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The increasing demand for sunflower oil in Spain presents significant growth opportunities, as consumers find it harder to afford olive oil, which is becoming more expensive. The Asociación Nacional de Industriales Envasadores y Refinadores de Aceites Comestibles (Anierac) reports that sales of sunflower oil increased by 24.5% between October 2023 and March 2024, while sales of olive oil decreased by 17.5%. This follows a 61% increase in olive oil prices from May 2023 to May 2024, alongside a second consecutive year of reduced production. Meanwhile, sunflower oil experienced a decline of 35%, which is relatively cheaper compared with quality cooking oils offered to households.
Due to the availability of economical substitutes, sunflower oil is expected to capture a larger market share among Spanish consumers. If olive oil production levels off in 2024/25, the current price difference will provide sunflower oil producers with a crucial opportunity to strengthen their market position while adapting to changing consumer preferences.
Source: Online/OFA
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