“We wanted to lower the barriers to buying premium olive oil.” Premium ingredients such as olive oil..

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“We wanted to lower the barriers to buying premium olive oil.”

Premium ingredients such as olive oil and condiments remain burdensome to consumers as prices of imported ingredients remain high overall in the aftermath of high exchange rates and rising raw material prices. “Extra-verged olive oil” is also considered a symbol of high-end ingredients, and in Korea, tens of thousands of won is often priced per bottle.

Olive oil has a clear gap between global market trends and domestic perceived prices due to the high exchange rate. According to the European Commission (EC), global olive oil production was about 3.57 million tonnes in 2025, up 37.8% year-on-year. As production increased, the average price of extra-vergene olive oil, the highest grade, was 500 euros (about 867,000 won) per 100 kg as of October 2025, down about 30% from the previous year.

However, as the high exchange rate trend continues in the domestic market, the effect of falling the international market price of olive oil is not reflected. Currently, the price of extra-verged olive oil sold on the market ranges from 3,000 won to 8,000 won per 100 ml, and even the term “golden olive oil” has appeared among consumers. As a result, Lotte Mart and Super released “Today’s Good Extra Virgin Olive Oil (1ℓ)” on January 1 for 9,990 won. Based on its exceptional price competitiveness, the product exceeded 150,000 sales within five weeks of its launch, and it continues to be popular with word of mouth centered on online mom cafes.

The product was created based on the planning ability of Kim Yi-kyung, a product planner (MD) of Lotte Mart and Super Processing Import Team. First, MD Kim noted that extra Virgin Olive oil has a higher price barrier than its utilization. Although the frequency of use is increasing recently as it is used as a finishing ingredient in Western food and Korean food, it is judged that the price burden is high for ordinary consumers to use it on a daily basis. Usually, extra-verged olive oil is formed at a higher price than regular olive oil due to the nature of the method of pressing olives without chemical treatment. Therefore, imported products distributed in Korea often range from 40,000 won to 50,000 won per bottle.

MD Kim made securing price competitiveness a top priority. First of all, the cost structure was lowered by using raw materials from Spain, the world’s largest olive producer. It also considered that it has high quality reliability and stable supply and demand as it is the largest production area. On top of that, a joint purchase of raw materials was carried out through EMD, Europe’s largest distribution union.

In particular, at a time when the exchange rate was relatively stable, it secured price competitiveness by purchasing raw materials and minimizing the distribution stage by direct sourcing. In the process of lowering the price, it maintained its characteristic of ‘premium’. Instead, we chose glass bottles, which are advantageous for reducing rancidity and preserving quality, as packaging materials. In addition, it has secured global quality certification such as International Organization for Standardization (ISO) certification to increase quality reliability.

MD Kim said, “We will continue to make efforts to develop products so that imported ingredients can be purchased at reasonable prices.”

[Reporter Park Yoon Kyun]