This study investigates key factors and future strategies for the internationalization of the Spanish olive oil from a value chain perspective. To this end, a two-round Delphi survey was conducted in 2017 involving the participation of a representative, highly qualified panel of experts in national and international olive oil markets. The study contributes to solve one of the most pressing concerns of the Spanish olive oil industry, namely the need to enhance internationalization in order to strengthen its competitive position in nontraditional markets where most of the recent growth in olive oil consumption is taking place. Results reveal, inter alia, that the achievement of a sustained competitive advantage in foreign markets will increasingly depend on the joint and coordinated efforts contributed by all the chain participants to implementing quality-driven policies starting from the upstream production stages and covering the whole value chain, accomplishing the necessary structural and organizational changes, as well as developing appropriate marketing and promotional strategies in concertation with public institutions.