The marketplace for olive oil is the quickest rising within the oil and fat market within the UK, and has the potential to attraction to these aged 55 and over resulting from its age-aligned advantages, in keeping with market analysis organisation Canadean.
Older Britons account for one third of oil consumption
The UK’s oil and fat market is valued at £420 million and is forecasted to develop additional. Older customers aged 55 and above devour 33.6 per cent of oils by quantity, which is not less than twice as a lot as every other demographic group.
Because the UK’s inhabitants is getting older and UK customers reside longer, the affect of customers who’re over 55 years outdated will additional improve, in keeping with Canadean.
Oil consumption pushed by the need for individualism and worth for cash
The UK’s older inhabitants devour oil as they want higher worth for cash, and the useful advantages of oils, in keeping with Canadean.
Canadean mentioned that to lift worth of the product and attraction to older customers, producers would want to faucet into motivators which are vital to this age group, reminiscent of “searching for individualism”.
“This want is driving fast progress in olive oil consumption, which additionally helps older customers tailor their cooking to satisfy their particular dietary wants,” mentioned Safwan Kotwal, Analyst at Canadean. “The aged are typically extra involved about their well being and can search oils which have much less “dangerous” elements reminiscent of ldl cholesterol and trans fats,” he mentioned.
Rising demand for olive oil from older era
At the moment, olive oil holds 16.three per cent of the oils market by quantity, however is surpassed by vegetable and sunflower oils which account for two-thirds of the market, in keeping with Canadean.
Nonetheless, throughout all classes, olive oil is anticipated to register the best progress pushed by its dietary advantages and the notion of olive oil being a premium meals ingredient.
“These benefits make this product enticing to 55+ customers,” Mr Kotwal mentioned. “As they grow old, they turn out to be extra involved about what they eat. Additionally, extra leisure time and the behavior of scratch-cooking means they’re ready to hunt out one of the best elements,” he mentioned.
To additional promote olive oil amongst older customers, Canadean mentioned producers would want to stress age-aligned advantages. In accordance with Canadean, producers ought to place their product as an accompaniment to wholesome and youthful life, versus specializing in the vulnerabilities of older customers.
In 2014, Australian Meals Information has reported on research which have confirmed the advantages of olive oil. Australian Meals Information reported in October 2014 that the latest examine from the Chicago School of Medication on the College of Illinois had discovered that oleate, a typical dietary fats present in olive oil, might restore correct metabolism of gasoline in coronary heart cells.
Australian olive oil alternative
The need for premium olive oil within the UK might show to be a giant alternative for Australian olive oil producers.
Predictions have been reported that the olive oil industries in Italy and Spain might even see an 85 per cent decline in manufacturing due to crop harm from fruit fly in these international locations. Costs for Italian and Spanish olive oil have soared within the latter half of 2014, due to dwindling provides.
The cheaper Australian greenback which has fallen dramatically towards the USD, and towards different currencies, will make Australian olive oil rather more reasonably priced for importers in European markets. The Australian oils have gained world acclaim in worldwide competitions. Most lately Victorian-based olive oil firm Cobram was awarded a Gold Medal and Better of Class Trophy on the Los Angeles Worldwide Olive Oil Competitors for its Cobram Property Basic Australian-grown Additional Virgin olive oil.
In Australia, desk olive oil manufacturing for the 2013 season was an estimated 2,500 tonnes, with a Gross Worth of Manufacturing of round AU$7.5 million. In 2011-2012, Australia exported olive oil to 19 international locations, together with New Zealand (40 per cent), Greece (22 per cent), China (7 per cent), Papua New Guinea (5 per cent), United Arab Emirates (5 per cent), Indonesia (four per cent), Japan (three per cent), and Singapore (three per cent).