“However, the crop prospects this year look bright in Spain and we hope this will bring down global prices. Rupee is also strong against Euro this time. All these factors should reduce the cost of produce at the source and boost imports,” Bhasin said.
That apart, the domestic demand for olive oils is growing in tier II cities as well as in metros, he added.
Bhasin said the share of Pomace olive oil in total imports is coming down as consumers are switching towards Extra light variants.
India largely imports olive oil from Spain, Italy and Turkey. While India consumes 17 million tonnes of edible oils but the share of olive oil is only 0.1 per cent. More than 90 brands are competing for such a small share of market.
The top three brands in the domestic market, which together control more than 70 per cent of retail sales, are Leonardo, Figaro and Borges (including Cesar). Some other prominent brands include RS, Bertolli, Del Monte, Fragata, Colavita and AthenaBSE 0.00 %.India's olive oil imports are expected to rise 20% in 2016-17,