New Extra Virgin Olive Oil Savantes tasting program dates - New York (February 2014) registrations open! Click here for more information...
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Savantes Takes Leading Extra Virgin Olive Oils to Manhattan, New York
Extra Virgin Olive Oil Savantes - New York, USA
February 26 - 28, 2014
Following Extra Virgin Olive Oil Savantes tasting programmes held in New York in 2012, February 2013 and August 2013, Extra Virgin Olive Oil Savantes returns to New York bringing extra virgin olive oils judged to be the best in the world for tasting from February 26, 2014.
The USITC report on the status of the olive oil market in the USA has received comment from many interest groups. The report provides very useful data on the world trade in olive oil and particularly the US market. As with many of these reports it gives every lobby group selective arguments to support their case.
One important analysis from the report, the econometric study of demand elasticity (‘ how demand for one oil is affected by price changes in another’) has received little comment. In summary the analysis leads to the following conclusions:
- ‘There is little evidence that purchases of domestic branded extra virgin olive oil are affected by price changes for branded foreign extra virgin olive oil, private label extra virgin olive oil, or all other grades of olive oil.’
- ‘retail consumers largely consider domestic olive oil to still be a niche product, such that their purchases are less motivated by cross-price relationships than by some other intrinsic attributes of the product, such as the product’s domestic origin or its reputation for high quality.’
- ‘domestic olive oils are being purchased by a particular type of consumer and have not yet achieved mainstream status.’
- ‘consumers appear willing to switch between branded foreign extra virgin, private label extra virgin, and other grades of olive oil in response to a change in price of one of the other categories.
In essence the Report is saying the connection between prices of imported olive oils and those locally produced are tenuous.
Producers Reward Own Oils
The trend of competitions with high numbers of producer judges awarding higher medals, evident in the analysis of 2012 Australian extra virgin olive oil competitions, has continued in 2013. A comparison of awards given at the Melbourne and Sydney Fine Food Awards and the Australian Olive Association (AOA) Competition shows that for brands entered in all three, the Melbourne event awarded the highest medal in 11 cases.
The AOA competition awarded the highest medal in 7 cases and the Sydney Fine Food Show in 5. The judging panel of 13 in Melbourne included only 2 judges who are not producers. The AOA panel is no longer published but traditionally the majority are producers.
The Sydney Show panel, while not published to date, generally has a broader food and restaurant industry membership.
Olive Oil Competition Comparison Australia 2013
Does IOC Overstate Australian Olive Oil Consumption?
Reliable data on Australian production and consumption is difficult to obtain. The International Olive Council (IOC) publishes international tables on production, consumption, exports and imports. Analysis of this data alongside that provided by the Australian Olive Association and Australia’s largest producer, Boundary Bend Limited, suggests that the IOC figures overstate Australian consumption of olive oil by up to 30% in some years.
The Australian data in Table 1 extrapolated from the Boundary Bend 2013 Annual Report. The analysis shows that the IOC overstates Australian production with the result that Australian consumption is lower than generally stated by the IOC.
The Australian Olive Association in its industry snapshot for 2012 states ‘Australian apparent consumption of olive oil for the period 2005 to 2012 increased by 16% to 51,7108 tonnes’, clearly a gross overstatement by approximately 37%.
Savantes New York Affirms Commitment to Quality
Six days of intensive olive oil tasting and discussion of every aspect of the marketplace at the inaugural Savantes programme in New York will bring long-term benefits to American and Canadian consumers, and to the olive oil trade.
Extra Virgin Olive Oil Savantes has as its main aim to promote excellence in the production and use of extra virgin olive oil worldwide. This is achieved by sharing knowledge through tasting excellent extra virgin olive oils and openly discussing their use and trade. Participants get the benefit of tasting a wide range of styles and flavours and suppliers of the oils receive exposure for their products.
Spain Wins Gold Medal Tally at Los Angeles Extra Virgin Olive Oil Show
The Los Angeles International Extra Virgin Olive Oil Competition provides an opportunity to compare the products entered from the major producing countries and the USA. The Northern Hemisphere segment has just been completed with 516 entries.
The comparative performance of olive oils from countries with over 20 entries shows that Spain outperformed all other countries with 31% of the entries being awarded gold medals.
Italy came second with 22% gold, followed by USA with 19%, Greece with 15% and Portugal with 4%. With the exception of Greece (59%) around 75% of entries were awarded medals.