Global olive oil consumption figures reveal potential export markets for Greek olive oil
The increased production of Spain with a five year high reaching in 2011/12 1.600.000 tons, as well as the contribution of countries such as Tunisia, Syria, Morocco and Turkey have lead to the record level of 3.361.500 tons of global olive oil production.
According to provisional data announced by the International Olive Council, the global production trend is steadily on the rise. The production follows the rising global demand for olive oil as its beneficial qualities for human health are widely recognized.
The European Union remains the undisputed leader both in terms of global production and consumption with a share of 72,24% and 61,52% respectively. For Greece the 2011/12 harvest has been considerably lower than the five year high of the 2007/08 harvest that reached 327.200 t, dropping below the psychological level of 300.000 t level at 295.000 t.
A thorough examination of olive oil consumption figures in various countries, can give a good idea for potential export target markets for Greek olive oil. The US market seems to be stabilizing at 275.000 t per year as consumers look for cheaper alternatives after they are hit by the global financial crisis. In any case the US market remains the 3rd strongest in the world in terms of consumption.
Countries that have showed a clear trend in increasing olive oil consumption and have reached considerable volumes are Brazil, China, Canada, Russia and Japan. The ELEONES team however sees a clear opportunity at the emerging Indian market that although currently only consumes about 4.000 t of olive oil it has great potential for growth.