Rising Olive Oil Prices Raise Alarm in the Sector Over Fraud Risks
The EU is the world’s largest producer of olive oil, accounting for around 65% of global production. However, due to unfavourable climatic conditions, recent harvests have been poor. In 2022/23, EU olive oil production fell by around 40% compared to previous years, and in 2023/24, production dropped by 25% compared to the five-year average. This trend is reflected globally with olive oil production in decline across many regions. As a result, prices for olive oil have surged worldwide, with increases ranging from 100% to as much as 175% for extra virgin olive oil, depending on the market. In this context, consumers may be drawn to cheaper alternatives while traders might be tempted to offer lower-cost options, thus increasing the risk of fraud in a market known for its quality and centuries-old traditions.