The global olive oil market is stabilizing - US consumers are increasingly preferring it
The world’s largest olive oil company, Spain’s Deoleo, says the period of very high volatility has undoubtedly given way to more stable market conditions, citing increased sales in the U.S. “The very complex market cycle experienced between 2022 and 2024, which had a severe but temporary impact on the industry, is now definitively behind us,” Deoleo CEO Cristobal Valdes told CNBC.
Favorable rainfall in major producing countries, including Spain, has paved the way for a strong global yield, Valdes said, ensuring a stronger and more balanced supply. The update comes as analysts raise concerns about the outlook for global olive oil supplies, which fluctuate dramatically from season to season, especially as issues such as climate change, water scarcity and disease continue to loom large.
Deoleo previously described the three-year period from 2022 to 2024 as one of the most challenging in the history of the sector. Severe droughts and scorching heat in Southern Europe destroyed large parts of olive plantations, culminating in a dizzying price increase that shocked both the industry and consumers.
Olive oil prices have fallen since then, prompting more and more American consumers to embrace this product, which has long been a staple of a healthy Mediterranean diet.
“This stabilization of market supply provides greater predictability, throughout the value chain, and allows us to anticipate a more stable price environment. This, in turn, is driving a recovery in global household demand,” said Valdes. Alongside Italy and Greece, Spain is one of the world’s leading producers of this precious product and a global reference for prices.
The price of extra virgin olive oil in Spain was at 3.9 euros per kilogram, according to the latest weekly data from the European Commission, continuing a steady downward trend since the beginning of the year. In January 2024, the price was at a record 9.3 euros per kilogram.
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