Greek olive oil prices stabilize as new harvest approaches

The Greek olive oil market is entering a new commercial period characterized by stabilizing and declining prices following two years of low production and high costs. Retail prices have dropped to approximately 8.5 euros per liter, while producer prices for extra virgin olive oil are estimated between 3.80 and 4.20 euros per kilogram.

Production outlooks vary by region. In Messinia, production is expected to improve significantly, potentially exceeding 60,000 tons. Conversely, Lesvos anticipates a much lower yield, estimated at only 50% of a normal year due to tree stress. In Chalkidiki, green olive producers face a difficult season with prices starting as low as 1.10 euros per kilogram, which many claim is unsustainable given rising cultivation costs.

Despite the stabilization, the sector faces significant structural challenges. Producers are struggling with a shortage of manual labor and prohibitive wage costs. Additionally, there are ongoing concerns regarding the high volume of bulk exports, which limits the added value for Greek producers, and reports of imported olives being mislabeled as Greek products in certain regions.