Tuesday, June 8, 2010

Olive Oil Loses Ground in World Vegetable Oil Production

As olive oil producers and marketers we often become so obsessed with our own product and industry competition that we lose sight of the competition from other vegetable oils.
Olive oil in 2009/10 was ranked 9th in the production and therefore consumption of vegetable oils.
It accounts for 2.16% of world vegetable oil production, down from 2.99% in 2003/4.
Palm oil has overtaken soybean oil as the leading vegetable oil from a production perspective.

The diminishing percentage of the world market attributable to olive oil should provide the incentive for olive oil producers to unite in the promotion of olive oil, especially its health benefits.

Vigilance on quality and potential fraud is essential but the almost weekly worldwide publicity given to court proceedings and non-compliant olive oils damages the reputation of the industry in all producing countries.

Source of Data: USDA Oil Crops Year Book