Japan olive oil supplies hit as European droughts damage harvests

Olive oil prices look set to surge in Japan as supplies from Europe have slumped due to drought-damaged harvests. Some retailers report difficulties in securing imports of the cooking oil.

Europe had record droughts in 2022 and a lack of rain last year resulted in poor olive harvests in Spain and Italy for two straight years.

Japanese food makers will start raising olive oil prices from May.

J-Oil Mills is raising retail prices by 32 to 66 percent, while The Nisshin OilliO Group plans to hike prices 23 to 64 percent. Showa Sangyo said it will boost the sticker price of its olive oil by 950 yen a kilogram, or more than six dollars.
Supermarket operator OK Corporation said it can no longer procure some popular types of Italian olive oil. It said it doesn't know when the imports will resume.

As one alternative, the company has started sales of a product combining olive oil with canola oil.