Italian extra virgin olive oil prices have risen 30% year-on-year in 2024, according to research from the Nomisma Observatory, published ahead of Sol2Expo, the olive industry’s key trade event set to take place in Verona from March 2 to 4.
EXPORTS DEFY PRICE SURGE
Despite rising prices, Italian olive oil exports have continued to perform well. In the first ten months of 2024, exports increased by 52.5% in value and 5.4% in volume compared to the same period in 2023. Italian producers now ship to 160 countries, though more than 60% of exports are concentrated in the US, Germany, France, Canada, and Japan. The US remains the single largest market, accounting for roughly one-third of total exports.
ITALIAN OLIVE OIL PRODUCTION HIT BY CLIMATE CHALLENGES
Domestic supply, however, has struggled. The 2024/2025 olive harvest fell to 224,000 tonnes, a 32% decline from the previous season, extending a decade-long downward trend. Climate change has been a key factor, affecting both yields and overall production. Since 2018, Italy’s olive oil output has failed to exceed 370,000 tonnes annually.
CONSUMERS PRIORITIZE OLIVE OIL ORIGIN OVER PRICE
Nomisma’s analysis indicates that geographical origin is a more decisive factor than price or brand loyalty for many consumers. About 29% actively seek Italian-made oil, while 15% look for PDO/PGI-certified products. Over the past decade, the share of PDO/PGI-certified olive oils has tripled from 2% to 6%, reflecting a shift towards quality-focused production.
SOL2EXPO DEBUTS AS A STANDALONE EVENT
Sol2Expo will host all major Italian industry associations and producing regions, alongside international exhibitors from Spain, Tunisia, Albania, and Germany. For the first time, the event will run independently from Vinitaly, marking a significant expansion with double the exhibition space across two halls.
