According to a recent research report, Greece is on track to surpass Italy and become Europe's second-largest olive oil producer after Spain.
According to the Italian Institute for the Agricultural and Food Market (Ismea), olive oil production in Italy could drop by up to 120,000 tonnes, or 37%, compared to previous year.
According to this study, production in the 2022/23 crop year is expected to be 208,000 tonnes, dropping Italy from second to third place in Europe's olive oil production.
Greece can outperform Italy by producing more than 300,000 tonnes more than last year.
Production in Spain, the world's largest producer of olive oil, is predicted to fall by 30 to 50%. Portuguese and French yields are also likely to fall.
The historic drought and high summer temperatures, which hampered the vegetative development of olive trees and the deposit of oil in the fruits, have been widely blamed for this severe reduction across Southern and Western Europe.
With the olive harvest in full swing in Greece, the predicted increase in olive oil production, combined with strong producer prices that have been consistently over €4.50 per kilogramme of extra virgin olive oil, has bolstered growers' optimism for a fruitful crop this year.
Greece's olive oil exports continue to rise.
The European Union is the largest producer, consumer, and exporter of olive oil in the world.
The European Union generates approximately 67 percent of the world's olive oil. Around four million hectares are dedicated to the production of olive trees, primarily in EU Mediterranean nations, with a mix of traditional, intensive, and super-intense orchards.
With yearly consumption of over 500,000 tonnes each, Italy and Spain are the leading users of olive oil in the EU, whereas Greece has the highest EU consumption per capita, with around twelve kilogrammes per person annually. In all, the EU consumes approximately 53% of the world's olive oil.
In terms of trade, the EU accounts for around 65 percent of global olive oil exports. The biggest markets for European olive oil are the United States, Brazil, and Japan.
SEVITEL (the Association of Olive Oil Producers) discovered in a recent analysis that Greek olive oil exports climbed by 225 percent between 2002 and 2020.
Olive oil production climbed from 14,871 tonnes in 2002 to 52,735 tonnes in 2020.
According to the data, Greece sold 31,655 tonnes of olive oil to European nations alone in 2020. This was a 319 percent rise from 7,561 tonnes in 2002.
Germany is by far the largest importer of Greek olive oil, accounting for over half of all European imports. In 2020, the country imported 14,907 tonnes. Germany is followed by the United Kingdom (2,698 tonnes), Austria (2,578 tonnes), France (2,032 tonnes), Belgium (1,463 tonnes), Sweden (1,385 tonnes), and Cyprus (1,209 tons).
By fLEXI tEAM