Infobank Hellastat conducted a survey that revealed olive oil intake has dropped in Greece over the last couple of years, as a result of lower incomes. Consumers are cutting costs wherever they can, even in basic food necessities.
The analysis was based on domestic olive oil production, which stabilized at 200,000 tons between 2012 to 2013. It has been predicted to decline further in the near future. The drop was determined in branded olive oil items, however labeled olive oil has been consistently increasing, adding pressure to brand makers.
Between 2012 to 2013, domestic olive oil manufacturing finalized at 357,900 tons. A 6% decline has been projected between 2013 to 2014, due to unfavorable weather patterns. The analysis studied 110 olive oil companies, that held 4.0% less in turnover, compared to the prior year. Operation gains decreased by 7.0%, and pre-tax revenues declined by 40%.
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