Soaring Olive Oil Prices Lead to Theft Surge and Consumption Shift in Mediterranean

Extreme weather conditions have severely impacted olive oil harvests in Spain, the world’s largest producer, resulting in a quadrupling of prices over four years and making the commodity a target for theft and altering consumption habits in the Mediterranean.
In recent years, Spain, the world’s largest producer of olive oil, has experienced a significant rise in olive oil prices due to extreme weather conditions affecting harvests for two consecutive years. The price of olive oil in Spain has quadrupled over the last four years, from an average of €2.13 per kilogram in 2020 to €8.88, representing a 70% increase within a single year. This surge in prices has turned olive oil into a prime target for shoplifters and organized criminal gangs, who steal the product to resell it amidst high demand and limited supply. Supermarkets across Spain have resorted to security measures such as chaining bottles to shelves or attaching staff-removable security tags to combat theft.
The problem of olive oil theft is not unique to Spain; similar incidents have been reported in Greece, indicating a broader issue across the Mediterranean region. In an effort to address the challenge, Spanish and Italian authorities recently arrested 11 individuals involved in attempting to pass off adulterated olive oil as high-quality products, showcasing the lengths criminals will go to exploit the situation.
Parallel to the situation in Spain, Italy has also been facing challenges with olive oil consumption due to rising prices. A survey revealed that one-third of Italian consumers have reduced their intake of extra virgin olive oil, with the supermarket price of a bottle doubling from 4 euros to 9 euros. Some consumers have even switched to alternative, cheaper seed oils. However, producers in Italy dispute the implications of reduced consumption, stating that sales of higher-quality Italian extra virgin olive oil have actually increased, emphasizing the product’s significance beyond a commodity, as it plays a crucial role in the Mediterranean diet and cultural identity.
The theft and consumption changes in Spain and Italy reflect the wider impact of olive oil shortages and price increases, affecting not just the economy but also culinary traditions in the Mediterranean region.