the olive oil market
1.1 Definition and presentation
Olive oil is an edible oil extracted from the fruits of the olive tree (i.e. olives), typical of the Mediterranean diet. Depending on the acidity of the oil and the extraction mechanisms, olive oil can be distinguished in different types, among the most famous: extra virgin olive oil, virgin olive oil, “lampante” olive oil and refined olive oil.
Recently the European production of olive oil has recorded impressive figures, driven by Spain, Greece and Italy.
Italians are fierce consumers of olive oil, more than 9 out of 10 use olive oil every day, but in the two-year period 2017-2019 production has decreased sharply due to bad weather. The consumption of olive oil has not been satisfied exclusively internally, in fact Italy recently has become a strong importer of oil, in particular in response to the needs of consumers. However, future projections on the demand side are positive, dictated by food changes that are gradually moving towards a healthy and balanced diet. The market is also expected to benefit from higher prices, which are reflected in higher average olive oil expenditure. On the supply side, projections also appear to be positive, driven by aggressive marketing and promotional strategies of large retailers, to the detriment of industry giants.
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