The world’s largest producer of olive oil, Spain’s Deoleo, anticipates prices will halve as the industry stabilises after oil costs reached record highs. The company, which owns popular olive oil labels like Bertolli, Lupi, and Carbonell, has described 2023-2024 as “one of the most difficult moments in the history of the sector.”

Growers in major olive oil-producing countries like Spain, Greece, Italy and Tunisia are reporting bumper crops for the 2024-2025 harvest season, a relief to all fans of salad and deliciousness. 

In a recent statement to CNBC, Deoleo discussed the anticipated decline in olive oil prices. The company noted that, following a significant drop in consumption over the past two years due to elevated prices, the market is projected to see a gradual decrease in prices during the first half of 2025, thanks to improved production levels compared to the previous two seasons.

Related story: This guy says you should boil your garlic five times before using. Is he off his bulb?

Olive oil prices spiked due to extreme weather fuelled by climate change, particularly drought conditions across southern Europe where approximately 67 percent of the world’s olive oil is produced. 

The easing of prices will also be influenced by the crop projections for the 2025-26 season, which could impact the overall price decline. This decline may vary across different markets, depending on factors such as stock levels, the competitive landscape, the significance of olive oil within the broader edible oil sector, and its market penetration.

At the same time, the outlook for other Mediterranean countries remains mixed. Greece is grappling with a prolonged drought that threatens its harvest potential, while Turkey, which became the second-largest olive oil producer in the world last year, is expecting a record-breaking yield of 475,000 tonnes of olive oil.

Related story: How to dispose of your cooking oil – the right way

The olive oil industry is just one example of the extraordinary impacts that climate change is having on the agricultural sector. Prosecco is under threat due to unstable growing conditions in Italy. Proscuitto is at a premium as pigs in Lombardy face an increased threat of disease. Even chickpea crops have been touch and go in recent years, all of which is prompting growers to seek more sustainable, greener solutions to preserve their industries and the ecosystem.

Is olive oil good for you?

There’s a reason why the Mediterranean diet is essentially the key to immortality. The health benefits of olive oil are well-documented, particularly in relation to heart health, cholesterol, diabetes, and inflammation. Plus, it tastes so good you won’t even feel like you’re taking your medicine.

Related story: When oils ain’t oils: how to tell if your extra virgin olive oil is the real deal