The new harvest for olive oil in greece will reach 250,000 tons, according to estimates.
international olive oil prices rose substantially from late 2022 and reached historic highs in early 2024.
As far as prices are concerned, their downgrade can be seen in all markets, but with great intensity in Greece and Spain, and in Italy they are correcting but at a light pace and are already at higher levels .
The prices for extra virgin olive oil in Greece, in November, are at 5.33 euros per kilogram, and in Spain at 6.15 euros and in Italy at 8.61 euros:
The price of olive oil for producers this year reaches 5.50 to 6 euros per kilo, while last year they were between 8 € and 8.50 € per kilo. Despite the increase in production, most fear that this reduction in prices will not ultimately reach the consumer’s pocket. “The current price is €5.30, and the price reaches €14 in supermarkets”, emphasizes another producer.
What factors are currently influencing the olive oil prices in Greece compared to other countries?
interview with Olive Oil Expert: Navigating the Future of Greece’s olive Oil Industry
Editor (Time.news): Thank you for joining us today. With the new harvest in Greece estimated to hit 250,000 tons, how dose this production level influence the olive oil market, especially in relation to international price trends?
Expert: It’s a pleasure to be here. The anticipated harvest is significant, especially considering the historic highs that international olive oil prices reached in early 2024. The increase in production could have a dual effect: while it may indicate potential for lower consumer prices, we must also understand the complex dynamics at play in the market, including demand fluctuations, supply chain issues, and consumer sentiment.
Editor: Absolutely. While some markets have seen price corrections, you mentioned that Greece and Spain are experiencing a more pronounced downgrade. Can you elaborate on how these regional trends are affecting producers?
Expert: Certainly! In Greece, the price for extra virgin olive oil currently sits at approximately 5.33 euros per kilogram. This is down from last year’s prices of 8 to 8.50 euros per kilogram. Even though producers are hopeful that the increased harvest will lead to lower prices at the consumer level, there is skepticism—many are concerned that the savings won’t reach consumers as seen in the current market, where prices in supermarkets can soar to over 14 euros. This disconnect raises questions about openness and the distribution of profits along the supply chain.
Editor: That’s a valid point.Considering the current pricing structures in Greece, Spain, and Italy—where prices stand at 6.15 euros and 8.61 euros per kilogram respectively—what do these figures imply for international competitiveness?
Expert: The pricing differences highlight the competitive landscape of the olive oil industry. Greece’s lower prices might seem advantageous; however, if domestic and international distribution channels do not fairly translate savings to consumers, the perceived accessibility could diminish.Italy’s higher prices reflect both market positioning and perceived quality, frequently enough associating it with premium products. Thus, Greece needs to work on enhancing the global brand image and quality perception of its olive oil to gain better footing.
Editor: Given these insights, what practical advice can you offer to consumers looking to navigate the olive oil market amidst these fluctuations?
Expert: Consumers should be savvy about their purchases. Firstly,they should look for local producers or markets that offer quality olive oil at fair prices. Secondly, understanding where their olive oil comes from can help them make better choices. Check for certifications of origin which can ensure authenticity. Staying aware of seasonal price variations – like the significant shifts occurring in November – will help consumers buy at optimal times. Lastly,don’t hesitate to ask questions when buying; transparency can foster more informed choices.
Editor: Thank you for those insights. As we look forward to the coming months, what do you foresee as the biggest challenge or opportunity for the olive oil industry in Greece and beyond?
expert: The key challenge will likely be managing pricing stability while ensuring quality standards are met. Producers need to balance cost-efficiency with maintaining the quality that differentiates their product. On the opportunity side, should producers regionally collaborate and invest in marketing campaigns showcasing the unique characteristics of Greek olive oil, they could potentially capture a larger market share internationally. As sustainability becomes increasingly vital for consumers, emphasizing eco-pleasant practices in production could also provide a significant advantage.
Editor: Thank you for sharing your valuable insights! The olive oil market is indeed a engaging and complex field, and we appreciate your expertise in navigating the challenges and opportunities ahead.
Expert: thank you for having me.It’s essential for us to keep the conversation going,as olive oil continues to be a staple in kitchens worldwide.
