`In Italy, Extra Virgin Olive Oil Prices and the Popularity of Large Food Retailers on the Rise - Olive Oil Times
Enter keywords and hit Go →
enEnglish
enEnglishfrFrançaiselελληνικάdeDeutscheitItalianozh-CN中文ptPortuguêsesEspañoltrTürkçehrHrvatskija日本語hiहिंदी
enEnglish
enEnglishfrFrançaiselελληνικάdeDeutscheitItalianozh-CN中文ptPortuguêsesEspañoltrTürkçehrHrvatskija日本語hiहिंदी

In Italy, Extra Virgin Olive Oil Prices and the Popularity of Large Food Retailers on the Rise

By Paolo DeAndreis
Dec. 27, 2022 18:49 UTC
Summary Summary

Italian fam­i­lies are spend­ing more on all types of oils, includ­ing extra vir­gin olive oil, with a 15.5 per­cent growth in con­sumers’ expenses for veg­etable oils and fats. The rise in expenses is attrib­uted to the increas­ing prices of seed oils, impact­ing over­all con­sumer expen­di­ture in the coun­try.

A new report found that Italian fam­i­lies are spend­ing more on all types of oils, includ­ing extra vir­gin olive oil, than they had in recent years. The lat­est mar­ket analy­sis pub­lished by the Institute of Services for the Agricultural and Food Market (Ismea) high­lighted a 15.5 per­cent growth in con­sumers’ expenses for all cat­e­gories of veg­etable oils and fats.

The new report also said that con­sumers’ expenses in the coun­try have grown by 11.1 per­cent over­all in the first nine months of 2022.

According to the report’s authors, such an increase is mostly due to the ris­ing prices of seed oils (up 33 per­cent), whose sup­ply is highly affected by the Russian inva­sion of Ukraine.

The still-high level of infla­tion affects a fam­i­ly’s expen­di­ture capac­i­ties. Additionally, high-qual­ity extra vir­gin olive oils have seen a reduc­tion in vol­ume, which has dropped 3.9 per­cent since 2021.

See Also:Olive Oil Production News

In the same period, as a con­se­quence of the ris­ing prices, over­all extra vir­gin olive oil expen­di­tures have grown 11.6 per­cent.

Interestingly, more fam­i­lies have cho­sen to buy their gro­ceries from large retail­ers (up 2 per­cent) in 2022. These retail­ers often pro­mote extra vir­gin olive oils at lower prices as a means to attract con­sumers.

Between 2019 and 2022, small tra­di­tional food shops have seen a decrease in cus­tomers from 12 to 10 per­cent. Locally pro­duced, high-qual­ity EVOO is often sold on the shelves of such venues.

According to Ismea, in the first nine months of 2022, extra vir­gin olive oil rep­re­sented 0.9 per­cent of a consumer’s over­all food expen­di­ture.

The report explained that the change in buy­ing habits is most pro­nounced among newly formed fam­i­lies with very young chil­dren. From 2019 to 2022, this group’s food expen­di­ture dropped 13.7 per­cent. According to Ismea, chal­leng­ing eco­nomic con­di­tions have forced many such fam­i­lies to intro­duce cost-sav­ing strate­gies, as the ris­ing cost of house loans, bills and child­care greatly affect all other expenses, food included.

However, a decrease in the pop­u­lar­ity of online gro­cery shop­ping could be a hope­ful sign for small, local retail­ers. The worst period of the COVID-19 pan­demic caused extra­or­di­nary growth in the online shop­ping sec­tor. Yet, Ismea’s report showed that while online vol­umes remain 80 per­cent higher than in 2019, six per­cent fewer cus­tomers shop online in 2022.

More articles on:  , ,

Advertisement

Related Articles