Global Olive Oil Consumption Down 6% In 2017
Global olive oil consumption in the 2016/17 crop year is estimated to hit 2.8 million tonnes, down 6% on the previous year.
According to the International Olive Council (IOC), EU countries consumed 1.46 million tonnes of oil during this period (-12%), with consumption falling in Greece (-25%), France (-17%), Italy (-14%), and Spain (-7%).
However, consumption in the other IOC member countries increased by around 2%. The highest levels of growth were seen in Turkey (+34%), Lebanon (+11%) and Iran (+5%).
Among the non-member countries, notable increases in consumption were observed in Brazil (+19%), China (+13%), Australia (+7%) and Japan (+2%). Consumption, however, declined in Canada by 4% and in the US by 2%.
According to estimates, world olive oil production in 2017/18 is expected to increase by 14% to around 2.89 million tonnes. The aggregate output of IOC member countries is estimated at 2.71 million tonnes, with EU countries accounting for 1.80 million tonnes (+3%).
Production in Spain is estimated at 1.09 million tonnes (-15%), followed by Italy with 320,000 tonnes (+76%), Greece with 300,000 tonnes (+54%), and Portugal with 78,800 tonnes (+14%).
Production in other IOC member countries is predicted to grow by 51% year-on-year. The main increases are expected in Turkey, which is set to reach 287,000 tonnes (+62%), followed by Tunisia with 220,000 tonnes (+120%), Morocco with 140,000 tonnes (+27%), Algeria with 80,000 tonnes (+27%), and Argentina with 37,500 tonnes (+74%).
Global olive consumption for 2017/18 is estimated at 2.95 million tonnes (+5%).
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine