Some call it a luxury product while other swear on it as a cosmetic product great for the skin but manufacturers call it nothing but edible.
International Olive oil industry which has a trade value of more than $ 2, 698, 928 is now eyeing gigantic Indian 12 to 12.5 million tonnes of edible oils market and says it is ‘bullish’ about its expansion plans in India.
“The usage of olive oil in India is at a very small level. But since, India is growing economically and also since people are becoming more health conscious, Indian market gives us a huge opportunity to make inroads,” says Franco Oliva, Deputy Director, International Olive council, an intergovernmental, non-profit organisation set up in 1959 under the auspices of the UN.
India which is the world’s fourth largest vegetable oil economy, is a leading importer of vegetable oil in the world. Currently, India accounts for 11.2 per cent of vegetable oil import and 9.3 per cent of edible oil consumption. Although edible oils are widely consumed, the per capita consumption is around 11 kgs per year, considerably lower than in most developed countries.
Olive oil is a luxury product when it is compared with the consumption trend of other edible oils.
“For us India is a industry market which is doing a lot on the industry front. Nine out of 10 exports from Spain to India is industry related. What is now turning out to be exciting is the emergence of retail outlets along with malls and a boyant Indian middle class,” says Jose Bretones, Commercial Counsellor, Embassy of Spain, New Delhi. Spain is the largest exporter of Olive and olive oil is the world.
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