Olive oil prices fall across EU after several years of sharp increases

Consumer prices for olive oil in the European Union rose sharply between 2022 and 2024, increasing by 78%. In 2025, prices fell by 23% — the first decline after four consecutive years of growth, according to Eurostat. The largest drops were observed in major producing countries, including Spain, Greece, and Portugal.

The previous surge in prices was driven by poor harvests due to severe droughts in the Mediterranean region and low stock levels. Price inflation in the EU exceeded 50% in some months from 2021 onward, reaching 52.4% in March 2024. Mariana Matos, General Secretary of the Portuguese Olive Oil Association, noted that price increases were the only way to regulate the market under conditions of scarcity.

EU olive oil production fell sharply, dropping 39% to 1.39 million tonnes in 2022/23 from 2.27 million tonnes in 2021/22. Production recovered to 1.55 million tonnes in 2023/24 but remained below average. Provisional forecasts suggest output will reach around 2.11 million tonnes in 2024/25 and remain at a similar level in 2025/26.

Spain continues to be the EU’s largest olive oil producer, accounting for more than 65% of total production. In 2025, Spain recorded the largest decline in consumer prices at 38.9%, followed by Greece (-29.2%) and Portugal (-24%). France saw the smallest decrease, while Italy and Germany experienced more significant declines.

According to Rafael Pico Acevedo, Director of the Spanish Olive Oil Exporters Association (ASOLIVA), price normalization in 2025 is linked to improved production, particularly in Southern Europe, which restored supply and eased pressure on consumer prices. In producing countries, the impact of a good harvest is transmitted more quickly to both wholesale and retail prices, explaining the sharper declines.

In addition, the return of supply to average levels has been accompanied by lower demand. Previous price spikes reduced olive oil consumption, contributing further to the decline in prices, Mariana Matos said. The combination of increased production and moderated demand is helping to stabilize the market after years of record-high prices.

Tags: EU, prices, Greece, olive oil, Italy