A Mediobanca study on Italy’s olive oil sector, published last August, examines the country’s 50 largest joint-stock companies with revenues exceeding €20 million in 2022. Global olive oil production in the 2023/2024 period is forecast at 2.4 million tonnes, down 6.3% from the previous two years, following a dramatic 24.9% drop from the record 3.4 million tonnes produced in 2021/2022.

The European Union accounts for 71.7% of global output, with Spain leading (roughly a third of the total), followed by Italy (12%), and Greece (8.1%, ranking fifth). In 2023, Spain topped the export rankings, shipping 781,000 tonnes worth €4.5 billion. Italy came second (338,000 tonnes, €2 billion), with Greece in third place (241,000 tonnes, €1.3 billion).