Droughts, heat waves, and wildfires have become more regular in southern Europe, putting a strain on olive oil output. For two years in a row, these extreme weather events have resulted in a substantial reduction in global olive harvests.
As a result, olive oil prices have reached unprecedented highs, with retail prices reaching $9,000 per tonne in October, according to US Department of Agriculture data. The situation is critical in Mediterranean countries, where dry weather and droughts are putting additional strain on olive oil supply. This situation highlights the risks that climate change poses to food production, particularly in places that rely largely on olive oil.
Consumers are expected to seek alternate cooking oils with similar health benefits as the Mediterranean region's olive oil supply becomes more irregular. Experts expect that olive oil prices will eventually approach $10,000 per tonne on the global market, making it a luxury item for many.
Spain, which supplies half of the world's olive oil, is likely to see a 48% decrease in production, owing in part to a harsh summer and wildfires. This supply shortage is having a global impact, affecting food markets, restaurants, and households.
As a result of growing prices, consumers in several countries, including India, are paying more for olive oil, with restaurants passing these costs on to customers. This predicament has caused some people to switch to alternate cooking oils such as canola.
As climate change continues to have an impact on food production, it is clear that the world will need to adapt to these new problems in order to find sustainable and inexpensive food sources.
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