Olive oil prices press bb.q into fried chicken rethink

bb.q's Golden Original [GENESIS BBQ]

Korean fried chicken franchise bb.q, known for its golden olive oil fried chicken, is altering its signature recipe after 18 years of unwavering commitment to Spanish extra virgin olive oil in response to the escalating international olive oil prices.

Effective Wednesday, Genesis BBQ, the operator of the chicken brand, will replace the olive oil previously used in their flagship menu items, such as the Golden Olive fried chicken series, with "bb.q Blending Olive Oil." This new oil blend is composed of 50 percent Spanish extra virgin olive oil — marking a departure from their previous use of 100 percent — and 49.99 percent sunflower oil. The adjustment marks the first of its kind since the launch of the "Golden Original" in 2005.

"Given the recent surge in raw material costs, particularly with olive oil prices skyrocketing by about 3.3 times, the increased expenses became a challenge," the company said. "The shift was an essential move, necessary to keep our brand promise of crafting the 'most delectable chicken in the world,' all while ensuring satisfaction for both our customers and franchise partners."

International olive oil prices have increased by approximately 3.3 times from around 3,000 euros ($3,140) per ton in July 2020 to approximately 10,000 euros per ton recently, according to Genesis BBQ.

The surge in international olive oil prices is attributed to climate change, including extreme heat waves of 45 to 50 degrees Celsius (113 to 122 degrees Fahrenheit), prolonged periods of severe drought, cold-weather damage, and widespread forest fires in Spain, all of which have severely affected olive production. The slow growth rates of olive trees mean that it takes more than a decade to harvest proper fruit from newly planted trees.

Spain's Ministry of Agriculture, Fisheries, and Food predicts that olive oil production for the 2022/23 crop year will reach only half of the previous year's level, with an expected output of 680,000 tons, as reported by the Olive Oil Times. Furthermore, the publication noted that poor weather and prolonged drought have driven Spanish olive oil prices to their highest levels in the past 26 years, with experts foreseeing record-high prices to persist in the foreseeable future.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]