Price of olive oil in the USA

Spanish olive oil is now worth more than Italian

For the first time, in 2024 figures, Iberian overtaking is both in value and quantity. Indeed, as the Census Bureau of the United States Department of Commerce points out, Americans paid more for our liquid gold than for Italian olive oil. Specifically, the average price of olive oils from Spain 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 since been traditionally dominated by Italian oil.

Over the decades, with the increase in oil production in Spain, the latter took the lead in quantities sold, but consumer appreciation for Italian olive oil remained unchanged, as did the price, which always remained higher.

Specifically, around 2014, Spanish olive oils reached this market at a price approximately 25% lower than that of Italian oils. In years like 2019, this gap exceeded 30%. However, in 2023, the price gap narrowed to just over 7% and was reversed in 2024 when Spanish olive oils were marketed at a price more than 2% higher than that of Italian oils.

A market in continuous growth

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 rise in extra virgin olive oil prices has not affected this market, which has withstood the increases caused by the drop in production in the last two seasons like few others.

Comparing the first half of 2023 with that of this year, from January to June 2024, Spain exported 20.50% more olive oil to the United States, reaching almost 70,000 tons (35,000 more than Italy) and thus exceeding 35% of the US total. And the higher price allowed Spain to record a record turnover of €611 million, 105% more than a year ago. In fact, these magnificent figures are the result of the promotional work that the sector has been doing in this country for several decades.