The climate in this Asian heavyweight country doesn’t allow for large-scale olive oil plantations. However, as ever more Chinese citizens consider the comparative health benefits of olive oil as opposed to other varieties, consumption of this product has exploded in cities like Shenzhen and Shanghai.
80% of these imports come from Spain, Italy, Australia and Turkey. For producers and exporters in these countries, Chinese importers and distributors are a vital ally, having implemented mass media advertising campaigns to build awareness of the benefits of this product among consumers.
If we keep in mind that the consumption of olive oil represents only 1% of the total consumption of food-grade oils, the potential of this market for Latin American producers is enormous. As the buying power of the Chinese middle class grows, sales of higher quality products will also increase.
“Despite the high price, I consume olive oil because it is much healthier,” said Zhang Min, a Chinese consumer who works as a Human Resources specialist at a multinational company in Beijing.
Undoubtedly, this marks a special opportunity for producers and exporters of olive oil in Latin America. To register for the 8th China-LAC Business Summit, organized by the IDB and CCPIT, go to http://2014.clasummit.net/ccpit/website/201404004/en/