Olive oil prices have slipped 18.4% compared to the last year in India

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The European Commission has earmarked nearly 4.35 million euros to promote Spanish olive oil in India where demand is rising sharply at 40% a year and olive oil prices have slipped 18.4% compared to the last year.

Rice bran oil makers in India are facing much tougher competition from the olive oil industry than they did last year, when they launched ad campaigns as part of an aggressive marketing strategy at a time when olive oil prices had nearly doubled in the country after production fell in Spain.

Olive production has been much better this year, VN Dalmia, president of Indian Olive Association told ET. Prices have fallen as Spain has produced 1.7 million tonne of olive this year compared to 1.3 million tonne last year, he said, adding that India’s imports of olive oil went down to 11,000 tonne last year from 12,000 tonne in the year before as prices went up. India is likely to import 14,300 tonne of olive oil this year, he added.

The campaign by the European Commission will be spread over three years and give a further fillip to olive oil consumption in India, Dalmia said, adding that the Interprofesional del Aceite de Oliva Espanol, a Spanish non-profit official organisation that represents all members of Spain’s olive oil sector was administering the programme.

Prices of olive pomace oil have come down from Rs 183.68 per litre to Rs 150.06, a drop of 18.4%. The drop in prices has brought much cheer to Cargill, which owns the Leonardo olive oil brand, and Borges India, which makes Borges olive oil.

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