NEW YORK – As olive oil continues to post double-digit growth in emerging markets, suppliers may need to strengthen their sourcing strategy to tap into the opportunities, according to a new report from Rabobank.
The global olive oil market increased at a 3% rate between 2008 and 2012, with the highest consumption in North Mediterranean countries, where growth is stagnated. In developed markets, levels are projected to continue at approximately 4% for the next five years, Rabobank said.
Emerging markets, including China, Brazil and Russia, offer the greatest potential for growth, with demand rising by more than 13% since 2007. Double-digit rates are projected to continue for at least the next five years, according to the report. China, quickly becoming a crucial market for producers, imported 45,000 tonnes of olive oil in 2012.To access the full potential of new markets, suppliers may consider strengthening sourcing options and educating consumers about the benefits and versatility of olive oil, Rabobank said.