Climate Change and Global Warming are causing grave and unprecedented problems for mankind and mother nature. According to a report by CNN, Olive oil which is a top choice for many chefs and home cooks is literally feeling the heat due to rising temperatures. Notably, olive oil is already considered a luxury for the humble folks. And in the wake of decreasing output due to extreme temperatures, the prices are expected to rise further.
According to the report, extreme temperatures are taking a toll on the olive oil industry around the Mediterranean region in Southern Europe. Notably, South European countries like Spain, Italy and Greece have been among the leading producers of olive oil. Europe experienced a bad olive harvest last year and the production may fall this year too.
The report highlights that high temperatures are a bane for the olive trees as in such conditions, they drop their fruit to save moisture or produce fruit at the cost of their health.
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Kyle Holland, who covers oils and oilseeds at market research group Mintec highlighted that the production of olive oil in Spain dropped to about 620,000 metric tons, compared to the five-year average of around 1.3 million metric tons. Thus, Spain which is the world’s biggest olive oil producer suffered more than 50% decline in the average production.
“After such a shortfall from the previous harvest, the last thing the industry needs is another poor crop,” said Walter Zanre, the chief executive of Filippo Berio UK, an arm of one of the world’s biggest olive oil brands.
{{/usCountry}}“After such a shortfall from the previous harvest, the last thing the industry needs is another poor crop,” said Walter Zanre, the chief executive of Filippo Berio UK, an arm of one of the world’s biggest olive oil brands.
{{/usCountry}}Zanre further informed that bulk prices for olive oil have doubled compared to the what it was last year.
“There doesn’t seem to be any respite on the horizon,” Zanre said, adding “the industry is in crisis.”
A spokesperson of The International Olive Council said “we are facing a complex situation as a consequence of climate change.” Globally, olive oil production is predicted to drop 20% between October 2022 and September 2023, the spokesperson informed.