Filippo Berio shares 2023/24 harvest update; challenges remain but cautious optimism for future olive oil production
LYNDHURST, N.J., April 4, 2024 /PRNewswire/ -- Filippo Berio, one of the nation's top-selling olive oil and pesto sauce companies, is reporting on the 2023/24 harvest, anticipating a challenging year in sourcing high-quality olive oil as production estimates for this harvest period are little higher than 2022/23 crop yields, which were the lowest in 30 years. As of mid-March, the European Commission expected its nine olive-producing members to produce 1.48 million metric tons, up from 1.39 million metric tons the previous year, but still roughly 20% lower than the average of the previous five harvests. Additionally, non-European Union countries, collectively, are expected to realize a decline in production, further exerting pressure on supply and raw material costs. The evolving scenario could result in elevated prices at retailers as consumers seek out trusted, high-quality products that deliver consistent flavor profiles and important health benefits.
- Two consecutive years of disappointing harvest in Spain, the world's largest olive oil producer, have contributed to tight supply and higher prices ( up 50% in the EU in the past year).
- Each year, Filippo Berio's team of master blenders engage with longstanding suppliers to sample olive oils, fresh from a new harvest.
- After two years of disappointing yields, Filippo Berio is looking ahead to the potential of the upcoming 2024/25 harvest season.
- If we see a more traditional growing period, we believe that yields could rebound significantly and ease pressure on olive oil producers and end consumers."