New Delhi, Sep 23 (UNI) World's leading olive oil brand Filippo Berio has forayed into the Indian market by introducing its two variants 'Extra Virgin Olive Oil' and 'Pure Olive Oil' and targets a 15 per cent market share of country's olive oil segment by FY08.
The Itlay based Salov Group Olive Oil Company, which owns the Filippo Berio brand, has tied up with Mumbai-based FMCG firm R R Oomerbhoy company giving it the exclusive rights to market its product lines in India, the SAARC as well as Gulf Cooperation Council (GCC) countries.
''We aim to achieve a 15 per cent market share of India's olive oil segment with a sales turnover of about Rs 30-40 crore by the end of next financial year,'' RRO Riyad R Oomerbhoy said here.
Filippo Berio is priced at Rs 725 for a litre. ''The product is priced high because of high import duties, less olive output in the European countries,'' he added.
The product, which is presently a market leader in the United States, the United Kingdom, Japan and Canada, will be available in the Indian market soon, he said.
RRO will import Filipo Berio bottles of one litre and above and will churn out smaller bottles of 200 ml in its Mumbai bottling plant.
Currently, olive oil consumption in India is about 2,000 metric tonnes litre per month.
The firm also plans to introduce Italian brands of olive oil into the SAARC countries early next year.
''We will foray into the SAARC countries, such as Nepal, Bangladesh and Maldives by early 2008,'' company's General Manager K M Dangra told UNI.
At present, the company is in the process of setting up the distributor network, he said, adding that the company also plans to enter GCC countries after foraying into the SAARC coutries.
Mumbai-based edible oils manufacturing RRO expects to touch a sales turnover of about Rs 160 crore by March 2009, in which olive oil's contribution would be about 30-40 per cent, Mr Oomerbhoy said.
The company had a total sales turnover of Rs 120 crore during last fiscal.
Mr Oomerbhoy said the consumers are now more aware of a health conscious lifestyle and are ready to experiment and explore the various options for taste buds.
Olive oil is a fruit oil obtained from the olive, a traditional tree crop of the Mediterranean Basin. It is commonly used in cooking, cosmetics, pharmaceuticals, and soaps and as a fuel for traditional oil lamps.