According to the number, the India Olive oil market size is estimated to reach USD 141.5 million by 2027. It is also poised to grow at a CAGR of 9.2 per cent over the forecast period of 2022-2027
India with its heavy young population is looking up to a healthy lifestyle where they prefer less fatty oil. With increased awareness of lifestyle diseases like diabetes and heart ailments, health-conscious Indian consumers are turning to olive oil. Due to increasing consumer preference and influencing global culinary trends, the olive oil industry in India holds growing importance. According to the number, The India Olive Oil Market size is estimated to reach USD 141.5 million by 2027. It is also poised to grow at a CAGR of 9.2 per cent over the forecast period of 2022-2027.
In an interaction with BW Businessworld, Vishal Gupta, Managing Director, Borges India shared the significant growth potential due to increasing consumer awareness of health benefits and a growing interest in global cuisines.
Gupta also stressed that despite being a small category in India, it is seen as a promising market for the next five to seven years.
About the scope of the olive oil industry in India, Gupta said, “The olive oil industry in India is still relatively small, given the country’s vast population, but it holds immense growth potential. Globally recognised for its health benefits, olive oil is considered one of the healthiest cooking mediums available.”
Furthermore, he also said that over the years, efforts have been made to educate Indian consumers about these benefits, and while some progress has been made, the next five to seven years are expected to be transformative for the industry.
Like other industries, the olive oil industry in India has also many challenges to tackle, for which he said, “Olive oil is undoubtedly an expensive product, and this is primarily due to three factors. First, global olive oil prices are currently at an all-time high. Second, high customs duties significantly impact its cost in India. Third, the exchange rate between the euro and the Indian rupee further contributes to the pricing challenge.”
While concluding, Gupta said that despite these factors, the focus remains on opportunities rather than challenges and key lies in effectively reaching out to consumers, engaging with them, and educating them about olive oil’s benefits.
