During 2023, the global price of olive oil hit a 26 year high, tripling in cost over the past 24 months according to the European Commission. This rapid price increase stemmed from supply shortages in Europe from drought, wildfires and spread of bacteria (xylella fastidiosa). These price hikes of olive oil are expected to continue through 2024, and the restaurants are having difficulty passing these additional costs to their customers.
An alternative to olive oil in both home and restaurant kitchens are the locally grown cold pressed seed oils from The Good Oil. New Zealand cafes, restaurants and local chefs have used The Good Oil (cold pressed virgin oils) in their kitchens as a salad oil and a splash fry oil. Nick Murney, Managing Director of Pure Oil New Zealand Limited, confirms that we have seen a 300% sales increase of cold pressed oils into the hospitality industry in 2023 and 2024. Nick suggests restaurant managers are looking for ways to reduce their food inflation burden while not compromising on the quality of their ingredients.
The Good Oil’s cold pressed extra virgin sunflower and rapeseed oils provide unique oil flavours, gorgeous colour, a high smoke point and at a significant cost saving. These oils have the versatility required for a busy restaurant kitchen and are able to replace olive oil in many cases. The local origin of the oil also ensures customers receive fresh oil that is at its best, and it has far less distance to travel from a Kiwi farmers’ field to a kitchen.