Olive Oil: Price and Current Outlook in 2024

The Price of Extra Virgin Olive Oil in 2024

Olive oil, and particularly extra virgin (or "EVO") is an essential ingredient in Mediterranean cuisine; no matter the cost, it is always present on Italian tables.

The price of extra virgin olive oil is influenced by a series of complex factors , ranging from agricultural production to global market trends. Monitoring these factors is essential to understanding price fluctuations and their implications on the food industry and consumers.

In recent years, the price of this valuable oil has been influenced by various economic and environmental factors, with significant impacts on the agricultural sector and consumers.

In this article we will examine all the factors that affect the price of olive oil, extra virgin or not, and the consequences of the increase in prices per liter for consumers and oil producers, with an eye on the reaction of this 'last to compensate for the increase in costs.

The price of olive oil per liter

The price of olive oil per liter can vary greatly depending on the quality and origin of the product. If we exclude some low-end products that can sometimes be found in large-scale retail trade, the average cost of oil starts from 10 euros per litre, while for high-quality extra virgin oils, especially if they come from renowned regions such as Sicily and are handcrafted and by small producers, the price can exceed 30 euros per litre.

Another factor that affects the price per liter of olive oil is the quantity: purchasing the oil in 3 liter cans will clearly be more convenient than purchasing it in the classic 50cl or 1 liter bottles, or in 25cl gourmet format bottles . Clearly, the quality of the oil contained in them does not change, but glass bottles are more convenient for use at the table, while jerrycans are more suitable for use in the kitchen, or can be decanted from time to time.

The price of Extra Virgin Olive Oil per Liter

EVO oil stands out for its superior organoleptic characteristics and its absence of defects. The price of extra virgin olive oil per liter is also influenced by numerous factors, including the quality of the olives, the production method, the geographical origin and the brand. However, it is important to consider that the superior quality of an extra virgin olive oil can offer superior nutritional and gustatory benefits compared to standard varieties, justifying a higher price per litre.

What are the factors that influence the price of olive oil?

1. Processes: Extra virgin olive oil is obtained through exclusively mechanical processes, to the detriment of industrial ones which could alter its sensorial qualities.
   
   
2. Climate and Weather Conditions: Climatic conditions, such as drought or heavy rainfall, can influence the yield of the olives and the quality of the oil. An adverse season can lead to lower harvests, increasing the price of oil.
   
   
3. Global Olive Oil Production: Fluctuations in global production, including crop conditions in different regions, directly impact the amount of oil available on the market. Clearly, the quantity of extra virgin oil is always smaller than virgin and refined oil.
   
4. Global Demand for Extra Virgin Olive Oil: Growing interest in a healthy diet and increased awareness of the benefits of extra virgin olive oil have led to greater demand, contributing to rising prices.
   
   
5. Production Costs: Increased production costs, which include labor, maintenance of olive groves and fuel prices, can directly influence the price of olive oil.
   
   
6. Market Speculation: Speculative trends in commodity markets can also lead to fluctuations in olive oil prices.

The Price of Extra Virgin Olive Oil

Considering the above, it is therefore easy to understand how extra virgin olive oil is a precious product and why producing it costs more than processed oil. This directly affects the price of EVO, which will therefore be higher than that of virgin or refined olive oil.

Current trends in olive oil prices

Currently, olive oil prices, and particularly extra virgin olive oil prices, have been on the rise due to a number of factors. Increasing global demand, combined with reduced production in some regions due to unfavorable weather conditions, has meant that prices have risen to meet demand.

Furthermore, the increase in the cost of services such as energy supply and transport further influences the final cost for consumers.

What is the impact of increasing olive oil prices on consumers?

Considering that EVO oil is a product that consumers are unlikely to want to do without, especially in a country where culinary tradition is strongly rooted like Italy, the increase in prices of extra virgin olive oil will necessarily lead to a greater expense for a food product considered basic.

However, this expense is often justified by the attentive consumer as a choice oriented not only to taste, but also to health and well-being, considering the positive consequences on both the present and future health of human beings.

How the Oil Producers sector reacts to rising costs

The extra virgin olive oil industry is struggling to manage challenges related to rising costs due to the factors listed above.

The reaction of olive growers and oil producers is therefore focused on:

• Adapt your farming practices
• Research new strategies to keep prices accessible without compromising quality.

Strategies for containing the price of extra virgin olive oil

1. Waste reduction: Analyze production processes to identify and reduce waste of resources, time and raw materials.
   
   
2. Research and development: Investing in research and development to find innovative solutions and introduce new technologies or more efficient production processes.
   
   
3. Process optimization: Identify areas where processes can be improved. This could include automating certain stages of production or overhauling supply chains.
   
   

4. Packaging Innovation: Exploring more economical packaging options that maintain product quality and integrity.

5. Efficient supply chain management: Optimizing supply chain management to reduce transportation and storage costs, improving overall efficiency.

6. Economies of scale: Try to increase production without compromising product quality to benefit from economies of scale, which can help reduce unit costs of production.
   
   

7. Focus on customer value: Focus on what is truly important to consumers, maximizing the value offered.

The Price of Organic Oil

Currently, organic extra virgin olive oil is considered a popular choice for health and environmentally conscious consumers. This growing demand has pushed manufacturers to increase production of organic oils, but availability may still be lower than demand.

