EU olive oil production expected to recover further in 2024/25

The European Commission has published a new report on the short-term outlook for agricultural markets in the EU for autumn 2024. According to this report, olive oil production in the EU is expected to continue to recover in 2024/25, driven mainly by increased production in Spain, which could reach around 1.3 million tonnes (up 50%), accounting for 65% of the total. Production is also expected to improve in Greece and Portugal. In Italy, however, production could be lower due to drought and heat waves in the south of the country.

Overall, olive oil production in the EU could reach 2 million tonnes, which would represent an increase of 32 % compared to the previous year. This, in turn, could lead to lower prices, which would trigger a gradual recovery in consumption, estimated at 7%. However, this recovery would depend on the pace at which prices are passed on from producers to consumers.

The biggest uncertainty for 2024/25 lies in how fast prices will adjust to the increased supply and how consumers, who have changed their consumption habits due to high prices, will respond. As a result of this process, ending stocks for the 2024/25 season could total 601,000 tonnes.

Source: Olimerca (https://www.olimerca.com/noticiadet/la-ue-estima-una-recuperacion-del-consumo-de-aceite-de-oliva-del-7/f05165756142aeacf9a3ac881f839e2c)