In a surprising shift in Spain’s kitchen preferences, sunflower oil has overtaken olive oil as the country’s most consumed cooking oil, driven by soaring olive oil prices. Spain, renowned as the world’s largest olive oil producer, has seen a notable change in consumer behavior due to rising costs.
During the first half of 2024, Spanish consumers purchased 179 million liters of sunflower oil compared to 107 million liters of all types of olive oil, according to Anierac, Spain's leading olive oil bottling association. This marks a significant reversal from last year’s trend, where olive oil held a dominant 62% share of the market by volume, with sunflower oil representing nearly 34%, as reported by the Ministry of Agriculture.
“It is clear that olive oil consumption is falling in Spain,” said Primitivo Fernandez, spokesman for Anierac. He noted a shift in consumer habits, with households that previously exclusively bought olive oil now incorporating sunflower oil into their purchases for the first time.
Olive oil sales have plummeted by 18% compared to the first half of 2023, while sunflower oil sales saw a 25% increase in volume last year. The dramatic price difference has played a crucial role in this change: sunflower oil was priced at an average of 1.86 euros ($2.07) per liter last year, whereas olive oil, especially premium types, soared to over 6 euros per liter—an increase of 50% from 2022.
The rise in olive oil prices is partly attributed to adverse weather conditions, including spring heatwaves and a prolonged drought, which have significantly impacted olive harvests. This has led to a doubling of olive oil prices to unprecedented levels.
Recent reports indicate that the cost of olive oil has made it less accessible to lower-income households, who are now turning to more affordable alternatives like sunflower oil. According to the Ministry of Agriculture’s 2023 food consumption trends report, olive oil has become primarily a product for middle and upper-middle-class households. At the end of last year, some extra-virgin olive oil bottles were priced up to 14.5 euros ($15.77), leading retailers to secure these products with security tags.
The shift in Spain's cooking oil market reflects broader economic pressures and changing consumer priorities as they adapt to higher food costs.
(Source:www.reuters.com)
During the first half of 2024, Spanish consumers purchased 179 million liters of sunflower oil compared to 107 million liters of all types of olive oil, according to Anierac, Spain's leading olive oil bottling association. This marks a significant reversal from last year’s trend, where olive oil held a dominant 62% share of the market by volume, with sunflower oil representing nearly 34%, as reported by the Ministry of Agriculture.
“It is clear that olive oil consumption is falling in Spain,” said Primitivo Fernandez, spokesman for Anierac. He noted a shift in consumer habits, with households that previously exclusively bought olive oil now incorporating sunflower oil into their purchases for the first time.
Olive oil sales have plummeted by 18% compared to the first half of 2023, while sunflower oil sales saw a 25% increase in volume last year. The dramatic price difference has played a crucial role in this change: sunflower oil was priced at an average of 1.86 euros ($2.07) per liter last year, whereas olive oil, especially premium types, soared to over 6 euros per liter—an increase of 50% from 2022.
The rise in olive oil prices is partly attributed to adverse weather conditions, including spring heatwaves and a prolonged drought, which have significantly impacted olive harvests. This has led to a doubling of olive oil prices to unprecedented levels.
Recent reports indicate that the cost of olive oil has made it less accessible to lower-income households, who are now turning to more affordable alternatives like sunflower oil. According to the Ministry of Agriculture’s 2023 food consumption trends report, olive oil has become primarily a product for middle and upper-middle-class households. At the end of last year, some extra-virgin olive oil bottles were priced up to 14.5 euros ($15.77), leading retailers to secure these products with security tags.
The shift in Spain's cooking oil market reflects broader economic pressures and changing consumer priorities as they adapt to higher food costs.
(Source:www.reuters.com)
