Cargill Foods India, which owns the premium olive oil brand Leonardo, is aiming to consolidate its position in the segment and corner 35 per cent market share in the next four years. The company, which has enhanced its presence in modern trade formats and e-commerce channels in the last two years, seeks to be a leader in edible oils with a strong foothold in the health and wellness category.
“As per our five year plans, we will further consolidate leadership from current 21.2 per cent to 35 per cent by 2021 in the domestic olive oil market,” Cargill Foods India Chief Marketing Officer Neelima Burra told PTI.
“This growth will be driven by new product launches in the wellness product portfolio,” she added.
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Presently, the size of domestic olive oil market is around 12,250 MT and it has grown at a healthy CAGR of 14 per cent in the last 10 years, Burra added.
“Olive oil is cent percent imported here and Italy and Spain are the leaders… Leonardo Olive Oil is imported from Italy which has a reputation of more premium and gourmet taste,” she said
Besides Leonardo, Cargill Foods has a wide portfolio of edible oils such as sunflower, soyabean, mustard, groundnut, vanaspati and owns brands like Nature Fresh, Gemini, Sweekar and Rath Vanaspati.
“Cargill India’s vision is to be the number one player in the edible oil category with a strong foothold in the health and wellness segment,” she said.
It had acquired Leonardo Olive Oil, a 15-year-old brand, in 2014.
“The reason for acquisition was to expand our portfolio and drive towards health and wellness category. Looking at the consumers’ growing awareness and demand for health products, Cargill India, which is already a leading player in edible refined oil category, decided to acquire Leonardo Olive Oil,” Burra said.
According to a study, consumption of olive oil in the country will double to 24,400 MT by 2020-21 on account of factors like rise in per capita income and growing health consciousness.