Managing The Price Of Extra Virgin Olive Oil For Our Customers

Summary

• 2023-24 has seen some massive increases in the price of olive oils
• This has largely been driven by the effects of climate change, droughts in leading EU producer countries leading to shortages and price increases
• Morocco Gold has so far been able to mitigate against these price increases

Contents

1. Morocco Gold Extra Virgin Olive Oil Benchmarking
2. What Is Driving Price Increases For Olive Oil
3. Stable Pricing To Date At Morocco Gold Extra Virgin Olive Oil Across 2023-24
4. What Does The Future Hold For Olive Oil?
5. Why Extra Virgin Olive Oil Is Still A Good Investment For Your Health & Wellbeing
6. The Growing Popularity Of Moroccan Extra Virgin Olive Oil
7. What Morocco Gold Extra Virgin Olive Oil Will Continue To Do Going Forward

Morocco Gold Extra Virgin Olive Oil Benchmarking

At Morocco Gold, we keep a constant watch on what is happening to prices of olive oils to customers, particularly against the extremely challenging background in the olive oil market generally. These are examples of the price rises we have seen between 2023 and 2024.

Whilst there have been some modest increases of between 10% – 15%, what is striking is that over half of all olive oils surveyed experience price increases of over 20%, with 25% experiencing increases of over 30%. The largest seen was a massive 62% increase on 2023 pricing. Given the general background, this may not be particularly surprising, although some of the rises we have seen do seem rather questionable.

What Is Driving Price Increases For Olive Oil

The cost of olive oil has increased dramatically in recent years. Since 2019, the price of a tonne of olive oil has risen by around 196.61%.

In many of the EU producer countries, climate change has had a big impact on olive production. In Spain, for example, where 40% of olives are produced, there have been two consecutive years of extremely high temperatures. These scorching temperatures threaten olive oil production.

Italy is also experiencing its worst drought in 70 years. In addition, within the Puglia region, where the majority of olive trees are found, there has been an outbreak of the Xylella fastidiosa bacterium that is responsible for killing off olive trees.

This all has a knock-on impact on olive oil prices. According to Mintec, the raw material market forecaster and data analysis firm, prices of Spanish olive oil had risen by 115% between September 2022 and September 2023.

This in turn means two things for consumers; shortages and higher prices that are being felt around the world. They are hitting Europe the hardest, especially since, for many Europeans, olive oil is more than just an ingredient; it’s an irreplaceable part of their culture.

The war in Ukraine and the impacts on key component prices, energy and transportation costs all contribute to making this an extremely challenging environment for the olive oil sector and others.

Stable Pricing To Date At Morocco Gold Extra Virgin Olive Oil Across 2023-24

Morocco Gold extra virgin olive oil has sought as far as possible to shield our customers from some of the more dramatic impacts of shortages and rises in prices. We have done this by very careful procurement, not only of our oil itself, but of major component items, bottles, packaging etc.

As a result, we have so far been able to maintain our discount offers, including our ever popular ‘buy 5 and get a 6^th bottle of our extra virgin olive oil free.

However, from the 21^st October, Morocco Gold will be implementing a modest price increase in recognition of the ongoing pressures on the olive oil sector. This will coincide with the availability of our latest harvest across all of our markets.

What Does The Future Hold For Olive Oil?

The lack of water is already jeopardizing the next olive oil harvest in major EU countries.  Because of the ongoing impacts of climate change on the olive oil sector, there are fears of further shortages and that prices could rise even further, as less olive oil is expected to be produced. In 2024, just under 2.4m tonnes of olives are predicted to be produced, a fall from 2.5m in 2023 and 3.4m in 2022, according to data from the International Olive Council.

“If there is no relief in temperature or rain in the coming weeks, this year’s olive harvest could be notably lower than previous ones” according to the Spanish Minister of Agriculture, Louis Plans.

Why Extra Virgin Olive Oil Is Still A Good Investment For Your Health & Wellbeing

The health benefits of extra virgin olive oil are widely celebrated, and Morocco Gold takes these benefits to the next level. Our oil is a rich source of monounsaturated fats, which are known to support heart health by reducing bad cholesterol levels. Additionally, the high concentration of polyphenols in Morocco Gold Olive Oil contributes to improved cardiovascular function and overall well-being.

The Growing Popularity Of Moroccan Extra Virgin Olive Oil

Moroccan extra virgin olive oil is gaining popularity amongst health-conscious consumers and Morocco Gold extra virgin olive oil with it’s high level of polyphenols is leading the way.

This extra virgin olive oil is produced from the finest olives, grown in the foothills of the Atlas Mountains where the unique geology and micro-climate provide the perfect conditions for olive growing. With its rich flavor and numerous health benefits, it has quickly become the extra virgin olive oil of choice. Around 66% of our orders are now for repeat customers.

What Morocco Gold Extra Virgin Olive Oil Will Continue To Do Going Forward

For five years, Morocco Gold has been on a mission to deliver the finest polyphenol-rich extra virgin olive oil to health-conscious food lovers around the globe. Our commitment to excellence is rooted in a dedication to quality that begins with the selection of the most pristine olives. Handpicked early in the harvesting season from the fertile lands of Morocco, these olives are transformed into liquid gold using time-honoured methods.

We will continue to put our customers at the heart of everything we do to ensure they receive the highest quality extra virgin olive oil – at an affordable price.

High In Polyphenols

Best olive oil in the world. Its polyphenol content is way higher than any other olive oil and less than half the price of Dr. G….’s.

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Since our inception, Morocco Gold Olive Oil has garnered a loyal following among culinary enthusiasts and health-conscious individuals alike. This is a testament to the trust and appreciation of our customers who recognize the unparalleled taste and numerous benefits of our product. With Morocco Gold, you’re not just choosing an oil; you’re choosing a legacy of excellence.