With olive oil prices soaring, more fake products are hitting shelves

Anyone that raves about the Mediterranean diet, or, apparently, studies at Yale, will know all too well how expensive olive oil has gotten in recent years.

In case you missed it, today is National Extra Virgin Olive Oil Day… but the skyrocketing cost of liquid gold has left polyunsaturated fans with little to celebrate. Data from the IMF shows that global olive oil prices have almost tripled since the start of 2021, reaching ~$8,700 per metric ton in August after hitting a record high in January.

Extreme weather events observed across Europe, including droughts and heatwaves, is weighing on supply. Spain, the world’s leading producer, saw production fall more than 50% from the previous season to ~665K tons for 2022-23, according to the International Olive Council. Globally, production levels for 2023-24 are expected to be down 27% from 2018-19.

Snake oil

The price for EVOO is giving rise to another unwanted phenomenon, with Bloomberg reporting that criminals seeking to cash in on the price boom are peddling counterfeit oil products.

Data released to the Guardian in July found that 50 potential olive oil fraud and mislabelling cases took place in the EU in Q1 ‘24, compared with 15 in the first three months of 2018 — though the true figure is likely much higher. Last year, chainsaw-wielding thieves, known as “grove robbers”, cut down olive oil trees to steal precious harvests for themselves.

However, a surge in fake olive oil could be more sinister than just ripping off customers or farmers. In some instances, seized bottles have turned out to be lampante, a grade of olive oil deemed unfit for human consumption. And, with stunted production showing no signs of improving, better traceability will become imperative to avoid public health issues.