2024 Author: Jasmine Walkman | [email protected]. Last modified: 2023-12-16 08:29
The price of olive oil is growing progressively with each passing year. This year the quality is expected to decrease even more at the expense of the price, which will rise again. This is a result of reduced production over the past year.
The price of the most valuable vegetable oil has jumped by 20% over the past year. Drought and many diseases then destroyed much of Europe's harvest. In 2015, world production shrank by a third, according to the International Olive Oil Committee. Experts predict that in 2016 the trend will continue.
Spain is the largest exporter of olive oil. Worldwide, it supplies up to 40% of the world market. However, the country suffered from unprecedented heat in the summer of 2014. According to experts, this harvest was the worst in 20 years.
In order to meet market demand, Spain and other producing countries are forced to sell from their reserves. This means that they extract last year's olive oil, and as we know, the weather has a detrimental effect on olive production. The practice will continue in the 2015-2016 season due to the continuing global warming.
Spain is expected to produce 1.2 million tonnes this year. This is a little more than the previous one. In good years, the amount reached 1.8 million tons, which today can not even think about.
The situation in Italy is similar to that of its neighbor. The country provided 20 percent of world production. However, the larger harvest last year there was cut by diseases and it is not known whether healthy olives will be born at all.
The high prices of olive oil are forcing traders to increasingly offer their customers last year's olive oil. It is much lower quality and people just choose other similar products. Olive oil consumption decreased by as much as 7% last year.
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