Ismea’s analysis of the Italian olive oil sector, carried out by Tiziana Sarnari, indicates that Italy is the world’s leading consumer of olive oils (456 thousand tonnes, a sharp decline compared to over 550 thousand in previous years), it is the world’s second largest producer (328 thousand tons, an increase compared to 2022), it is the world’s largest importer (535 thousand tons, ahead of only the United States) and the world’s second largest exporter (359 thousand tons, behind Spain).
In total, olive oil represents only 4-5% of global fat consumption and this implies a good margin for market growth, especially in countries where there is still no tradition of consumption.
In 2022, in such a complex year for production and costs, international data signal a recovery, albeit slight, for consumption which the IOC places at 3.2 million tonnes, while in 2023 a decline is estimated also due to the limited availability of the 2022/23 production campaign and to the high price level.
Global trade in 2023 was affected by the limited global availability and the consequent increase in price lists which led importing countries to lower demand.
According to Ismea calculations based on Istat data, there is a 30% drop in imports for Italy which, with 438 thousand tonnes, marks the minimum level since the beginning of the new millennium compared to the highest disbursement ever which came close to 2, 5 billion euros (+11%). The lower supply outside national borders had, as a natural consequence, the decline in Italy’s exports which stopped at 325 thousand tonnes (-17%) accompanied by an income of 2.2 billion euros (14%).
The most noticeable drop in exports is in France (-32% of exports in volume and +4% in revenues), while the market seems to be holding up in Germany and the United States, respectively -16% and -13% of exports in volume and +18% and +19% in value.
The exceptional production situation of the last two years has “distributed” the market with exceptional price increases. The Italian product has exceeded the threshold of 8 euros per kilo for months to reach over nine. In the growth path, international prices have become closer. Especially in the last two years, the growth rates of prices in Spain, Greece and Tunisia have been more intense than those in Italy (Italian prices started from higher levels).
