In 2014, the muggy weather brought Mediterranean countries including Spain, Italy and France the fruit flies and bacteria that caused severe damages in olive oil production. A lot of manufacturers not only earn less but also had to loan money to produce next year stock.
“Olive oil is expensive and very much in the hands of nature,” said Celebrity Chef Jamie Oliver in Bloomberg post. “The really good stuff is worth every penny. You pretty much charge the oil per tablespoon, like you would foie gras or caviar.”
Unfortunately after a short recovery in 2015, bad weather hit them again. The continuous unstable weather in the past few years had already lowered the global olive oil production by 8% this season.
“Consumers have every reason to worry the drop in Quantity equate to the drop in Quality.” Enjoi Ltd.
The fact is the reduced harvest can only produce fewer extra virgin olive oil, in order to maintain the supply, manufacturers have to clear all their stored stock. If the stock still cannot keep up with the demand, prices will definitely rises but fraudulent oils are also more likely to be found.
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With the rapid growth of economy in past decades, Chinese are paying much more attention into the quality of food. Olive oil, known as the healthiest edible oil, its market is filled the fierce competition.
