Spanish olive oil is now worth more than Italian olive oil
For the first time, according to 2024 figures, the Iberian leap is both in value and quantity. Indeed, as stated by the U.S. Department of Commerce’s Census Bureau, Americans paid more for our liquid gold than for the Italian one. Specifically, the average price of Spanish olive oils imported between January and June 2024 was 8.81 euros per kilo, compared to 8.62 euros for those from Italy.
A century of leadership erased
Let us remember that since the late 19th century, the Italian-American community introduced olive oil to the United States, a market that has traditionally been dominated by Italian olive oil.
Over the decades, and with the increase in oil production in Spain, the latter took the lead in quantities sold, but consumer appreciation for Italian olive oil remained unwavering and its price, which has always been higher.
Specifically, around 2014, Spanish olive oils reached this market at a price approximately 25% lower than Italian oils. In years like 2019, this gap exceeded 30%. However, in 2023 the price gap narrowed to just over 7% and reversed in 2024 when Spanish olive oils were sold at more than 2% higher than Italian oils.
A continuously growing market
According to observers, the American market will continue to grow in the medium term with more than 400,000 tons of imported olive oil, surpassing Italy and Spain in terms of consumption. The increase in extra-virgin olive oil prices has not affected this market, which has resisted the price hikes caused by the drop in production over the last two seasons.
Comparing the first half of 2023 to this year, from January to June 2024 Spain exported 20.50% more olive oil to the United States, nearing 70,000 tons (35,000 more than Italy) and thus surpassing 35% of the total U.S. market. The higher price allowed Spain to record a record revenue of 611 million euros, a 105% increase from a year ago. In fact, these magnificent figures are the result of the promotional work that the sector has been carrying out in this country for several decades.
