Italian Olive Oil: Quality Amidst a Challenging Harvest Season

Understanding the 2024 challenges for Italian olive oil production and the continued commitment to quality and excellence.

The olive oil harvest season has begun in Italy, with the first "new oil" already available, thanks to an early start of 15-20 days. However, the 2024 season brings significant challenges: according to data from Coldiretti, Unaprol, and Ismea, olive oil production is expected to decline by 32% compared to last year due to drought conditions affecting major olive-growing regions in the South.

A Mixed Outlook for the 2024 Harvest

Estimates suggest that Italy's olive oil production will reach about 224 million kilos, placing the country in fifth place among the world’s top producers: the most significant declines are expected in Puglia and Sicily, where extreme drought has taken a toll on olive trees. In Puglia, which accounts for nearly one-third of the country's olive oil production, the harvest is projected to be nearly halved due to poor flowering and fruit set; Calabria and Sicily are also facing considerable losses, though less severe than those in Puglia.

In contrast, Northern and Central Italy have seen strong growth, with production up 75% in the North and 70% in the Centre compared to 2023: this highlights the varying effects of climate conditions across the country, with some areas benefiting from better weather while others struggle with prolonged drought.

High Quality Despite Lower Yields

While quantities are down, the quality outlook remains strong: Italy continues to lead Europe in high-quality olive oil, boasting 43 PDOs and 4 PGIs, along with over 533 olive varieties, representing the richest biodiversity in the world. The 2024 harvest is expected to deliver oils with exceptional organoleptic properties, thanks to the dedication of Italy's 400,000 agricultural enterprises that maintain the highest standards.

As production declines, prices are likely to rise, driven by high global demand and limited supply: this presents an opportunity for the market to focus on quality over quantity, positioning Italian extra virgin olive oil as a premium product that embodies the health benefits and culinary traditions of the Mediterranean diet.

Navigating Market Trends and Ensuring Quality

The anticipated rise in prices due to lower supply calls for effective procurement strategies. Emphasising quality control and traceability remains a priority for Italian producers, who aim to protect the reputation of Italian extra virgin olive oil; new regulations regarding olive registration and stricter labelling guidelines seek to combat fraud and safeguard the product's integrity.

By choosing products with PDO or PGI certifications, buyers can guarantee the authenticity and superior quality of the olive oil, providing added value for customers and maintaining trust even in a year of scarcity.

Italian Olive Oil: A Legacy of Excellence

The resilience of Italy's olive oil sector is evident even in challenging times: for international buyers, investing in Italian extra virgin olive oil means offering more than just a condiment; it means delivering a premium product that embodies Italy's cultural and culinary heritage.

As the 2024 harvest unfolds, there is a unique opportunity to capitalise on the high-quality narrative of Italian olive oil: focusing on quality over quantity is not just a response to environmental challenges this year but also a reaffirmation of Italy's position as a leader in producing the world’s finest olive oils.??