Olives and Olive Oil in Portugal: 2023 in Perspective
The 2023/2024 olive season in Portugal is expected to produce 740,000 tons, a 20% increase on the previous season. This growth is attributed to favorable weather conditions and the recovery of olive trees after the drought of 2022.
Portuguese olive oil prices in 2023 have increased significantly compared to the previous year. The average price of extra virgin olive oil on the national market reached 8.66 euros per liter, while virgin olive oil was around 7.55 euros per liter. This increase reflects the lower global production of olive oil and the growing demand for quality products.
The national olive oil market in Portugal is relatively small, with an annual per capita consumption of around 6 liters. However, consumption has been increasing in recent years, driven by consumers’ growing awareness of the health benefits of olive oil.
Portugal is one of the largest exporters of olive oil in the world, with around 80% of its production being exported. The main destination markets for Portuguese olive oil are the European Union, the United States and Brazil. Demand for Portuguese olive oil on the international market has been increasing, which has contributed to a rise in the price of the product.
The olive and olive oil sector in Portugal faces a number of challenges, such as drought, climate change and competition from other producing countries. To remain competitive on the international market, the sector needs to invest in innovation, modernization and the promotion of Portuguese olive oil.
The outlook for the olive and olive oil sector in Portugal for 2023 is positive. Production should increase and demand for Portuguese olive oil on the international market should remain high. However, the sector needs to continue to invest in innovation and modernization in order to remain competitive.
Portuguese olive oil is a high-quality product with great potential on the national and international markets. The olive and olive oil sector in Portugal plays an important role in the Portuguese economy and needs to be supported so that it can continue to grow and prosper.