Olive oil production has tripled in the last 60 years, reaching some 2,760,000 tonnes in the last 2022/23 campaign, according to the International Olive Oil Council (IOC) in its latest report.
Provisional figures for the 2023/24 season point to a 7% drop of 196,000 tonnes over the previous season, leaving world production at around 2,564,000 tonnes, while the estimate for the current 2024/25 season stands at 3,375,500 tonnes, an increase of 32% and 811,500 tonnes over the previous season.
World olive oil consumption stood at around 2 780 000 t, 1% lower than the previous year, despite the substantial rebound in prices.
IOC member countries produced a total of 2,404,000 t, representing 94% of the world total for the previous marketing year 2023/24.
The group of European countries reached 1,531,500 t, an increase of 10%, with Spain leading with a production of 854,000 t and an increase of 28%, followed by Italy with 328,500 t (+36%), Greece with 175,000 t (-49%) and Portugal with 160,900 t (+28%).
The rest of the IOC member countries reached a total of 872,500 tonnes, with a notable drop in Turkey, with 215,000 tonnes (-52%) in the previous season.
As far as consumption in the IOC member countries is concerned, they will reach 1,925,000 tonnes, while in the rest of the non-IOC member countries consumption will be around 855,000 tonnes (-8%).
Estimates 2024/25
According to official country data and IOC Executive Secretariat estimates, world production for the 2024/25 season is expected to be around 3,375,500 tonnes, a significant increase of 32% over the previous season.
Imports and exports are estimated to be above 1,200,000 tonnes.
The IOC member countries as a whole estimate a production of 3,193,000 tonnes, which will represent 95% of the world total for the 2024/25 marketing year and which will represent an increase of 33% compared to the previous marketing year.
The European Union producer countries as a whole are forecasting a production of 1,973,000 tonnes, up 29%, while the rest of the IOC member countries estimate a total of 1,220,000 tonnes (+40%).
For its part, world consumption could reach 3,064,500 tonnes, an increase of 10% compared to the previous season.
On the side of extra-EU olive oil exports from the European Union, in September 2023/2024, the unit value stood at 881/100 kg (+19.6% compared to the same period of the previous marketing year or -3.7% compared to the previous month). This figure for extra virgin olive oil (EVOO) stood at 930 €/100 kg.
The export unit value index fell again for the sixth consecutive month compared to the same month of the previous year. In September it fell by 3.4% compared to August.
On the other hand, olive oil imports from the main markets increased in the period from October 2023 to September 2024 by 0.6% compared to the same period of the 2022/23 marketing year.
As for mill prices of extra virgin olive oil (EVOO), the latest figures for the last week of November for Jaén (Spain) put it at 530 €/100 kg, 28.9% less than in the same week of the previous marketing year. In the case of Bari (Italy) this figure rises to €915 per 100kg (+1.7%).
Finally, the Harmonised Index of Consumer Prices (HICP) for olive oil in the EU increased by 14.4% in October compared to the same month of the previous year, a lower figure than in September (-0.6%). This index for olive oil has been falling since April 2024.
Table olives
On the other hand, world production for the provisional 2023/24 season, which ended on 31 August, stood at 2,828,500 tonnes, down 12% on the previous season.
Among the IOC member countries, the fall in Turkey's crop (-33%) stands out, while in terms of its weight in world production it is Egypt (23%) that stands out, with an 8% increase on the previous 2023/24 marketing year.
As in the case of olive oil, but in a much more moderate way, estimates for the 2024/25 crop year predict an increase of 12%, which would bring world production to 3,178,000 tonnes.
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