The WOOE: major business opportunity for the Spanish producers

The excellent olive harvest from the previous season (2018/2019) triggered a downturn in prices that encouraged an increase in consumption. This has resulted in the fact that there is still a substantial stock in terms of volume; and that’s why the World Olive Oil Exhibition, which will be held on the 18^th and 19^th of March 2020 in Madrid, becomes a business opportunity for Spanish producers.

The olive oil stored from previous seasons has dropped by at least 10%, precisely due to this increase in consumption as well as due to the promotion policies carried out in Spain, Italy, Tunisia and Jordan, and even in the United States, whose producers have requested Trump’s Administration not to include tariff barriers to olive oil.

Although it is still too early to assess the 2019-2020 season, experts foresee that this year’s drought will have a negative impact on the olive harvest; to such an extent that, while throughout the previous marketing year 1.8 million tonnes of olives were harvested, “this year the decline will be approximately 24%, i.e. a harvest figure of 1.3 million tonnes”, noted consultant Juan Vilar.

Similarly to Spain, other countries might also witness a slump in production of around 20%, for example Turkey, which would produce 160,000 tonnes, Morocco: 150,000 tonnes and Syria: 65.000 tonnes.

Nevertheless, such a collapse might be offset at a global level since certain countries have witnessed an increase in production as is the case of: Tunisia, possibly trebling its harvest compared to the previous year and therefore being close to 300,000 tonnes; Italy, which will almost certainly double last year’s poor data and be close to 400.000 tonnes; Greece, which may grow by 50% accounting for 275,000 tonnes and Portugal would reach 125,000 tonnes.

Bearing in mind that there are currently 64 olive oil-producing countries and 180 olive oil-consuming countries, and although the WOOE has been the world’s biggest fair devoted to olive oil since it started, for this 9^th edition, it aims to consolidate its international character even more.