Spanish Olive Oil Market Situation (May 2024)

The olive oil industry is currently experiencing a golden age in terms of sales, with records confirming the strength of this market in Spain. According to data released by the Food Information Agency (AICA) and the Ministry of Agriculture, May ended with an output of 97,000 tons of olive oil, continuing the trend of large volumes sold, which now total 671,000 tons in the first seven months of the current campaign.

This commercial dynamism occurs amidst a rise in producer prices , demonstrating the ability of Spanish producers to penetrate domestic and international markets. However, there is concern about the forecast of a possible shortage by September, as stocks are at 492,290 tons, which could be the lowest transition between campaigns in the century.

Looking at the numbers, we see that cooperatives and oil mills hold 319,911 tons, bottlers have 170,715 tons, and the Patrimonio Comunal Olivarero owns 1,662 tons. Given this situation, experts predict a price increase as a mechanism to balance supply and demand and ensure availability until the new harvest season.

Today, there has been much discussion about olive oil prices at the second Mundolivar congress held in Córdoba, Spain, where representatives of the major oil bottling companies have shared their perspective on the olive oil market:

"The producer prices of olive oil could remain stable without a significant decrease until November or December, which is when the new harvest's oil is expected to be available on the market."