2024 brought no shortage of major events and hurdles for the food industry. This year, from surging prices to shifting consumer demands and the growing focus on local products, was one of adaptation and resilience.
Olive oil prices soar
One of the most striking developments of 2024 was the unprecedented spike in olive oil prices. Severe weather conditions in major production hubs like Spain—the world’s leading producer—substantially impacted yields, driving prices to all-time highs.
“This is the second year we’ve seen extreme weather devastatingly affect olive oil production. Yields are down to just 50% of normal levels. Either frost disrupts the flowering season, or heatwaves lead to fires and widespread droughts.”
Élaine, VP of Operations
Exploring new oil alternatives
In response, producers and retailers have broadened their offerings with alternative oils. Virgin sunflower oil, virgin canola oil, and our very own Perfect Oil™ emerged as consumer favourites—not just for their competitive pricing but for their nutritional benefits and, most importantly, their local origin.
“Our focus has been on expanding Perfect Oil™ into independent retailers and major chains like Metro and Sobeys. This strategy will continue into 2025. We’ve highlighted the product’s innovation and our leadership as Canadian pioneers in cold-pressing virgin seed oils like sunflower, canola, sesame, and flax. We’ve also invested in greater visibility, stronger promotions, and education for our clients, brokers, and end consumers.”nt de l'éducation à nos clients, courtiers et consommateurs.”
Jocelyn, Director of Major Accounts
Consumers grapple with inflation
Inflation cast a long shadow over household budgets in 2024, with rising food prices prompting consumers to seek cost-saving solutions without compromising quality. Brands and retailers had to adjust, offering affordable options and ramping up promotions and loyalty programs to meet evolving needs.
The rise of local products
Amid inflationary pressures and growing environmental awareness, local products enjoyed a surge in popularity. Consumers increasingly favoured locally sourced options, boosting the trend toward supporting nearby producers.
Transparency and sustainability: non-negotiable values
Transparency and sustainability emerged as core values for consumers in 2024. Expectations for clarity around production practices, ingredient sourcing, and environmental impact continued to rise. Companies that embraced sustainable practices and communicated openly earned the trust and loyalty of their customers.
“People are overwhelmed by misinformation and concerned to know what’s on their plates. While some details are confidential, we maintain open communication with our customers. As a B Corp-certified company, transparency is a cornerstone of our philosophy. It’s essential to building trust and inspiring positive change in the business world.”
Gabrielle, Customer Experience Coordinator
The food industry faced no shortage of challenges in 2024, yet it also showcased remarkable resilience and adaptability. Looking ahead, the drive toward sustainability, healthy products, and buying local will undoubtedly continue to shape the future of food.