Bad forecasts regarding the new Spanish olive oil. The North America Olive Oil Association (NAOOA) has evaluated the conditions of the world olive oil market and the conclusions regarding our country are far from positive.
As stated Olimercathe NAOOA notes that “while early signs pointed to a better crop this year, industry reports released last week suggest that Spain’s production in 2023/24 probably won’t be much better than last yearin any case, due to the disappointing olive yields.”
Beyond Spain, the estimates from the North America Olive Oil Association are also not good globally: “Looking at the estimated production reports from other countries, with Italy recovering, but Greece and Turkey facing large declines, now “It seems almost certain that total world production for the 2023/24 crop will be lower than last year.”
Furthermore, the NAOOA highlights that, although these bad forecasts continue to increase the prices of ‘liquid gold’, the reality is that “current global market prices are not yet fully reflected on American store shelves.”
On the other hand, the association indicates that, with the objective of stabilizing the supply of olive oil globally in the face of the growing trend in consumption of the product, it would be necessary carry out more investments long-term both in olive cultivation and in water management.