News Briefs
Spain’s minÂisÂter of agriÂculÂture has called for unity among stakeÂholdÂers in the olive oil proÂducÂtion chain due to a 45% increase in prices, warnÂing that high prices could reduce conÂsumer appeal. The rise in prices is attribÂuted to a low harÂvest, inflaÂtion, and global marÂket uncerÂtainty, but the minÂisÂter remains optiÂmistic about the future of the secÂtor and emphaÂsizes the need for coopÂerÂaÂtion to avoid price spikes and proÂmote the prodÂuct.
Spain’s minÂisÂter of agriÂculÂture, fishÂeries and food has asked all the stakeÂholdÂers of the nation’s olive oil proÂducÂtion chain to stay united and coopÂerÂate in times of sigÂnifÂiÂcant olive oil price instaÂbilÂity.
Luis Planas said olive oil prices had increased 45 perÂcent in the last year, which he warned could transÂlate into a reduced appeal of the prodÂuct among famÂiÂlies.
He added that a ​“gourmet” prodÂuct availÂable only to cerÂtain conÂsumers would do no good for the olive oil secÂtor. In the curÂrent enviÂronÂment, he said, the indusÂtry should act to ​“avoid price spikes.”
See Also:In Spain, Olive Oil Sales Rise with Margins Along Production ChainAmong the driÂvers of the ongoÂing olive oil price rise is the excepÂtionÂally low harÂvest expected across all of Spain, the world’s largest olive oil-proÂducÂing counÂtry.
Additionally, inflaÂtion and conÂtinÂued uncerÂtainty in the global oilseed marÂkets have resulted in an unpreceÂdented marÂket sitÂuÂaÂtion for olive oil.
“We are livÂing in a moment that is comÂpletely unpreceÂdented. Olive oil has never had such a high price,” Juan Vilar, a strateÂgic conÂsulÂtant, told Olive Oil Times in an October 2022 interÂview.
The latÂest offiÂcial estiÂmates from both the national and Andalusian govÂernÂments calÂcuÂlate that olive oil proÂducÂtion will reach someÂwhere between 700,000 and 800,000 tons. Meanwhile, national olive oil stocks slightly exceed 400,000 tons.
Given these volÂumes, Planas reasÂsured Spanish conÂsumers, conÂfirmÂing that there would be enough olive oil for interÂnal conÂsumpÂtion and exports.
International Olive Council figÂures show that olive oil conÂsumpÂtion in Spain reached approxÂiÂmately 510,000 tons in the 2021/22 crop year.
At a meetÂing for the preÂsenÂtaÂtion of a sciÂence-based book on olive oil and health proÂmoted by the Foundation Patrimonio Comunal Olivarero and by the Spanish Interprofessional Olive Oil Organization, Planas also noted that he looks ​“with optiÂmism at the future of the secÂtor, both for the prodÂuct and for who is behind it.”
“I think it is cruÂcial that all parts of the olive oil secÂtor… are united to ensure they get the most out of this prodÂuct,” he added.
Several olive oil indusÂtry leadÂers have repeatÂedly expressed simÂiÂlar worÂries in recent days.
AdoraciĂłn Blanque, the presÂiÂdent of the AlmerĂa chapÂter of the Association of Young Farmers and Ranchers (Asaja AlmerĂa), said the motiÂvaÂtion for the price increase ​“is partly due to the excesÂsive reducÂtion of the harÂvest in the rest of Andalusia.”
“However, we must emphaÂsize that if the price at oriÂgin is very high, it is high for the conÂsumer as well, so conÂsumpÂtion could be affected,” she added.
Producers in Spain and other relÂeÂvant marÂkets, such as Italy, also lament the higher proÂducÂtion costs, includÂing for elecÂtricÂity, fuel, ferÂtilÂizer, pesÂtiÂcide, packÂagÂing, labels, logisÂtics and marÂketÂing.
However, Planas remained optiÂmistic in his speech and emphaÂsized the need to eduÂcate conÂsumers about olive oil.
He conÂcluded that there was still remarkÂable potenÂtial to grow the secÂtor, as olive oil accounts for just 3 perÂcent of ediÂble fats conÂsumed globÂally.
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