Olive Oil and Olive Pomace Oil imports to India in the first half of the fiscalwere 5650 Metric Tonnes (MT), up from 5073 MT in the previous fiscal, registering a growth rate of 11.40%. While Q-1 (April - June) registered a growth of 25%, Q-2 (June - September) had a decrease of3% when compared with the same quarters in the previous fiscal.
Spain and Italy continued to dominate Indian imports in the current fiscal providing 59 and 33%respectively. Greece was a distant third with 5%.
Growth of olive oil imports to India have slowed when compared with the blistering rate of 66% witnessed in the previous full fiscal year. Much of the growth deceleration is due to a rise in olive oil prices of upto 40% since January, 2013. Price increases came about due to a severe crop shortfall lastyear coupled with the steep depreciation of the rupee. An economic slowdown in India completed the trio of factors which saw a decrease in the rate at which consumers were switching to olive oil fromother seed oils. While this year's crop is normal and producer prices in Spain and Italy have started a downward trend, it will be some months before this translates into declining retail prices.
Growth of olive oil consumption in India is being driven by health factors since India is World No.1 incardiac problems with an estimated 10% of the population affected or 100 million+ persons in 2012. According to WHO, heart disease would be the single greatest killer in India by 2015. Urban India has ahigher incidence as over 40% of urban Indians have high lipid levels. India is also the No.2 diabetes capital of the world with an estimated 61 million persons affected. 140 million people in India have highblood pressure which is 14% of all world patients.
The high percentage of mono-unsaturated fat in olive oil (80%+) and the low saturated fat addresses all three issues heart disease, diabetes and hypertension. In addition, the high anti-oxidants in olive oil fight cancer and increase life expectancy. As olive oil is used in a much lower proportion than other edible oils, as low as 1/3rd, the perception that it is expensive to use is incorrect.
Notes to Editor
DALMIA CONTINENTAL
Dalmia Continental Pvt. Ltd. (DCPL) is the flagship company of VN Dalmia, son of pioneer industrialist Ramkrishna Dalmia, founder of the Dalmia-Jain Group. In 2003, DCPL launched Leonardo Olive Oil, which is today the leading brand in its product segment and a pioneer in establishing the popularity, image and use of olive oil in India.
Leonardo Olive Oil is a brand owned by DCPL and, therefore, the first Indian brand of olive oil. The oil is manufactured for DCPL according to the highest quality standards in the Puglia province of Italy. Leonardo Olive Oil is available in 4 grades. Leonardo Gold and Leonardo Extra Virgin Olive Oil are highest-grade oils with perfect aroma and flavour. They are best suited for dressing, flavouring and condiments. Leonardo Olive Oil is the intermediate grade oil most suitable for Western cuisine and body massage. Leonardo Olive Pomace Oil is the main cooking grade oil and, since it is flavourless, the one most suited for Indian cuisine.
DCPL launched Leonardo Olive Oil with a view to develop the olive oil industry in India by promoting the use of olive oil for Indian cuisine. As the owners of a brand and not simply importers, DCPL invests, educates, promotes, distributes and sells. DCPL also pioneered product segmentation in the olive oil market and undertook to educate its consumers about the different varieties and usages of olive oil.
In 2007, DCPL launched Hudson Canola Oil®, a heart-healthy edible oil, manufactured for DCPL in Canada. The Canola plant was first discovered in this region of Canada in the 1970s. Already, 50% of the vegetable oil consumed in Canada is Canola. In the US and Australia as well, Canola is the second most preferred oil. Canola is ideal for Indian cooking since it is a standard edible grade oil with neutral taste and flavour. It is also extremely healthy, with the lowest content of saturated fats amongst all oils, high levels of monounsaturated fats, antioxidants and Omega-3.
In April 2009, DCPL launched Leonardo Olives, a range of green and black table olives in five different varieties. Leonardo Olives are produced in Spain, the largest olive-growing country in the world. As always, DCPL was a trend-setter in launching Leonardo Olives, which is produced according to the most stringent quality standards. The packaging clearly states the type and size of the olives, which is a first for the Indian market. In 2012, DCPL launched a range of premium Italian pastas under the Leonardo brand. It has also launched Leonardo Premium Pickles in Olive Oil - a range of authentic Indian pickles manufactured in India with Leonardo Olive Oil.
In addition, DCPL is also the exclusive importer and marketer in India for Clausthaler Non-Alcoholic Beer from Germany, the world's best-selling and most-awarded non-alcoholic beer.
In 2012, the producers of Leonardo Olive Oil in Italy, Nicola Pantaleo SPA, entered into a joint venture with Dalmia Continental, strengthening DCPL's position as the leading olive oil player in the Indian market.
