As Giorgi Svanidze, founder of "Svanidze Olive Oil," stated on the program "Business with Rustavi 2," due to the olive shortage on the market, the price has doubled — rising from 3–3.5 dollars to 7 dollars over the past two years.
According to him, Turkey is one of the markets that supplies the world with olives, accounting for up to 20% of total coverage. However, Svanidze argues that the country will not be able to fully supply the world and eliminate the shortage.
"I think that if the situation continues like this, we should likely expect another 20–25% increase in prices. However, I anticipate that in the coming year and the periods thereafter, the situation will improve," Svanidze states.
As for the Georgian olive sector, he says that the company's olive volumes are increasing every year. This year, the company "Svanidze Olive Oil" established 300 hectares of olive plantations.
Svanidze estimates that over the next five years, 70–80% of imported olives on the domestic market will be replaced by Georgian olives.
For reference, Europe is facing a shortage of olive oil, and product stocks are running out. For the second year in a row, the cause is cited as poor harvests due to drought and unusual hailstorms. Historically, Spain supplied more than half of the world, but producers have now turned to South America for imports. At the same time, Turkey claims it can eliminate Europe's shortage, though for this to happen, restrictions must first be lifted.
