Analysis of Extra Virgin Olive Oil Prices in Europe

The Removal of VAT on Olive Oil in Spain and Its Impact on Prices 

The price of olive oil has been one of the most significant increases in the shopping basket in Spain. Due to drought affecting production, rising fertilizer costs, and the war in Ukraine, the so-called liquid gold surpassed 10 euros per liter in many Spanish supermarkets. 

The more than 60% increase over the past year prompted the government to establish regulatory measures. They approved the removal of VAT from this key product in Spanish cuisine until September 30th. With this measure, olive oil joins other staples in the Spanish basket, such as milk, bread, eggs, fruits, and vegetables. 
 

Olive Oil Prices in Europe 

Following the removal of this tax on olive oil, Spanish consumers have noticed a decrease in its price in the country's most popular supermarkets. 

The study reveals a surprising fact: the cheapest extra virgin olive oil in Europe is not found in Spain but in the Aldi supermarket in Ireland, priced at 5.49 euros per liter, almost half the price of the cheapest in Spanish supermarkets. 

At the conclusion of the analysis, it was found that Mercadona offers the cheapest extra virgin olive oil of its own brand at 8.95 euros per liter. 

It is also noteworthy that, despite being an imported product and having a generally higher cost of living, citizens in countries like Belgium and the United Kingdom can purchase a liter of Spanish EVOO at a price nearly equal to that in Spain (8.99 and 9.02 euros, respectively, at Aldi). 

Meanwhile, in the Netherlands, the Albert Heijn supermarket offers a liter of EVOO at 9.49 euros. In France, Carrefour currently maintains a price of 9.72 euros per liter. The highest prices were found in Romania and Hungary: the former, Carrefour brand, at 13.85 euros, and the latter, at the Auchan supermarket, at 18.99 euros per liter. 

Another highlight is that within the same supermarket chains, price differences are notable. For example, in Belgium, Bellasan oil costs 8.99 euros per liter, while the same oil in Luxembourg reaches 11.32 euros. In the United Kingdom, those buying Solesta EVOO at Aldi pay 9.04 euros per liter, while in Ireland, the same product costs 5.49 euros. 
 

Price of Extra Virgin Olive Oil Outside Europe 

Looking beyond Europe, one of the most popular EVOO brands is La Española. In Japan, this oil can be found for 8.99 euros per liter, while in Mexico, it costs 11.30 euros. In Poland, the liter of the same brand is sold for 14.80 euros. 

Another interesting fact from the analysis is that despite the United States being one of the main export destinations, it is very common to find in the description of extra virgin olive oils that the product is a blend of oils from various European Union countries, as is also the case in German supermarkets. 
 

Olive Oil Exportation: Spain and Its Competitors 

Spain is internationally recognized for its production and export of olive oil, with extra virgin olive oil (EVOO) being the most popular due to its high quality. Andalusia is the region with the highest production of olive oil, with a total of 1,679,412 hectares of olive groves, followed by Castilla-La Mancha (451,994), Extremadura (296,190), Catalonia (114,101), and the Valencian Community (94,505). 

According to data from the 2023 report on the agri-food sector published by Cajamar, the sub-sector of fats and animal or vegetable oil is the fourth-largest exporter in the agri-food sector (10% of the total), behind meat and edible offal (14.4%), fruits and edible fruits (14.3%), and legumes and vegetables (12.7%). 

Furthermore, according to the Ministry of Agriculture, Spain is the world's largest exporter of olive oil. In fact, Spanish olive oil exports account for 65% of its total marketing, with 50,000 tons of olive oil leaving Spain each month for more than 150 countries. 

The main export destinations (with the average volume of the last 4 campaigns) are: Italy (92,000 tons), the United States (44,000), Portugal (42,000), France (25,000), the United Kingdom (15,000), Japan (12,000), China (11,000), Australia (7,000), Brazil (6,000), South Korea (4,000), and Russia (2,000). 

From October 2023 to January 2024, there was an increase towards Italy (+2%) and the United Kingdom (+37%), while in Asian countries and Oceania it decreased: Japan (-52%), China (-69%), and Australia (-51%). 

Although Spain still leads in exports, with a significant difference compared to other countries, more countries are increasingly engaging in olive oil production and exportation. 

Undoubtedly, the largest producers and exporters are in the Mediterranean area, with countries like Italy, Greece, and Tunisia playing major roles, alongside Spain. Although Europe is the continent where the largest production occurs, with 67% of the global total, there are 56 countries engaged in the production of this liquid gold, with recent additions from El Salvador, Ethiopia, Kuwait, Uzbekistan, Azerbaijan, and Macedonia, and nations becoming increasingly strong like Chile and Argentina. 

In terms of exportation outside the European Union, Spain leads with 39% of its exports beyond European borders, while Italy follows at a still not very threatening distance, with 19%. 
 

Trend in Olive Oil Exportation on europages 

From europages, a leading B2B sourcing platform in Europe, there are more than 400 active Spanish olive oil producing companies. For this analysis, we studied the interest of European countries in importing this product. In fact, nearly one million searches are generated annually for international trade on our platform. 

Taking the term "olive oil" as a reference, we find that France, with a total of 72,261 searches in the last 12 months, is the country that has conducted the most searches to import this Spanish product. It is followed by Italy (29,705), Portugal (14,019), the United Kingdom (12,973), and Germany (12,234). 

If we look beyond Europe, we find that the countries that most frequently search for olive oil suppliers in Spain through the platform are the United States (3,594 searches in the last 12 months), Brazil (1,446), Mexico (1,420), and Argentina (1,338). 
 

Spain, Leader in Olive Oil Exportation 

With more than 2.2 million registered and active companies in the import and export market, and two buyer inquiries per second, europages closely follows product trends and buyer interest at the European level. 

Through our platform, we can observe that Spain continues to be the favorite olive oil exporter for B2B companies. 
 

Study Conclusions 

Spanish olive oil exports account for 65% of its global marketing. Olive oil is the fourth most exported agri-food product from Spain. A total of 50,000 tons of Spanish olive oil are exported each month to more than 150 countries. 

In Irish supermarkets, the cheapest liter of extra virgin olive oil in Europe can be found at 5.49 euros. In Spain, Mercadona offers the lowest price per liter of extra virgin olive oil with its own brand. 

europages records one million annual searches to export Spanish olive oil, with France, Italy, Portugal, the United Kingdom, and Germany being the main interested parties.