Olive oil production in Spain alone (the majority contributor of Olive oil to the global market) dropped a staggering 55% last year . Even through some areas like Italy and Tunisia had decent harvests, they are not enough to offset Spain’s shortfall. “Drastically lower yields in the country, usually responsible for almost half of global production and annual exports of nearly €3 billion, have resulted in rising prices across the olive oil sector supply chain. Due to its immense size, pric es in Spain largely dictate prices in other international markets.” (Source: oliveoiltimes.com) Because of these factors, olive oil prices have hit record highs and through the prolonged drought, the costs are anticipated to stay elevated for the near future . It is likely that prices and promotional support will continue to be pressured. We will continue to work closely with our suppliers to navigate these unprecedented times and together we will get through the best we can.
We will monitor the situation and stay on top of these challenging times and will continue to keep you informed as we learn more information.
Nick Simmons Senior Category & Brand Development Manager
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