Spain's Deoleo, the world's largest olive oil producer, says the industry needs to undergo a "profound transformation" as it grapples with one of the most challenging moments in its history.
A perfect storm of climate change, soaring prices, high interest rates and robust inflation has taken its toll throughout the olive oil value chain in recent months.
Spain accounts for more than 40% of the world's olive oil production, making it a global reference for prices.
Extra virgin olive oil prices in Spain's Andalusia hit a record high of 9.2 euros ($9.84) per kilogram in January.
Olive oil prices have cooled due in part to an uptick in production estimates and beneficial rains in March and April.
Persons:
Spain's Deoleo, Miguel Angel Guzman, Guzman
Organizations:
CNBC
Locations:
Europe, Spain, Andalusia, Olive