The Olive Oil Crisis and How You Can Navigate it

If you’ve been to the supermarket recently or even scrolled through TikTok, you know that olive oil prices have skyrocketed.

Extra Virgin Olive Oil, often referred to as “liquid gold,” has experienced a price increase of over 100% in 2024, reaching unprecedented levels. 

We analyzed the prices of some of the most popular extra virgin olive oil brands on Amazon and found that every major brand saw a significant price hike in 2024.

For instance, Colavita and Filippo Berio experienced nearly a 25% increase, while Botticelli’s prices more than doubled.

In this article, we will explore the reasons behind the rising olive oil prices and offer tips on how to navigate it.

And no, our solution is not to “stop using olive oil”. In fact, quite the opposite. 

Extra Virgin Olive Oil (EVOO)  has been shown to have numerous positive effects on your health. Increased extra virgin olive oil consumption supports a healthy immune system, reduced body fat, and healthy blood pressure. Plus, extra virgin olive oil is a great way to get a boost of powerful antioxidants and polyphenols into your diet.

High-quality olive oils are especially rich in polyphenols, which have beneficial antioxidant properties. Dr. Steven Gundry, the founder of Gundry MD, says, “One of the easiest daily ways to get polyphenols into your diet is to use cold-pressed extra virgin olive oil on everything, including taking a shot of EVOO every day”.

Dr Gundry is not alone in his love for olive oil. In 2023, the CEO of Starbucks was so inspired by the positive health benefits of extra virgin olive oil that he decided to add olive oil coffee drinks to the Starbucks menu. Popular record producer Benny Blanco also raved about olive oil on The Tonight Show with Jimmy Fallon, where they both took an olive oil shot. Dr. Gundry even established a national holiday, Polyphenol Day, encouraging people to take a shot of olive oil and experience the benefits firsthand.

If it’s so good for you, why is olive oil so expensive right now? 

Climate change and extreme weather events are impacting every industry, from severe cases of turbulence in the skies to dramatic heatwaves and floods across Europe. Global Olive oil production is no exception. “The world’s largest olive oil exporter, Spain, has halved its olive oil production due to drought and extreme heat,” said Helena Bennett, former head of climate policy at Green Alliance UK and now part of the European Climate Foundation. She noted that the price of olive oil in Spain has increased by 112% since 2022.

Olive Oil Production

Leading Producers 2019-2023

Sources: Olive Oil Times, International Olive Council

The annual harvest report from the Olive Oil Times indicates that global olive oil production has declined for the second consecutive year from the highs of 2021. During the 2023/24 crop year, projections suggest that the top seven olive oil-producing nations will collectively produce 1.97 million tons, marking a seven percent decline from the previous crop year and a 23 percent drop compared to the average of the previous four years.

The issue isn’t confined to Europe. Global olive oil prices surged to $8,900 per ton in September, driven by “extremely dry weather” in the Mediterranean according to a recent report by the United States Department of Agriculture (USDA).    

The average price of Olive Oil per ounce reached a high of 80 cents per ounce in April 2024, a substantial increase from an average of 57 cents between June 2023 to October 2023. Although it fell to 67 cents per ounce in May 2024, this still represents a significant rise. 

Consumers are voicing their frustration on social media, flooding message boards like Reddit with complaints about the high costs, photos of prices, and discussions about the nearly 50% increase in just a few years. In Spain, the soaring prices have risen to such unprecedented highs that it’s driven some people to even steal it. Last August, local media reports indicated that olive oil thieves stole approximately 50,000 liters of extra virgin olive oil from Marin Serrano El Lagar, one of Spain’s oil mills. The value of the stolen olive oil is estimated to exceed €420,000, equivalent to around $450,000. Italian authorities recently confiscated  nearly $1 million in counterfeit olive oil, noting that counterfeiters were adding “chlorophyll”, a component of extra virgin olive oil, to lower-quality oils.”

Thieves aren’t the only factor contributing to the shortage. Global olive oil consumption is also at an all-time high. The Global Olive Oil Market was valued at US $14.56 Bn in 2022, and is projected to reach $21.06 billion by 2030. Market dynamics and global olive oil consumption are also shifting, with the US surpassing Spain as the second-largest olive oil-consuming country earlier this year.

Given the olive oil shortage and the high consumer demand for  “Liquid Gold”, the principles of supply and demand show us a clear path to this current price increase. 

Here are some strategies to help you cope with the rising prices:

1. Don’t stop buying olive oil – Despite the higher cost, the health benefits of extra virgin olive oil far outweigh the expense. This superfood is in high demand for a reason, and it’s essential to continue incorporating it into your diet. 
2. Only buy the best – If you are going to invest in extra virgin olive oil, (and we recommend that you do!) make sure you are buying the best quality olive oil available. Follow these simple rules: Only buy Extra Virgin Olive Oil, avoid labels like “light” or “low fat,” and choose single-origin from countries like Spain, Italy, Morocco, and Greece. Morocco, for instance, has a harsh desert climate that produces nutrient-rich olives.  Look for cold-pressed olive oils rich in polyphenols and ALWAYS READ THE LABELS. 
3. Beware of scams – According to some reports, nearly 80% of olive oil sold is mislabeled and could be fake and potentially harmful. Some olive oils are diluted or mixed with inferior oils to extend the product. Don’t be swayed by fancy packaging; instead, look for a harvest date instead of the best-before date. 
4. Avoid plastic containers – Studies indicate that olive oil stored in plastic degrades faster than in containers with polyethylene (PE). Store your olive oil correctly, away from heat and light, to preserve its benefits. Conveniently keeping your oil next to the stove is one of the worst things you can do.
5. Use your Olive Oil – Unlike a fine bottle of wine, olive oil isn’t meant to be saved for special occasions. Use it sooner rather than later. High-quality Extra Virgin Olive Oil has a maximum shelf life of about two years. Once opened, it’s best to use it within 60 days, although you may be able to make that last to 6 months if stored correctly. So what we really mean is, Enjoy your olive oil!
6. Learn how to use your olive oil – Olive oil has a much lower smoke point than many other cooking oils, and high temperatures can diminish it’s flavor and benefits.While it’s fine to sauté with olive oil, save the highest-quality oils for drizzling on salads and dishes. Think of it as “Drizzle” versus “Sizzle”. 
7. Consider other healthy cooking oils – So while we will always recommend Extra virgin olive oil above any other, consider other healthy options like Avocado oil, which is rich in oleic acid, polyunsaturated fats, and other antioxidant-rich nutrients that are linked to improved heart, skin, and eye health. Dr. Gundry also recommends Perilla Oil, Macadamia nut oil, and MCT Oil. 

Now that you’re informed about the “olive oil crisis” and equipped with tips to navigate it, you can confidently continue enjoying the health benefits and flavors that high-quality olive oil brings to your kitchen.