Increasing production paired with rising vegetable oil prices is also expected to yield record exports and olive oil consumption levels.
Olive oil production is expected to reach a four-year high in the 2021/22 crop year, according to the latest report from the United States Department of Agriculture (USDA).
The USDA anticipated that production will reach 3.3 million tons, its highest point since the 2017/18 crop year, which saw bumper harvests in Algeria, Argentina, the European Union, Morocco and Tunisia, along with a record harvest in Turkey.
The optimistic production forecast is mostly fueled by the expectation of large yields in Tunisia and the E.U., both of which are anticipated to produce 100,000 more tons in 2021/22 than they did in the current crop year.
The USDA said that it also expects olive oil exports to hit record highs in the next crop year. E.U. exports are forecast to grow by 25,000 tons to reach a total of one million. Meanwhile, Tunisian exports are expected to nearly double, reaching 225,000 tons.
Along with exports, olive oil consumption is also expected to hit record-highs, fueled mostly by more availability on the market and shifting consumer preferences for olive oil use in home cooking.
TunisianMonitorOnline (Olive Oil Times)
