Olive Oil Prices Finally Easing After Two Years of Global Pressure
- Rachel Murrell
- May 9
- 2 min read
After two years of global supply challenges and soaring prices, New Zealand olive oil shoppers can finally expect some relief at the checkout.
As the New Zealand importer of Lupi Olive Oil, we’ve been tracking the global olive oil market closely — and the signs are clear: prices are easing, and better supply is on the horizon.
The change comes after severe droughts across the Mediterranean sharply reduced yields and sent prices skyrocketing around the world. Spain, the largest producer, saw production fall from 1.49 million tonnes in 2021/22 to just 663,000 tonnes in 2022/23 — the lowest levels in decades.
Although a modest recovery followed in 2023/24, inventories had already been depleted. Prices continued to climb until late 2024, when signs of market recovery emerged.
The 2024/25 Spanish harvest is now forecast to reach 1.4 million tonnes — a dramatic 60% increase that’s already leading to price corrections across global markets.
“After months of extremely tight supply and historically high prices, the global olive oil market is starting to stabilise,” says Pedro Benavente Olmos, Asia Pacific BU Area Manager at Deoleo, the global producer of Lupi Olive Oil.
“While prices began easing in Europe earlier this year, countries like New Zealand are only now beginning to benefit as the new, lower-cost stock arrives.”
Here in New Zealand, we didn’t feel the full impact right away. That’s because older stock — purchased before the price hikes — was still being sold through. But once that cleared, prices jumped in line with global cost increases.
“Thankfully, that cycle is now reversing,” says Rachel Murrell, Managing Director at William Aitken & Co.
“With new-season olive oil arriving at lower cost, Kiwis can expect retail prices to start easing from May onwards. It’s been a tough time for households and retailers alike, but we’re now in a position to say with confidence that better value is coming.”
While prices may not immediately return to pre-2022 levels, the worst of the volatility appears to be over.
At WAC, we’re committed to keeping the quality and reliability of Lupi Olive Oil front and centre — and to ensuring Kiwi shoppers are kept informed as the category finds stability again.
