Yes, there is an EVOO shortage

And you may have noticed price increases.  There will be more and this is why.

Imagine strolling through an ancient Mediterranean grove, the scent of olives heavy in the air, a reminder of centuries of culinary tradition and cultural significance. For foodie connoisseurs and sustainability advocates alike, the allure of Extra Virgin Olive Oil (EVOO) transcends mere ingredients – it's a journey into the heart of gastronomic excellence and environmental stewardship.

Global yields are low

In today's culinary landscape, where discerning palates seek the finest ingredients for their culinary creations, the spotlight shines brightly on EVOO. But amidst the reverence for its exquisite flavour and versatility lies a tale of scarcity and transformation. According to Olive Oil Times, the global yield of olive oil is at its lowest in seven years, with production expected to dip below two million tons from the world's top seven oil-producing countries.

Italy, long synonymous with the finest olive oils, faces its own challenges, with droughts, wildfires, and climate change decimating yields. The consequences ripple across the globe, impacting prices and consumption trends. Statistica reports a decline in worldwide olive oil production from 2.44 million metric tonnes in 2022/23 to 2.31 million metric tonnes in 2023/24, signaling a shift in the olive oil landscape.

Supply v demand

Enter Spain, the juggernaut of olive oil production, responsible for nearly 70% of the world's supply. But even Spain's olive groves are not immune to the challenges of a changing climate and evolving market dynamics. As prices soar, the future of olive oil hangs in the balance, with record-high valuations shaping the industry's trajectory.

Amidst this backdrop of uncertainty, the allure of EVOO remains undiminished. Crafted from the fruit of Olea europaea, the olive tree, EVOO is a cornerstone of Mediterranean cuisine, cherished for its complex flavour profile and health benefits. At the heart of this culinary treasure trove lies Spain, where almost half of the world's olive oil is produced, alongside other key players like Italy, Greece, and Tunisia.

But EVOO is more than just a cooking staple – it's a symbol of heritage, culture, and tradition. From ancient rituals to modern-day feasts, olive oil weaves its way through history, leaving an indelible mark on the culinary landscape. Its journey from tree to table is a testament to human ingenuity and the enduring allure of nature's bounty.

At PetitsTresors, we understand the importance of quality ingredients in culinary exploration. That's why we're proud to offer a curated selection of EVOOs from esteemed Australian producers Morella Grove and Pukara Estate. With our commitment to sustainability and excellence, we ensure that every bottle of EVOO delivers on its promise of flavour, freshness, and authenticity.  We are keeping our prices as low as we can, but we too will be impacted by the shortage to come, even for the Olive Oils produced here in Australia.