Major olive oil price drop coming soon, Spanish giant says
Spanish olive oil giant predicts prices to drop by half after reaching record-high costs. Better harvests and improved conditions signal end to three-year market problems
Deoleo‚ the worlds biggest olive oil maker predicts a huge drop in prices for the cooking-must have (which many call liquid-gold). The spanish company expects costs to go down by 50% in the next few months
The market has been super-tight lately with UK shoppers seeing a big jump in costs: since late-21 prices went up by 150%. This made many home-cooks think twice about using this kitchen basic
We are still going through a phase of tension in olive oil prices; however the outlook is positive
The companys brands like Bertolli and Carbonell should see prices going from €9-10 to about €5 per liter. Its all thanks to better weather helping farmers grow more olives: Spain will make 1.4m tonnes this year versus 850k last year
Main olive-making countries expect good news:
- Spain
- Greece
- Portugal
- Tunisia
The Mediterranean area (which makes 80% of worlds olive oil) had rough years with hot weather messing up harvests. Spain being the biggest player making two-fifths of global supply‚ sets the tone for worldwide prices
