Olive Oil Prices, Consumption, and Nutritional Perspectives in Europe: A Current Overview

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Logic dictates that when prices spike, households compare olive oil with other oils, especially extra virgin varieties that are eight times more expensive than the standard industrial sunflower oil. The change is noticeable: some products in supermarkets now cost up to six euros more. Yet the latest data from the Ministry of Agriculture, Fishing and Food shows that the consumption of this last option in Spanish homes has fallen more sharply (-15.7%) than olive oil (-11.9%). These figures refer to April and may not yet reflect the more recent months when prices continued to rise, but many experts agree on a clear trend: olive oil still leads while other oils lose ground in the grocery cart.

“We’re talking about a staple food item that is deeply embedded in the Mediterranean diet. It is very hard to change such consumption habits,” notes José Manuel Corrales, professor of economics and business administration at a European university. “Although demand has softened, olive oil remains a basic product,” he adds.

Recent consumer research indicates that overall oil demand may tighten, with olive oil facing tighter supply, yet the total demand is not expected to collapse. “If prices become absolutely prohibitive, consumption could shift, but the factors driving the price increase are not guaranteed to be permanent — factors like the war in Ukraine and poor harvests are at play,” Corrales says. “The prudent expectation is a moderate price rise followed by a slow downward adjustment from 2024 onward.”

Francesc Xavier Mena, professor at Esade in the economics, finance, and accounting department, appears to favor self-regulation within the olive oil market rather than a sweeping move to substitutes. “When prices rise, the market tends to self-regulate. If consumers can’t sustain the cost, they start seeking alternatives or reduce consumption,” he explains, highlighting the market’s adaptive behavior.

In addition to price concerns, Spain faces negative publicity for substitutes. Corrales observes that Spanish consumer sociology shows olive oil is harder to replace than in many other European nations, largely due to longstanding culinary and gastronomic culture. He also recalls the notorious rapeseed oil poisonings in the 1980s, which left about 20,000 people ill and around 300 deaths, a memory that colors current attitudes toward alternative oils.

nutritional contribution

Vicente Clemente, a professor of nutrition at a European university, explains that seed-based oils such as rapeseed, sunflower, and soy contain higher omega-6 fatty acids. This composition can influence inflammatory and oxidative processes in the body. “Plants defend themselves with chemicals; seeds are central to that equation, so products derived from them often carry a higher baseline toxicity,” he notes. He also points out that seeds have been partially domesticated, yet the human gut still perceives them as potential threats.

According to this line of reasoning, extra virgin olive oil remains the preferred option for both the palate and the cooking experience. If price resistance becomes a concern, the suggested approach is to rationalize usage: smaller quantities, more efficient cooking methods such as microwaving or oven cooking, and devices that require less oil can yield good results. If a substitute is unavoidable, butter becomes a possible alternative.

“Butter has often carried a demonized reputation for saturated fats, but evidence shows that these fats are essential for proper body function. Restrictive low-fat diets can contribute to cardiovascular and other health issues,” Clemente says. He adds that butter’s role in cooking differs, so cooking times and flavors will vary. With sensible use, there is no reason to abandon it entirely.

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