There is to be expected an increase in olive oil sales over the next few years. After a turbulent few years' olive oil production and sales experienced a temporary decrease due to COVID-19 and the price increase for imports. The CBI, Ministry of Foreign Affairs said, ‘Production in the 2022/2023 season was 35% lower than average.’ The olive oil consumption was estimated to be about 1.5 million tonnes.
However, over the past 5 years there has been a steady growth in the olive oil consumption due to the price increase of extra virgin olive oil. With most European countries importing olive oil from Spain, Italy, France, and Greece; the United Kingdom have had an increase in importation which is set to increase over the next few years. With a high demand in healthier lifestyles, olive oil is another ingredient that helps reduce highly processed refined oils.
The CBI, Ministry of Foreign Affairs stated, ‘the European market for olive oil is likely to increase at an annual growth rate of 3-5%. The highest consumer growth rate is expected in Eastern Europe (5-6% per year), while moderate growth is expected in Western Culture (1-3% per year)’
The high increase in olive oil production and sales will bring reassurance to the industry’s market and with this rapid growth in healthier lifestyles, olive oil may be set to increase its growth rate even further across Europe and developing countries.
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