- The domestic market has grown from 1,000 tonnes in 2003 to 12,000 tonnes in 2013, according to estimates by the Indian Olive Association. “For a market that consumes about 12 million tonnes of edible oils, olive oil’s share works out to just 0.1 per cent. The edible olive...
The domestic market has grown from 1,000 tonnes in 2003 to 12,000 tonnes in 2013, according to estimates by the Indian Olive Association. “For a market that consumes about 12 million tonnes of edible oils, olive oil’s share works out to just 0.1 per cent.
The edible olive oil market has been growing at 45-50 per cent over the last five years, with significant growth in Tier II markets. We’re seeing a lot of traction in Tier-II cities with growth doubling year-on-year,” stated Rajneesh Bhasin, president, Indian Olive Association and managing director, Borges India.
Borges India commands a 35-50 per cent market share at present. “Our innovations like the ‘extra light’ olive oil sub-category, a refined variant, introduced in 2010, has helped us win a considerable consumer share. Initially, the product category was around 3,000 tonnes in India predominantly driven by the massage oil, but over the years, the category has grown to 11,000 tonnes, with a major shift, almost 70 per cent, being edible olive oil,” he said.
Believing Borges India to be a market leader in the edible olive oil space in the country today, Bhasin is confident to take it to 40 to 50,000 tonnes in the next five years. “The product category has been growing at a CAGR of 30-40 per cent so far.
Even if the market maintains a minimum 25 per cent CAGR growth, we will be able to achieve the targeted growth. We are aiming to increase the consumption by at least one per cent in the next decade,” he replied. He also informed that Borges India is set for a Rs 100 crore turnover by 2015.
Commenting on the initiatives taken by the Indian Olive Association, Bhasin stated, “Due to the persistent lobbying efforts of the Indian Olive Association, the duty on extra virgin olive oil has come down from 450 per cent few years back to 0-two per cent and of refined olive oils to seven-eight per cent.
Presently, table olives are at a disadvantage because of higher duty, and the association is working on it as well.” Established in 1896, Borges Mediterranean Group is into all the key Mediterranean food categories with subsidiaries in eight countries. Borges India, established in 2009, is a fully owned subsidiary of Borges Mediterranean Group.VN:F [1.9.22_1171]VN:F [1.9.22_1171]
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- The Big Fresno Fair is launching its inaugural San Joaquin Valley Olive Oil Competition. The competition, in partnership with the California Olive Oil Council, is open to all olive oil producers in the State of California with olive oil made from the most recent olive harvest....
The Big Fresno Fair is launching its inaugural San Joaquin Valley Olive Oil Competition. The competition, in partnership with the California Olive Oil Council, is open to all olive oil producers in the State of California with olive oil made from the most recent olive harvest. There will be two classes for entries: Extra Virgin Olive Oil and Flavored Olive Oil. Awards will be given out for Gold and Silver medals in each category, as well as one overall “Best of Show.” Entries are now being accepted and the deadline to enter is May 8, 2015.
Producers may submit multiple entries under one category but may not submit a particular entry to more than one category. All entries must be available for commercial sale at the time of submittal. Judging will be held on May 21 and 22, at the California Olive Oil Council, headquartered in Berkeley. The judging panel will be comprised of six olive oil sensory experts provided by the California Olive Oil Council. Winners will be announced on May 29, 2015.
Each submission must include an entry form, at least two 250 ml bottles of the olive oil with retail labels attached and a $60 non-refundable fee per entry. Entries can be dropped off at The Big Fresno Fair Administration Office or can be shipped to SJVOOC – The Big Fresno Fair, 1121 S. Chance Ave. Fresno, CA 93702 no later than 5 p.m. on May 8, 2015. Any entry delivered by mail, freight or express must be prepaid. The Administration Office is open Monday through Friday from 8 a.m. to 4:30 p.m. for drop offs.
For more information about the new San Joaquin Valley Olive Oil Competition including downloadable entry forms and deadlines, please visit www.fresnofair.com/sjv-olive-oil-competition, email questions to email@example.com or call The Big Fresno Fair office at (559) 650-FAIR.
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