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.