This increase in production will also boost EU exports, which are expected to grow from 35% in 2020 to 44% in 2031, reaching one million tonnes. While the growing area is set to remain stable, the planting of more resilient varieties of olive trees is expected to contribute to higher yields.įor the 2021/22 crop year, olive oil production is expected to increase by 10%, year on year, to 2.3 million tonnes. Production TrendsĪccording to EU data, production of olive oil in the EU could reach 2.5 million tonnes by 2031 – up by 22% when compared to 2020. Spain and Italy are expected to lead the way in terms of olive oil consumption this year, consuming approximately 510,000 tonnes each – a slight decline from the previous year. In addition, the war in Ukraine has pushed up the price of other vegetable oils and created greater demand for olive oil as an alternative. In the immediate term, in 2021/22, experts believe that olive oil consumption within the European Union could rise by 7% compared with the previous crop year, partly due to an estimated 3% decrease in exports. The dominant channel for olive oil sales is retail, which accounted for around 65% thereof in 2021, with organic olive oil gaining some market share (around 3% in 2021). In the years to come, consumption in the EU is expected to be driven by non-producer countries, which represented 21% of consumption in 2020 and 32% in 2031, according to the recent European Union agricultural outlook for 2021-31. COVID-19 has changed our behaviour, and consumers have shifted to purchasing better-quality products, which has also led to an increase in the value of trade globally.” Olive oil consumption is also increasing beyond the borders of Southern Europe and North Africa, in countries such as China, Japan and India.Ĭommenting on this trend, IOC executive director Abdellatif Ghedira noted, “It shows how consumption reflects changes in consumer lifestyles. Global olive oil consumption is estimated to increase to 3.21 million tonnes in the 2021/22 crop year, according to data from the International Olive Council (IOC), which also indicated that global olive oil consumption has exceeded production in the past three years. High olive oil consumption (more than half a tablespoon, or approximately seven grams of oil) has the potential to reduce the risk of cardiovascular disease, cancer, and neurodegenerative diseases, while also contributing to general day-to-day health.Ĭoupled with a significant shift among consumers towards healthy eating during the pandemic, it's therefore no wonder that the table olive and olive oil sector is primed for growth over the coming years. To paraphrase a Harvard study from earlier this year, ‘seven grams of olive oil a day keeps the cardiovascular doctor away’. This article first appeared in ESM July/August 2022. Dayeeta Das examines the latest trends in the table olive and olive oil markets.
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