The IOC also emphasized how it is the first time that such a trend has been reported for three consecutive years.
(The data) shows how consumption reflects changes in consumer lifestyles. Covid-19 has changed our behavior, and consumers have shifted to purchasing better quality products.
According to the IOC forecasts for production and consumption in member countries, global olive oil consumption in the current season should reach 3.215 million tons compared with a total production of 3.1 million tons.
IOC figures show that in the 2019/20 crop year, olive oil production also stopped slightly short of consumption, with 3.266 million tons produced compared with 3.268 million tons consumed.See Also:Pakistan Set to Become Olive Council Member
Production fell to 3.010 million tons the following season compared with the 3.125 million tons consumed.
“Although globally stable during the last two crop years, consumption has not been affected by this slight drop in production,” the IOC said.
According to Abdellatif Ghedira, the IOC executive director, the figures demonstrate an emerging trend.
“It shows how consumption reflects changes in consumer lifestyles,” Ghedira said. “Covid-19 has changed our behavior, and consumers have shifted to purchasing better quality products, which has also led to an increase in the value of trade globally.”
Looking at global consumption trends over a longer period, IOC data shows a significant increase in the last 20 years. In 2001/02, global consumption hit 2.606 million and steadily increased to 3.215 million tons.
The IOC data also show the steady growth in olive oil consumption in non-member countries.
For example, between 1990/91 and 2019/20, olive oil consumption in the United States grew from 88,000 tons to 400,000 tons. Currently, the U.S. is the largest olive oil importer outside of Europe, with more than 400,000 tons expected in the current season.
The IOC also reported a slight increase in imports in 2021/22, up to 1.211 million tons. An increase was also recorded for exports, up to 1.189 million tons compared with the 1.1 million tons reported in the previous year.