World consumption of extra virgin olive oil is increasing. In 2021, global demand reached 6.3 billion euros, 5.3 percent more than in 2018. The data come from ExportPlanning and were compiled by the Milan F&B fair TuttoFood.
In addition to historical markets such as the United States, Italy, and Spain, other countries are gradually increasing imports. In the Mediterranean area, Turkey is the country that has increased its demand the most, rising from seven million euros in 2018 to 70 million in 2021. It is followed by Portugal (+44.5 million), Germany (+44.1 million), and France (+16.5 million).
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Olive oil consumption is also growing in the Asia-Pacific region. In South Korea, for example, imports have increased by 16 million euros in four years, although Japan and China are still the top destination countries with more than 100 million euros of imports in 2021. Overseas, the largest importers turn out to be the United States. The USA exceeded 900 million euros in imports in 2021, retaining second place in the ranking of the largest importers on a global scale. The Brazilian market reached more than 300 million euros of imports in 2021, while Mexico (+6.5 million), Colombia (+4.5 million), and Canada (+2.2 million) also showed significant growth margins.
OLIVE OIL PRODUCTION IN ITALY DECLINES
In contrast to international consumption, Italian production is declining. According to Unaprol (an association of Italian oil companies), estimates for the 2022-23 campaign, Italy will not exceed 230,000 tons, 30 percent less than last season. The drought is mainly to blame, although Italian production is weighed down by the 50 percent drop expected in the main producing region, Apulia, where the Xylella parasite continues to destroy the centuries-old olive trees of the Salento area.