Poor harvests hitting production have forced up the cost of key ingredient
Sales of olive oil have plunged in its Mediterranean heartland as Spaniards and Italians shunned their most beloved culinary ingredient following steep price rises. Ignacio Silva, chief executive of Deoleo, the world’s biggest olive oil seller by revenue, said cost-conscious consumers were changing their habits to cope with the impact of droughts that have wrecked harvests.
” The US, which gets most of its olive oil from Spain and Italy, is importing less but for a higher cost. Last year the world’s second-biggest consumer imported almost 350,000 tonnes for $2.19bn, compared with 410,000 tonnes for $1.86bn in 2022, according to data from the International Trade Centre — suggesting some shoppers are being deterred by price increases.
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