The domestic olive oil segment is growing by about 50 per cent per annum and the growth rate is expected to increase further.
The main reasons for its growth are health awareness and acceptance of olive oil as a cooking medium among people.
India’s olive oil space, which was estimated at 2,800 tonnes in 2010, grew to 4,000 tonnes in 2011 and in 2012 is pegged to touch 6,000 tonnes — valued at roughly Rs 350 crore. This includes both massage and edible olive oil segments.
“The projected 6,000 tonnes olive oil market in 2012 would include about 2,500 tonnes of the massage oil segment, which is still quite strong in the country,” Indian Olive Association president V N Dalmia told Business Standard here.
The country imports its olive oil requirement from countries, such as Spain and Italy. Dalmia is also the chairman of Dalmia Continental, which owns a leading edible olive oil brand Leonardo Olive Oil.
The company has a market share of about 30 per cent comprising both the edible and massage segment. He said the market was growing faster in Uttar Pradesh and clocking 100 per cent growth. The company, which imports olive oil from Italy, is looking at doubling its turnover in UP this year. “Our presence in UP has touched 26 towns now and our retailers network has more than doubled to 2,230,” Dalmia said.
Meanwhile, the company plans to undertake event based marketing exercise for its products, including in-store promotions.
