Sunflower oil has replaced olive oil in many kitchens due to skyrocketing prices

By: Trademagazin Date: 2024. 08. 22. 12:09

Spain, the world’s largest producer of olive oil, is witnessing a historic change: in Spanish households, sunflower oil has taken the place of olive oil in the kitchen. As a result of price increases, consumers increasingly turn to cheaper alternatives, as a result of which the Spanish population already bought 179 million liters of sunflower oil in the first half of 2024, compared to 107 million liters of olive oil. This is a significant change compared to the fact that in 2023 olive oil still accounted for 62% of Spanish cooking oil consumption.

According to Primitivo Fernandez, spokesman for Anierac, the country’s largest olive oil bottling association, olive oil consumption is clearly decreasing and more and more households are buying sunflower oil in addition to olive oil. According to Anierac data, the volume of olive oil sales fell by 18% compared to the first half of 2023, while that of sunflower oil increased by 25%.

Spring heat waves and a prolonged drought, which reduced harvests in the past two years and pushed the price of the product to record levels, also contributed to the drastic increase in the price of olive oil. Last year, the price of sunflower oil per liter hovered around 1.86 euros, while the price of olive oil rose above 6 euros, in some cases even reaching 14.5 euros.

The Spanish government has tried to moderate prices by reducing the value-added tax on olive oil, and Spain’s largest supermarket chain, Mercadona, cut olive oil prices by 25% this year to lure back shoppers. Due to the increase in thefts, at the beginning of the year, stores had to use various methods to protect their olive oil stocks, as thieves were increasingly scavenging the goods for sale on the black market.