New Delhi, Dec 10 (UNI) Spanish olive oil manufacturer Moreno SA today said it will foray into the Rs 70-crore Indian market with their flagship brand 'Musa'.
''Musa olive oil will be available from next week in the large retail formats like Big Bazar in Delhi, Mumbai and Bangalore followed by other major cities across the country,'' Narco Exports Head Sandeep Gogia told reporters. Narco will be exporting the oil into the country.
According to the International Olive Council (IOC), Indians today consumes about 2,000 tonnes of olive oil per annum, but the demand is expected to grow to about 10,000 tonnes over the next three years. The segment growing at more than 30 per cent per annum.
Musa also produces wines, cooking wines, ketchup, mustard, mayonnaise, and specialty sauces.
Moreno SA, which began its operations in 1935, will also bring other products like vinegar, mayonnaise by the end of this month, Mr Gogia added.
Factors like increasing income of the middle class, fitness-concious youngsters, booming economy and the Steadily-improving distribution network and retail environment are paving the way for further growth of the commodity.
Nutritionists and cardiac surgeons maintain that olive oil lowers bad cholesterol, the low-density lipoproteins that damage heart's vessel walls, and can actually increase the level of good cholesterol and high-density lipoproteins.
Olive oil is priced at a comparatively higher cost of about Rs 600 per litre, as against Rs 200-450 in some parts of the world.
Prices remain high on account of the 45 per cent duty paid on the oil.
Some brands of olive oil available in India include Leonardo, Olitalia, Olivo, Consul, Bilginoglu, Filippo berio, Arte Oliva, Fragata, Colavita, Santagata, Divella, Casarinaldi, Sasso, Costa d'Oro, Granoro and Pietro Coricelli.