Refined Olive Oil Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Refined Olive Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Refined Olive Oil Price Trend for the Second Half of 2023

Refined olive oil prices majorly vacillated at the higher end of the curve during the said period of H2’23. Several Mediterranean countries suffered dry weather and drought, while the production reports from Southern Europe were also skimping.

Especially around September and October, the refined olive oil prices skyrocketed; in Turkey, the prices estimatedly rose 14 folds. Due to this astonishing rise in the prices, there was a slight dip in demand witnessed during November and December, but the strict supply restrain in the global markets kept the prices soaring. These historical falls in production are attributed to adverse climate changes and are projected to rise even further.

Analyst Insight

According to Procurement Resource, despite the existing havoc in the Refined Olive Oil industry, the price trends are likely to rise even further going forward. The market dynamics are all disturbed, and the current supply crunch will continue to drive the price trend.

Refined Olive Oil Price Trend for the First Half of 2023

Refined Olive Oil prices directly depend on the feedstock olive oil prices and the annual olive production. As Refined Olive Oil is a staple food product consumed across the globe, demands are usually steady.

In the first half of 2023, the Refined Olive Oil prices remained on an inclined trajectory. Y-o-Y olive oil production fell in the biggest producing and exporting nation of Spain, responsible for almost half of the global olive oil production by a whopping 55%, creating an extremely stressful condition for the Refined Olive Oil market. Rising temperatures and climate changes because of constant global warming resulted in such strikingly low production.

So, because of such stressed supplies and curtailed supply chains, the Refined Olive Oil prices grew contiguously in the period under discussion. Overall, a steep growth in the Refined Olive Oil price trend was observed.

Analyst Insight

According to Procurement Resource, Refined Olive Oil prices are expected to grow further in the upcoming months since the production is being drastically affected by the adverse climate changes. Even lower production yields are projected.

Procurement Resource provides latest prices of Refined Olive Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.