The price of organic extra virgin olive oil differs from that of conventional oil precisely because of the specific agricultural practices used in its production.

The factors that can influence the price of organic EVO oil are the following:

1. The Type of Production: Organic cultivation requires the use of sustainable agricultural practices, environmentally friendly equipment, non-intensive cultivation, saving of water and energy, and the use of natural fertilizers. These practices are more expensive than conventional methods.
   
   
2. Supply Shortage: In some cases, organic production may be limited compared to conventional production, especially in certain regions. This can increase the price of organic oil.
   
   
3. Demand for Organic Products: The increased popularity and demand for “organic” products, including organic extra virgin olive oils, has helped influence prices, as demand often exceeds supply. This has been partly offset by increased production and marketing of organic products in recent years.

4. Certifications and Standards: The need to obtain organic certifications may result in additional costs for producers, which in turn may be reflected in the retail price of organic oil. However, this is a fundamental guarantee for consumers.

Consumers who choose organic extra virgin olive oil are often willing to pay a higher price per liter for a product they believe is healthier and sustainably produced. This creates a distinctive market for organic oils, with a target consumer who appreciates the benefits of these products.

Why be wary of low-priced olive oil

Avoiding choosing a low-priced olive oil is important for several reasons related to the quality , authenticity and safety of the product you are purchasing.

Here are some critical aspects that could hide behind a too low oil price:

1. Quality and Methods: A price that is too low could indicate that lower quality olives were used, or that the oil was produced with less scrupulous and less environmentally friendly methods.
   
   
2. Lack of Traceability: Low-cost products often do not offer detailed information on their origin; traceability is essential to ensure that the oil is authentic and produced in accordance with quality standards.
   
   
3. Potential Forgery: Extra virgin olive oil has repeatedly been the subject of fraud and counterfeiting in the market. Prices that are too low may indicate that the oil has been mixed with oils of lower quality or from other sources, without clearly stating this on the label.
   
   
4. Labor and Production Processes: The cost of labor and production processes is significant in the extra virgin olive oil industry. Prices that are too low could indicate cuts in process quality or less than optimal working conditions.

5. Food Safety: An excessively low price may be indicative of practices or conditions that overshadow food safety, such as the use of substandard raw materials and containers.

What to do to ensure an extra virgin olive oil with good value for money

Investing in a quality oil guarantees not only a more authentic and tasty product, but also a better culinary experience, as well as health benefits.

To ensure you purchase high quality and authentic extra virgin olive oil at a good quality/price ratio, follow these tips:

1. Check the Label: Check that the label contains detailed information on origin, production date and extraction methods.
2. Look for Certifications: Buy oil with certifications that guarantee high standards. (for example DOP, DOC and organic)
3. Purchase from Trusted Sources: Prefer retailers and brands with an established reputation in the extra virgin olive oil sector.

The health benefits of quality extra virgin olive oil

A quality extra virgin olive oil is a precious source of healthy fats and offers a series of health benefits, thanks to its nutritional properties and the bioactive compounds present such as monounsaturated fats, antioxidants, polyphenols and oleocanthal, with anti-inflammatory effects similar to those of some drugs (NSAIDs).

Regular consumption of extra virgin olive oil is associated with improved cardiovascular and brain health and a reduction in the risk of chronic diseases, including type 2 diabetes, neurodegenerative diseases and some forms of cancer.

How to Maximize the Benefits

To get maximum health benefits from extra virgin olive oil:

• Choose high quality oils, preferably organic and certified.
• Use raw oil to dress salads and cold dishes to preserve its beneficial compounds.
• Avoid overheating the oil during cooking, to preserve its nutritional properties.

The Price of Angimbe Organic EVO Oil

At the Angimbe Agricultural Company, which we define as "BIoethics", we have always invested in two elements that are essential for us, without which we would not do this job:

1. Certified quality:

We only produce organic extra virgin olive oil subjected to strict controls by certifying bodies: we have requested and obtained both DOP Valli Trapanesi and IGP territorial certification and are associated with both consortia.

We regularly participate in competitions such as BIOL , Gambero Rosso, Global Olive Oil Awards and others, to further prove the quality and excellence of our oil.

Doing this has significant costs for us, but we believe it is necessary to do so to guarantee the consumer who decides to choose our oil for his diet.

2. Respect for the environment

The Angimbe Agricultural Company is located within the largest natural reserve in Western Sicily: the Angimbè cork grove.

We have a lot of respect for the nature that surrounds us, because it is part of our history and our culture.

We also apply this respect to the work processes, reducing plowing as much as possible, using only natural products for plant care, respecting the organic protocol and reducing the presence of humans as much as possible to respect the animals.

The Price of Angimbe Organic Extra Virgin Olive Oil

The price of Angimbe organic extra virgin olive oil is aligned with the average price of quality extra virgin oils, even if the production costs are very high and could also justify higher prices per litre, which we choose not to apply for reasons both ethics and the market.

If by reading this article on the price of extra virgin olive oil you have become curious about trying our products, through this site we also deal with sale of Sicilian extra virgin olive oil online , which can be purchased directly in the shop section!