Provisional data from Portugal's Ministry of Agriculture indicates that the country produced 100 tonnes of olive oil over 2014-2015, a 64 per cent increase on the previous year, and 42.5 per cent more than the average produced in the last five seasons.
The latest figures come only a month after the National Statistics Institute (INE) announced a 50-year record in the production of olives for olive oil, reaching 765,000 tonnes in 2015.
Meanwhile, Italy has seen 100 per cent growth in olive production, closing the 2015-2016 season with 445,000 tonnes, according to data published by the Italian Institute for Services for the Agriculture and Food Market (Ismea).
Two years ago, olive producers in Portugal, Italy and Spain were faced with numerous problems: an unusual drought and pests in olive plantations caused a considerable drop in production and left them with limited reserves.
This caused a substantial increase in olive oil prices last year, transforming the product in a luxury for some consumers, which led to a 7 per cent drop in global consumption.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.