Spanish food groups Sos Cuetara expects its olive oil unit to deliver a 9% sales jump to €500m this year (US$664.8m). The forecast does not include a €200m turnover estimate for recently-acquired Italian rival Minerva.

The company also said it launched a limited version of its Carbonell olive oil brand, which it sells in international markets.

Meanwhile, Spanish olive oil production will fall 30% to 980,000 tonnes this year amid lower international demand and rising output in Italy and Greece. Domestic consumption will remain unchanged at 620,000 tonnes.