Europe’s heat wave crisis is expected to cause a surge in the price of olive oil, a key ingredient in many kitchens. Olive trees have been adversely affected by the scorching weather that has plagued the southern part of the continent since April. CNN reports that the extreme heat and drought conditions have led to early drop of olives from the trees as a protective measure.
Spain, one of the top olive oil producers globally, has been particularly hard hit by the rising temperatures. According to CNN, temperatures soared to 104 degrees Fahrenheit in April. Italy and Greece, also major olive growers, are experiencing similar challenges. Industry experts fear that the olive crop for this year may decline by over 30% compared to the five-year average.
Walter Zanre, an executive in the olive oil industry, expressed concern about the crisis, stating, “There doesn’t seem to be any respite on the horizon, the industry is in crisis.” The shortage and escalating prices have also led to an increase in thefts across the affected regions, ranging from stolen branches to warehouse break-ins, as reported by Nature World News.
The impact of the olive oil crisis is already being felt in the market. A chart from the Federal Reserve Bank of St. Louis shows a sharp increase in olive oil prices since last summer. In July, prices were recorded at $8,599 per metric ton ($7,800 per ton), compared to half that amount in the previous year. The International Olive Council is actively exploring strategies to cultivate olives more effectively in high heat and drought conditions. However, an anonymous spokesperson from the council warned that global olive oil production could drop by 20% from October 2022 to September 2023, attributing the decline to climate change.
The tomato crop in India provides a glimpse into the potential impact on olive oil pricing. CNN reports that extreme heat and heavy rainfall have caused tomato prices to skyrocket by more than 400%.
For those seeking alternatives to olive oil, Verywellfit suggests grapeseed, canola, coconut, or even mashed bananas. However, it’s important to note that these alternatives could also be affected by the ongoing heat crisis. Zero Acre Farms offers a unique oil made from sugarcane, which is broken down through fermentation. The company claims that this process requires 99% less water than olive oil production and 87% less land than canola oil. This innovative approach, similar to the processes used for alcohol, yogurt, or sourdough production, could potentially alleviate some of the global crop challenges faced by oil connoisseurs.
Kyle Holland, a market analyst from research group Mintec, expressed concern about the broader implications of this crisis, stating, “It’s getting to the stage where the concerns are significant, not just for olive oil, but for a lot of crops.” As the climate crisis continues to impact agricultural production, exploring sustainable alternatives becomes crucial.
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