The International Olive Oil Council (IOC) forecasts that in the current 2024/25 marketing year, world olive oil consumption will recover to over 3 million tonnes.
Table olive consumption could also reach similar figures.
According to official data and estimates by the IOC Executive Secretariat, world olive oil consumption could reach 3 064 500 tonnes in the 2024/25 marketing year, an increase of 10.0% compared to the previous marketing year 2023/24.
In the previous marketing year 2023/24, although the data are still provisional, world consumption is estimated at 2,780,000 tonnes, a fall of 2.6% and 75,000 tonnes less than in the previous marketing year.
The IOC points out that olive oil consumption in the European Union has been on a downward trend in recent years.
It stresses that, although world consumption has almost doubled since the 1990/91 marketing year, the EU has reduced its share of the total from over 70% in 2004/05 to around 45% in recent years.
This decline has been offset by increased consumption in non-IOC countries, as well as in other member countries.
Table olives
Table olive consumption growth has been particularly marked in the main producer countries that are members of the IOC.
Some countries have recorded significant increases in their production and, consequently, in their consumption. Prominent examples include Egypt, which increased from just 11,000 t in 1990/91 to 520,000 t in 2023/24; Algeria, which increased from 14,000 t to 285,000 t in the same period; and Turkey, which raised its production from 110,000 t to 350,000 t.
As for table olive consumption, it is estimated to reach 2.9 million tonnes in the previous marketing year 2023/24 and could reach 3 million tonnes in the current marketing year 2024/25.
Finally, the IOC notes in its monthly report for January that, in the third week of January, the price of extra virgin olive oil (EVOO) leaving the mill in Jaén, Spain, stood at an average of 442 €/100 kg (-50.7% compared to the same week of the previous marketing year) and in Bari, Italy, at 950 €/100 kg (-1.9%).
Last November, EU extra-EU olive oil export prices in the current marketing year 2024/25 stood at 845 €/100 kg (+1.9% compared to the same period of the previous marketing year, -4.4% compared to the previous month), and in EVOO at 884 €/100 kg.
The unit value index for exports, according to the IOC, has fallen for the eighth consecutive month, with a reduction of 4.9% in November compared to October.
Imports of oliveoil
Imports of olive oil in some of the main markets have decreased by 6% between October and November 2024 compared to the same period of the previous season, due to the upturn in
olive oil HICPprices
Finally, the Harmonised Index of Consumer Prices for olive oil in the EU (HICP) increased by 1.5% in December compared to the same month of the previous year, although the figure is lower than that recorded in November (-4.2%), with a downward trend in the index has been maintained since April 2024.
By country, the largest increases were observed in Bulgaria and Slovakia, while the largest falls were recorded in France and Romania, according to the IOC.
More information at: https://www.internationaloliveoil.org/
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