Global Olive Oil Production to Dip in 2018/19
Last year has been a fruitful harvest for olive oil as the figure was on the rise for 2017/2018 and now there’s been a sign of dipping, according to the numbers presented by he International Olive Council (IOC).
Nearly 90% of the total olive oil production coming from the Mediterranean countries, and their manufacturers usually located nearby, particularly in Spain and Italy. In recent ears, the manufacturing facilities have moved downwards to countries such as Tunisia, Algeria, Morrocco, as well as the southern areas of Portugal.
Forecasted To Dip
The data, culled from olive-producing countries (mainly in Mediterranean region) showed that 3.1 million tonnes of olive products compared to 3.3 million tonnes in the previous year, with drought and bad weather as the main factor.
Spain, as always, lead the market in both production and commercialization with 1.2 million kgs of the oil, representing as high as 50% of the total world production. And came from behind are Greece, Italy, and Portugal.
It is expected that these top countries will be expected to cover the demand (around 3 million tonnes), even with the forecasted decrease mentioned previously.
On the opposite end, the largest decrease of production coming from Tunisia (read here to know more about the rising olive oil market from Tunisia) and Algeria, dropping as high as 50% respectively, as expected from the *alternate bearing nature of olive trees. Followed with the second highest decrease from Palestine, Italy, Greece, and lastly Turkey (although compared with their own data the trend to be upwards).
*Alternate bearing: tendency of the fruit and nut trees to alternate large crops and a small/non-existent one each year.
