10-10-2016, 10:20 AM
I like olive oil, was sorry to see this.
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Olive oil price set to soar after crops fail
Britain's olive oil lovers could soon face a hike in the price of their healthy Mediterranean mealtime favourite, according to a new report yesterday.
For the latest research shows that production of olive oil has plummeted in the wake of a series of severe crop failures in the major growing countries.
Now a leading supplier has issued a warning that retailers are facing higher olive oil prices and could be forced to reduce shelf space for 100 per cent Italian extra virgin olive oil due to another poor olive harvest.
[img=634x0]http://i.dailymail.co.uk/i/pix/2016/10/10/00/208073FD00000578-3829934-image-a-48_1476056127808.jpg[/img]
Britain's olive oil lovers could soon face a hike in the price of their healthy Mediterranean mealtime favourite
The Filippo Berio brand says that although Spanish olive oil production is forecast to improve this year, the total estimated global production of 2,750,000 tonnes is insufficient to meet the 2,920,000 tonnes of predicted global demand with tighter supplies also pushing up prices.
And as Italian production has remained low, the price of extra virgin olive oil has increased daily since the end of August, with expectations it will continue to rise.
Britain's shoppers now snap up around 62,000 tonnes of olive oil a year - ten times the amount consumed in 1990 - and the UK is now the world's tenth biggest olive oil-consuming nation.
Walter Zanre, managing director of Filippo Berio told trade magazine The Grocer yesterday: 'During the last four weeks we have seen Italian extra virgin olive oil prices appreciate by over 10per cent and it is still increasing. We fully expect to see a repeat of the 2014-15 situation.'
The magazine said that the olive oil crop in 2014-15 was so poor in Spain and Italy that there was no annual carryover of supply which left bottlers with very low stocks of oil.
Production in Italy for the 2014-15 harvest came in at 222,000 tonnes. It rose in 2015-16 to 350,000 tonnes but it is forecasted to fall again during the 2016-17 season to just 230,000 tonnes.
[img=634x0]http://i.dailymail.co.uk/i/pix/2016/10/10/00/1F256D4600000578-3829934-image-a-22_1476055844998.jpg[/img]
The Filippo Berio brand says although Spanish olive oil production is forecast to improve this year, the total estimated global production of 2,750,000 tonnes is insufficient to meet demans
The current Italian crop has been affected by pests in particular the olive fly.
'In our region, Tuscany, forecasts are for less than 50 per cent of normal crop,' Mr Zanre told The Grocer.
Olive oil production is also struggling in other areas of the world, with Greece, which has had similar pest problems to Italy, forecast to produce 220,000 tonnes of oil for 2016-17, compared with 300,000 tonnes the previous year.
Italy and Greece are the 'reservoir of quality extra virgin olive oil in the Mediterranean basin,' said Mr Zanre.
This low production could mean brands struggle to source good olive oil while the production problems continue.
===============
Olive oil price set to soar after crops fail
Britain's olive oil lovers could soon face a hike in the price of their healthy Mediterranean mealtime favourite, according to a new report yesterday.
For the latest research shows that production of olive oil has plummeted in the wake of a series of severe crop failures in the major growing countries.
Now a leading supplier has issued a warning that retailers are facing higher olive oil prices and could be forced to reduce shelf space for 100 per cent Italian extra virgin olive oil due to another poor olive harvest.
[img=634x0]http://i.dailymail.co.uk/i/pix/2016/10/10/00/208073FD00000578-3829934-image-a-48_1476056127808.jpg[/img]
Britain's olive oil lovers could soon face a hike in the price of their healthy Mediterranean mealtime favourite
The Filippo Berio brand says that although Spanish olive oil production is forecast to improve this year, the total estimated global production of 2,750,000 tonnes is insufficient to meet the 2,920,000 tonnes of predicted global demand with tighter supplies also pushing up prices.
And as Italian production has remained low, the price of extra virgin olive oil has increased daily since the end of August, with expectations it will continue to rise.
Britain's shoppers now snap up around 62,000 tonnes of olive oil a year - ten times the amount consumed in 1990 - and the UK is now the world's tenth biggest olive oil-consuming nation.
Walter Zanre, managing director of Filippo Berio told trade magazine The Grocer yesterday: 'During the last four weeks we have seen Italian extra virgin olive oil prices appreciate by over 10per cent and it is still increasing. We fully expect to see a repeat of the 2014-15 situation.'
The magazine said that the olive oil crop in 2014-15 was so poor in Spain and Italy that there was no annual carryover of supply which left bottlers with very low stocks of oil.
Production in Italy for the 2014-15 harvest came in at 222,000 tonnes. It rose in 2015-16 to 350,000 tonnes but it is forecasted to fall again during the 2016-17 season to just 230,000 tonnes.
[img=634x0]http://i.dailymail.co.uk/i/pix/2016/10/10/00/1F256D4600000578-3829934-image-a-22_1476055844998.jpg[/img]
The Filippo Berio brand says although Spanish olive oil production is forecast to improve this year, the total estimated global production of 2,750,000 tonnes is insufficient to meet demans
The current Italian crop has been affected by pests in particular the olive fly.
'In our region, Tuscany, forecasts are for less than 50 per cent of normal crop,' Mr Zanre told The Grocer.
Olive oil production is also struggling in other areas of the world, with Greece, which has had similar pest problems to Italy, forecast to produce 220,000 tonnes of oil for 2016-17, compared with 300,000 tonnes the previous year.
Italy and Greece are the 'reservoir of quality extra virgin olive oil in the Mediterranean basin,' said Mr Zanre.
This low production could mean brands struggle to source good olive oil while the production problems continue.
