Following this year’s trying times for Spain’s olive oil harvest, a recent report by the International Centre of Excellence for Olive Oil at GEA Westfalia Separator Ibérica expects global olive oil production to decrease 20 percent with total output projected to be 2,618,000 tons, according to Europa Press.
Spain’s production is estimated to drop by almost 50 percent to 960,000 tons, sliding the olive oil leader back to 36 percent of global production, while other countries such as Greece and Italy will see a significant rise.
Italy was reported to have an outstanding year for crop growth in the regions of Puglia, Abruzzo, Umbria and Campania, thereby increasing production to 450,000 tones, a 15 percent rise. US production is expected to drop by 19 percent while other countries, like Morocco, New Zealand and Chile, will also see a decline.
Climate and weather variants are the main causes of the production fluctuations, the report claims.
Prices will likely reflect the changes in production. President of GEA Westfalia Separator Ibérica, Juan Vilar commented on prices at origin stating, “a restrained upward trend will continue until the start of the campaign in Portugal, which will happen in about two weeks. From there, if the trend of the offer is ratified, prices should keep stable, after falling between 5 and 15 percent, between 2.2 and 2.5 euros per kilo.”
GEA Westfalia Separator Ibérica is part of the larger GEA Westfalia world separation technology company and was founded in 1966. The branch provides technologies to over 45 countries on five continents.