5 Countries that Produce the Best Extra Virgin Olive Oil

1. Spain

2021 Olive Oil Exports: $3.87 billion

Spain is commonly regarded to be one of the world’s top manufacturers of premium extra virgin olive oil. Spanish olive oil is highly coveted by both customers and cooks for its well-balanced flavor.

The country is the biggest exporter of extra virgin olive oil in the world, accounting for a market share of 46.21%. According to the International Olive Council (IOC), Spain produces 40% of the global olive oil. The Spanish regions of Andalusia, Extremadura, and La Mancha are the main olive oil-producing regions in the country. The Spanish government recently implemented a reduction in the value-added tax (VAT) on olive oil and other cooking oils to counter the impact of raging inflation and reduce the burden on consumers. The VAT has been slashed from 10% to 5% from January 1 to June 30, 2023. The cost of producing olives has seen a drastic increase due to a rise in the cost of energy, fertilizer, and labor.

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