The chief executive of Spain’s Deoleo, the world’s largest olive oil producer, says a bumper harvest and improving market sentiment show that the industry is recovering from one of its toughest moments ever.
A substantial olive harvest, notably in Spain, has helped to restore confidence in the sector and led to a pronounced fall in prices for both extra virgin and virgin olive oils in supermarkets.
It comes after two consecutive seasons of poor yields resulted in a period of extraordinary turbulence throughout the olive oil value chain.
A perfect storm of climate change-fueled extreme weather, high interest rates and robust inflation culminated in a dizzying price rally of the liquid fat last year — one that stunned consumers and industry veterans alike.
Deoleo CEO Cristóbal Valdés said “a major shift” has since been underway, however.
