Global olive oil consumption is estimated to drop by 6% in the 2016/17 crop year, compared to the year before, according to a recent expert forecast.
According to new data by the International Olive Council (IOC), countries in the EU consumed 1.46 million tonnes of oil during the period which marks a decrease of 12%.
Several Mediterranean countries with cuisines traditionally heavy in olive oil saw decreases such as Greece (-25%), France (-17%), Italy (-14%), and Spain (-7%).
Nevertheless, other IOC member countries experienced a growth in consumption of 2%, with the highest levels recorded in Turkey (+34%), Lebanon (+11%) and Iran (+5%).
Notable increases were also recorded in non-member countries, such as Brazil (+19%), China (+13%), Australia (+7%) and Japan (+2%). However, The US and Canada saw decreases of 2% and 4%, respectively.
Global olive oil consumption is set return to growth next year with a 5% increase for 2017/18, or 2.95 million tonnes.
On the production side, the trends indicate an increase of 14% in the next crop year of 2017/18 to approximately 2.89 tonnes, according to the estimates.
The aggregate output of IOC member countries is estimated at 2.71, with the EU making up two thirds, or 1.8 million tonnes (+3% compared to the previous year).
Spanish production 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%).
IOC member country production is set to grow by 51% year-on-year. The main increases are expected in Turkey, which is estimated 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%).
© 2017 - Checkout Magazine by Kevin Duggan