Spain’s Deoleo, the world’s largest olive oil producer, says one of the most challenging moments in the industry’s history appears to be drawing to a close, with “liquid gold” prices expected to nearly halve from an all-time high over the coming months.
A prolonged period of climate-fueled extreme weather and drought in southern Europe has severely impacted olive harvests in recent years, culminating in a dizzying price rally that shocked industry veterans and consumers alike.
The shortage of olive oil, a superfood staple of the Mediterranean diet, pushed the industry into crisis mode, stoked food insecurity fears and even prompted a crime surge in Spanish supermarkets.
Prices have since cooled, however, as industry estimates point to significantly improved harvests in the 2024-2025 season, particularly in key producing countries such as Spain, Greece and Tunisia.
“Although there have been steps towards improvement, it would not be entirely accurate to say that the crisis is over,” Miguel Ángel Guzmán, chief sales officer at Deoleo, told CNBC via email.
