A perfect storm of climate change, soaring prices, high interest rates and robust inflation has taken its toll throughout the olive oil value chain in recent months.
Spain's Deoleo, the world's largest olive oil producer, says the industry needs to undergo a"profound transformation" as it grapples with one of the most challenging moments in its history., soaring prices, high interest rates and robust inflation has taken its toll throughout the olive oil value chain in recent months.
Deoleo, the maker of household olive oil brands such as Bertolli and Carbonell, said it was convinced the current situation was cyclical and expects a return to a"more reasonable price situation" when future harvest yields return to normal. "In the meantime, the sector needs a profound transformation. Changes that from Deoleo we have been addressing with a firm commitment to best practices in terms of sustainability, innovation and quality, with a focus on the consumer."Most of the world's supply of olive oil comes from the Mediterranean, with southern European countries such as Spain, Italy and Greece among the world's leading producers of the precious commodity.