Jan. 30 – According to the forecast by the International Olive Oil Council (COI), the consumption of olive oil in the United States is expected to be around 9% of total world consumption, touching 300.000 tons in 2013. In the imported olive oils market, the U.S. alone accounts for a market share of 38% worldwide and last year, imports increased by 6.9% in volume compared to 2011. The data emerges from the Unaprol seminar on world market supply, being held in Miami, Florida. The initiative takes place within the first sector agreement signed by the Italian olive oil consortium and the Ministry of Agriculture and Forestry. Italy, with a market share of nearly 56%, confirms its leadership in the export of olive oil in general and in the United States. In the U.S., 64% of imported olive oils are virgin olive oil. “Our goal is to cover the remaining 36% share of the market – says the president of Unaprol, Massimo Gargano – by directing US buyers towards higher quality products, and thus Italian products.” Among the younger generations, in the U.S., there is growing interest in more balanced diets based on extra virgin olive oil rather than other fats. However, on the American market, there are a series of substitute products more attractive due to lower price. And thus for overall oil demand, only 15% is redirected to olive oil: 47% is seed oils, 21% canola oil, 12% corn oil, 2% peanut oil and 3% other types of oils. However, 15% of olive oil bought represents 37% of the market value. For this reason Unaprol, under the sector contract will increase cooperation with the Ministry of Economic Development and ICE to boost the entire operation in progress.
