The price of olive oil is finally falling

This significant increase in production could replenish olive oil stocks to levels not seen in the last decade, compensating for the low production of the past two years. As a result, the price of olive oil can be expected to fall below 10 euros/liter, which can increase consumption worldwide, especially in countries where olive oil is not a staple food. For example, olive oil consumption in China dropped by 60 percent last year due to high prices.

According to Monini, a boom in global olive oil consumption can be expected, and by 2025 consumption of around 3 million tons is forecast. Although Italy’s production will be lower due to the drought, this will not significantly affect the price of Italian extra virgin olive oil, as domestic demand will significantly exceed production. According to Assitol’s estimate, olive oil production of 200,000 tons is expected in Italy this year, while a strong recovery may come in other Mediterranean countries, especially Spain.