Olive Oil - Market

Over 750 million olive trees are cultivated worldwide, about 95% of those in the Mediterranean region. Most of global production comes from Southern Europe, North Africa and Middle East. Of the European production, 93% comes from Spain, Italy, Turkey, and Greece. Spain's production alone accounts for 40% to 45% of world production, which was 2.6 million metric tons in 2002. In 2006 Turkey accounted for over 25% of world production, this figure is similar to the province of Jaen production alone, in Spain, well known as the biggest olive groves in the world.

In olive oil-producing countries, the local production is generally considered the finest. In North America, Italian and Spanish olive oils are the best-known, and top-quality extra-virgin oils from Italy, Spain and Greece are sold at high prices, often in "prestige" packaging.

Greece devotes 60% of its cultivated land to olive growing. It is the world's top producer of black olives and boasts more varieties of olives than any other country. Greece holds third place in world olive production with more than 132 million trees, which produce approximately 350,000 tons of olive oil annually, of which 82% is extra-virgin. About half of the annual Greek olive oil production is exported, but only some 5% of this quantity reflects the origin of the bottled product. Greek exports primarily target European Union (EU) countries, the main recipient being Italy, which receives about three-quarters of total exports. Olives are grown for oil in mainland Greece, with Peloponnese being the source of 65% of Greek production, as well as in Crete, the Aegean Islands and Ionian Islands.

The EU regulates the use of different protected designation of origin labels for olive oils in accordance with EU law. Among the many different olive varieties used in Italy are Frantoio, Leccino Pendolino, and Moraiolo. In Spain the most important varieties are the Picual, Alberquina, Hojiblanca, and Manzanillo de Jaén. Demand for olive oil has soared in the United States. In 1994, exports to the US totaled 28.95 million gallons, a 215% increase from 1984. The US is Italy's biggest customer, absorbing 22% of total Italian production of 131.6 million gallons in 1994. Despite shrinkage in production, Italian exports of olive oil rose by 19.2% from 1994 to 1995. A large share of the imports went from the EU, especially Spain.

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- Scott Patton

The Health Benefits of Olive Oil