India's imports of olive oil are expected to rise by 20 percent to 13,500 tons according to the Indian Olive Association. Most of it will come from Spain.
India’s imports of olive oil are expected to rise by 20 percent, according to the Indian Olive Association.
Due to rising demands for olive oil among urban Indian consumers, it is estimated that 13,500 tons will need to be imported during the current fiscal year. So far this year, 11,106 tons of olive oil have been imported, with 65 percent sourced from Spain, the world’s largest producer of olive oil, as well as Italy and Turkey.
See Also:Olive Oil Imports and Exports
As reported in The Economic Times, the Indian Olive Association’s president, Rajneesh Bhasin, announced that 3,062 tons of olive oil was imported in the three-month period from April to June, representing a 19 percent increase compared to a year ago.
Based on these figures, similar growth is expected in coming months, according to Bhasin, and imports were down last year due to high global olive oil prices, increased import duties, and a weak Rupee against the Euro.
Though India is experimenting with olive production in the state of Rajasthan, domestic olive oil is not yet available on the Indian market, and imports are necessary to satisfy demand.
Indians consume a small amount of olive oil compared to other oils: only 0.1 percent of the 17 million tons of edible oils consumed every year. A three-year advertising campaign promoting olive oil was launched in India in 2014 with the message that olive oil is a healthy alternative to other oils and suitable for Indian cuisine.
Today there are over 90 olive oil brands competing for Indian consumers, with olive pomace oil dominating the market.