to 680K MT from the initial prediction of 780K MT. Lastly, in 2022, Serbia purchased olive oil from Spain for USD 1.69M, making Spain the second-largest olive oil supplier to Serbia.



Olives Can Become Very Expensive in Europe

Olive farmers throughout the majority of Europe have suffered significant losses as a result of drought and excessive heat in recent years, particularly in 2022. The harsh weather caused a significant decrease in harvest, which decreased stockpiles. Italy, Greece, Spain, and Portugal are among the biggest producers and exporters of olive oil, which also revealed that growers may produce a great deal less olive oil. Italians are predicted to produce 37% less olive oil in 2022/23 than they did in the previous year. There may be a global scarcity of about 4K MT, which would result in a 20% reduction in the amount of olive oil that can be produced. This could indicate a price hike of between 30-50% in the near future.


Drought Can Negatively Affect Olive Yield

The production of olives in the North Aegean may be affected by insufficient rainfall. According to experts, the olive crop will decline if the drought lasts for the foreseeable future. It has been discovered that the North Aegean's olive harvest may suffer as a result of insufficient precipitation during the fall and winter.

Olive Oil


Minister of Agriculture Reduces Oil Production in Spain to 680K MT

The production of olive oil in Spain has decreased to 680K MT from the initial prediction of 780K MT, according to the most recent statistics from the Ministry, according to Luis Planas, Minister of Agriculture, Food, and Fisheries.

Spain Is the Second Largest Supplier of Olive Oil to Serbia

Since olives are not produced in Serbia, there is no local production of olive oil, hence imports provide practically all of the market's supply. Italy exports the most olive oil to Serbia, followed by Spain and Greece, albeit there is a noticeable variation between them, especially in terms of price. In 2022, Serbia purchased olive oil from Spain for USD 1.69M. Serbia's olive oil market is relatively small, depends heavily on imports to satisfy domestic demand, and has very little room for re-exports. As a result, historically speaking, Serbia has always been a trading oil importer.

Spain and Chile Were the Main Markets for Peruvian Olive Oil in 2022

Throughout 2022, Peru exported 1.64M liters of olive oil. And the outcome signifies the continuation of a positive trend. Extra virgin olive oil exports from Peru have increased in volume by an average of 29.5% over the last four years. In 2022, the volume exported increased by 107.6%. Spain received 36% of all domestic shipments in 2022, making it the primary destination. Chile came in second with a share of 24.3%, followed by all other markets combined with a share of 39.7%.

50% Less Olive Oil Production Expected in Spain Due to Drought

Due to the drought suffered in 2022 in Spain and the heat waves that affected the production areas, the loss of the olive harvest for olive oil is quantified at around 50% for the 2022/23 campaign. In the 2022/23 season, the price per kg of olives in the field is already paid at a 60% higher YoY compared to the 2021/22 season.


Algeria Promotes Sustainable Olive Oil Production

The Agricultural Assistance Program (PASA), in which thousands of olive growers from the country's north participate and which encompasses almost 130K hectares of olive trees, has created a worldwide standards-based, cutting-edge supply chain for olive oil in Algeria as its goal. The EU, as well as French and German government agencies, have provided funds for the program, which is being supported by the Algerian government and aims to reduce the environmental impact of olive farming.

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