The pricing of Refined Olive Oil relies on olive oil costs and yearly production, given its worldwide consumption. Early 2023 saw rising Refined Olive Oil prices due to Spain’s 55% YoY reduction in olive oil production, mainly due to elevated temperatures from global warming. Consequently, constrained supplies caused continuous price surges during this period.
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Definition
Refined Olive Oil is a culinary oil obtained from processed olive oil. It undergoes refining, including methods such as filtering and chemical treatments, to remove impurities and enhance its stability. Although it may have a milder flavor compared to other olive oil types, it’s well-suited for various cooking techniques due to its higher smoke point.
Key Details About the Refined Olive Oil Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Refined Olive Oil in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Refined Olive Oil Price chart, including India Refined Olive Oil price, USA Refined Olive Oil price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Refined Olive Oil Price Trend:
Refined Olive Oil is employed in diverse industrial applications due to its stability and mild flavor. It finds use in food production, particularly in baking, frying, and processed foods. Additionally, it serves as a base for cosmetic and personal care products, such as soaps, lotions, and creams, owing to its emollient and moisturizing properties.
Key Players:
- Borges Agricultural & Industrial Edible Oils, S.A
- The Sovena Group
- Industrie Olearie F.lli Rubino SpA
News & Recent Development
Rising temperatures and floods in southern Europe drive olive oil prices higher. Italian extra virgin olive oil nears €7/kg, Greek oil surpasses €6/kg, and Spanish oils approach the same price. Climatic disasters, like Spain’s 55% YoY production drop due to drought and heat, elevate prices across the sector. Climate change impacts Mediterranean economies and ecosystems. (Dated: 19 May 2023)
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