Experts Predict a Reduction in the Consumption of Olive Oil in the World

According to the International Olive Council (IOC), the volume of world consumption of olive oil in the season-2022/23 will decrease by about 6% compared to the previous agricultural year. According to experts, the figures will drop from 3.239 million tons to 3.055 million tons. At the same time, the IOC notes, a decrease in consumption, in particular, should be expected in the EU countries – from 1.55 million tons to 1.4 million tons – where prices for the product have increased significantly over the past year.

For example, in Spain, olive oil has risen the most – at once by 60%. In Italy and Greece, the growth is less significant, but also impressive – by 51% and 42% respectively.

According to Santiago Miralles, deputy president of the Spanish Federation of Food Banks (FESBAL), the rising prices of olive oil are turning this product into a luxury item. “It’s no longer a necessity, it’s a luxury,” he says.

However, a decrease in the consumption of olive oil can lead to a large slowdown in sales of these products and, as a result, to a decrease in the profits of producing companies, industry experts warn.

Earlier, the IOC said that the volume of world production of olive oil in the season-2022/23 will be at the lowest level in the last six years – 2.73 million tons, which is 18% less than it was in 2021/22 MY. The decline is expected against the background of a reduction in product output in Western Europe.

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