`Olive Oil Sales Continue to Surge in Spain - Olive Oil Times
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Olive Oil Sales Continue to Surge in Spain

By Paolo DeAndreis
May. 11, 2021 11:33 UTC
Summary Summary

Olive oil sales in Spain have risen sig­nif­i­cantly in the 2019/20 crop year, with a 17 per­cent increase in vol­ume and an 8 per­cent increase in prices. The trend is expected to con­tinue due to grow­ing inter­na­tional demand, despite slightly lower pro­duc­tion lev­els and aver­age stor­age.

The lat­est data from Spain’s Ministry of Agriculture, Fisheries and Food show that olive oil sales by both vol­ume and prices con­tinue to rise in the 2019/20 crop year, con­firm­ing a grow­ing trend.

Olive oil sales have reached 872,900 tons so far, 17 per­cent above the aver­age sales of the last four sea­sons and eight per­cent above the pre­vi­ous year.

Additionally, aver­age monthly sales have exceeded 145,000 tons, a record, accord­ing to the min­istry, and a sign of a con­tin­u­ing rebound for the sec­tor.

See Also:Olive Oil Prices Hit Two-Year High in Spain

According to the fig­ures, prices are expe­ri­enc­ing sim­i­lar growth, with a 41.5‑percent spike since the begin­ning of the cur­rent sea­son, reach­ing €2.87 per liter. Those fig­ures place the cur­rent prices 48 per­cent above those received by pro­duc­ers last sea­son.

The min­istry said that the trend appears to be accel­er­at­ing since the aver­age price in the last two weeks of March was far higher than the aver­age of the pre­vi­ous four weeks.

The min­istry added that sales by vol­ume should con­tinue at this rate through­out the rest of the cur­rent sea­son due to the grow­ing inter­na­tional demand, which has been par­tially fueled by the four-month freeze on tar­iffs agreed between the United States and the European Union in March.

Prices should also remain steady since pro­duc­tion in the cur­rent sea­son fared slightly below expec­ta­tions in Spain and most of the other major pro­duc­ing coun­tries, and stor­age is cur­rently esti­mated to be at an aver­age level.

In this sce­nario, exports are again fuel­ing the growth, con­firm­ing the trend already seen in the 2019/20 crop year. Exports topped 566,600 tons, with an aver­age nine-per­cent increase com­pared with the pre­vi­ous sea­son and a more pro­nounced growth in the last two months.

Seven-per­cent growth is being esti­mated for the domes­tic sales, reach­ing 302,300 tons and far­ing 14-per­cent above the aver­age of the last four sea­sons.

The lat­est fig­ures build on the good results announced by the min­istry in January, which showed that domes­tic olive oil sales had grown by 18.7 per­cent in the first two months of the crop year. Those data placed sales already 36 per­cent above the aver­age of the same period of the last four sea­sons.

The domes­tic sales growth con­tin­ues to fol­low a trend. Last July, the min­istry con­firmed that Spanish house­holds had con­sumed 13 per­cent more olive oil in 2019 than the pre­vi­ous year.

Despite the dev­as­tat­ing impacts of the Covid-19 pan­demic on the coun­try, the min­istry also con­firmed a 12.7‑percent growth in house­hold olive oil con­sump­tion in 2020, with increased demand for extra vir­gin olive oil par­tially fuel­ing the growth.

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