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  HOME | Business & Economy (Click here for more)

Spanish Olive Oil Aims to Conquer the World with New Campaign

NEW YORK – The Spanish Olive Oil Interprofessional Association launched on Thursday its new campaign in New York to conquer America, Asia and Europe, which will take three years and will receive about $70 million of financial support from the European Union.

Entitled “Hagamos un mundo mas sabroso” (Let’s make a tastier world), the campaign was announced at the Cervantes Institute in New York, as the United States’ market is currently one of the most important ones for the Association.

Prior to this campaign, there was a similar initiative by the Association two years ago, with the tennis player Rafael Nadal starring as the ambassador for that first major campaign, and now it aims to continue gaining more consumers.

Olive oil continues to be a niche product: its global consumption represents only 1.50 percent of oils, which is very far from the figures of other kinds of oil such as rapeseed oil (15 percent), soybean oil (29 percent) and palm oil (35 percent).

Even so, the growing popularity of the Mediterranean diet and the bad reputation of other oils, such as palm oil, have paved the way for olive oil market to grow further in the US.

“Ten years ago in Spain we consumed 60 percent of our olive oil and exported 40 percent. Now this trend has reversed, and we export 70 percent and consume 30 percent,” Pedro Barato, president of the Spanish Olive Oil Interprofessional Association, told EFE.

A decade ago, the US market did not stand out for its olive oil consumption, but now it has become the world’s third-largest consumer, an advantage considering that the first two, Italy and Spain, are producing countries.

Within just a decade, the US went from consuming only 30 tons of olive oil to 310,000.

 

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