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Olive oil prices in Spain are steadily increasing, with the extra virgin olive oil price at origin reaching record levels, driven by a significant drop in overall production. Despite the price spike, Spanish producers have maintained high sales volumes, with exports driving an extraordinary number of 1.6 million tons in 2022.
Olive oil prices in Spain continue to grow, following a trend that has been consolidating since October. The prices are on track to set new records.
Poolred, the online olive oil database run by the Andalusian government, reported that prices have been steadily growing for the last few weeks.
See Also:Olive Oil Business NewsBetween November 28th and December 19th, the extra virgin olive oil price at origin grew from €4,951 per ton to €5,348 per ton.
In Jaén, the most relevant olive oil market in the country, the Association of Young Farmers of Jaén (ASAJA) confirmed that between December 12th and December 19th, the extra virgin olive oil price at origin reached €5,371 per ton.
Oleostepa, an olive oil producers cooperative, told Agripopular that it estimated the EVOO price at origin for the national market had grown 3.85 percent in one week.
Overall, the extra virgin olive oil price at origin over the last twelve months has grown by more than €2,000 per ton.
Similar tendencies are reported for Virgin Olive Oils (VOOs), whose price at origin exceeded €4,700 per ton on November 28th. VOOs are currently traded at €5,116 per ton.
Significant growth is also reported for Lampante olive oils price at origin, which is now exceeding €5,000 per ton for the first time. A month ago, Poolred noted that lower-quality olive oils sold for €4,480 per ton.
The current trend appears to be consolidating. The latest data from the Ministry of Agriculture, Fisheries and Food stated that from November 5th to November 11th, extra virgin olive oil price at origin grew 3.55 percent.
Such striking price growth is mainly associated with the significant drop in overall olive oil production, which Spanish producers are experiencing this harvest.
Still, the Union of Small Farmers and Ranchers (UPA) noted that Spanish olive oil had seen record sales in 2022. In a recent note cited by OleoRevista, UPA confirmed sales of 1.6 million tons, an extraordinary number driven by exports.
To maintain such volumes, Spanish producers have special stocks of extra virgin olive oil at their disposal. These are estimated to be more than 400 thousand tons.
In a note reported by ABC de Andalusia, the agricultural organization COAG commented on the price spike, which, according to some experts, might translate into lower olive oil consumption throughout the country.
“A Spanish family consumes, on average, 40 litres of olive oil per year. If we divide this per month and per person of the family, such price rise sums up to a few cents. People are not going to give up the Mediterranean Diet to save €60 a year,” the association noted.
In 2021, the International Olive Council found that Spanish buyers consumed 510 thousand tons of olive oil.
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