Olive Oil Update - October 2023
Certain market events have impacted global supplies of all types of bulk olive oil, specifically:
- Major Producing Country Export Ban: Turkey implemented a bulk olive oil export ban in August 2023 due to increased export demand, rising prices, and tightening supplies, despite that country having a record olive oil production in the 2022/23 olive crop year. The ban is expected to be lifted on Nov. 1, 2023. Turkey is a major producer of Olive Pomace and refined oils.
- Poor Harvest Conditions: Continued unfavorable growing weather in southern Europe for the past several crop years - excessive heat and major drought - has further impacted oil availability. According to the Olive Oil Times, Spain, the world's largest producer of olive oil, expects the 2023 harvest in Andaluisa, its largest olive oil-producing region, to be 40 percent below the average of the previous four crop years.
- High Demand and Higher Prices: The popularity of olive oil for food, cosmetic, and soap uses continues to push demand higher. With such supply issues, prices have only one way to go: UP!
How to Adapt and How We Can HelpHistorically, when olive prices soared or availability was poor, Soap makers have used substitute oils to reduce the amount of Olive Oil in their soap recipes. Soaper's Choice provides high quality substitute oils such as Rice Bran, high oleic Sunflower and Safflower, and Canola oils. We recommend making a few test batches to see which oils work best for you. Please note for safety: all ingredient Saponification Values will need to be calculated prior to using any oil below as a replacement in a recipe.
Click each link below to see prices, pack sizes, and availability.