Global olive oil prices are expected to rise following Italy’s drop in olive oil production due to Olive tree leprosy. According to the Italian farming association Confagricoltura, the nations olive oil production is expected to be only at 270,000 tones, almost 30% lower than in 2019.
Italian Olive oil are held in high regard with Italian olive oil accounting for 15% of the global market. In addition to this Italian olive oil is also sold at an average 60% higher than olive oils form other countries.
The drastic drop in olive oil production has been attributed to the olive tree leprosy and climate change. Rapid changes in historically climate stable areas are proving to be a major obstacle for olive oil producers. Major droughts along with sudden hailstorms in southern Italy is being blamed for the drop in production along with the Xylella bacteria which gradually rots and kills the olive trees.