- Rising prices of olive oil in Spain have driven consumers to opt for cheaper alternatives like sunflower oil
- Spain, the world’s largest producer of olive oil, has seen a significant drop in its consumption
- In the first half of 2024, Spaniards purchased more sunflower oil than olive oil for the first time
Madrid, August 21, 2024 (FFN) – Sunflower oil has become the preferred cooking oil in Spanish households in 2024, marking a historic shift in consumer preferences. This trend has been largely driven by the soaring prices of olive oil, which has traditionally held the title of “king of the kitchen” in Spain.
According to data from Anierac, Spaniards consumed 107 million liters of olive oil and 179 million liters of sunflower oil in the first half of this year. This change in consumer behavior is notable, especially considering that Spain is the world’s largest producer of olive oil.
In 2023, olive oil accounted for 62% of the total oil sales in Spain, while sunflower oil made up 34%. However, the sharp increase in olive oil prices, driven by poor olive harvests due to spring heatwaves and drought, has led many households to switch to more affordable sunflower oil.
Last year, a bottle of sunflower oil was priced at around €1.86 per liter, while olive oil was priced at over €6 per liter. Spain, which typically supplies 40% of the world’s olive oil, is now facing significant challenges as olive oil prices hit record highs.
In response, the Spanish government reduced the VAT on olive oil to make it more affordable. Additionally, Spain’s largest supermarket chain, Mercadona, has reduced the price of olive oil by 25% and is currently offering liter bottles for under €7.
