BUSINESS

Consumption of olive oil sliding

Domestic consumption of olive oil has been on a mild slide on recent years, as the recession has led to cutbacks even in basic foodstuffs. Total turnover fell 4 percent in 2012, to 409.77 million euros.

The fall mainly concerned labeled brands, as consumers mainly prefer buying in bulk. According to a study by Infobank Hellastat, consumption in the 2012-13 period stabilized at around 200,000 tons, when production rose 22 percent to 357,900 tons in a bumper season.

Production this year is forecast for a sharp 62 percent drop, to around 135,000 tons, mainly due to adverse weather conditions. ‘The sector has positive prospects, on the condition that the bulk market is restricted and the market share of labeled brands grows,’ said an Infobank Hellastat official.

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