The olive is a species of small tree in the family Oleaceae and is of major agricultural importance in the Mediterranean region as the source of olive oil.Olive oil is a fat obtained from the olive (the fruit of Olea europaea; family Oleaceae), a traditional tree crop of the Mediterranean Basin. The oil is produced by grinding whole olives and extracting the oil by mechanical or chemical means. It is commonly used in cooking, cosmetics, pharmaceuticals, and soaps and as a fuel for traditional oil lamps. Olive oil is used throughout the world, but especially in the Mediterranean countries. Olives can grow in water-scarce desert regions because of their low water requirement. Olive trees can adapt to a wide variety of soils, but prefer a soil with a balanced pH (neither acid nor alkaline) that is rich in organic matter.
Growing Olive trees is a profitable business and olive trees have more than 250 years of life and it can grow on barren lands. On an average an olive plant produces 20 to 35 kg of olive fruits per year which contain more than 12 % of oil contents. The olive plants start giving fruits at the age of four to six years so cost incurred for initial four years is included in pre operating cost in this pre-feasibility.Olive oil is widely used in countries where fats are scarce.
Olive oil is rich in monounsaturated fats, antioxidants and vitamin E and is claimed to have a significant effect on cholesterol. Using olive oil as a cooking medium can lower blood pressure and prevent risk of heart attacks. There are numerous other benefits of olive oil making it a vital addition in a healthy diet and India’s CVD and diabetes issues can certainly be mitigated with this heart-healthy cooking medium.
Olives are now being looked at for use as a renewable energy source, using waste produced from the olive plants as an energy source that produces 2.5 times the energy generated by burning the same amount of wood. The smoke released has no negative impact on neighbours or the environment, and the ash left in the stove can be used for fertilizing gardens and plants.
Advantages of Olive
· The Vitamin E contained in Olives is the body's primary fat-soluble antioxidant. Anti-oxidants help to strengthen the body's immune system; reducing the severity of asthma, cancer, osteoarthritis, and rheumatoid arthritis, premature ageing, as well as delaying the effects of ageing.
· Used as a balm, it fortifies and moisturizes the skin, combating dry skin and softening it. It also combats against acne.
· Help against wrinkles and delaying the effects of old age.
· Help combat against strokes, heart-disease, high blood pressure and diabetes.
· The decoction of olive leaves in water is effective against mouth and lip ulcers and allergic dermatitis also.
· Tea of Olive leaves helps against high blood pressure.
Market Potential
Olive oil in India is in its nascent stage accounting for just about 0.1 percent of the 3.5 million tons of the branded edible oil market in the world’s second most populous country. The Indian consumer typically adopts multiple oils at the same time. Oils are matched to recipes and the intensity of usage varies. With this in mind and with imports increasing to 6,798 MT there is a huge growth prospect in plantations. These little green bulbs have the potential to change the fortunes of farmers. The olive oil market in India is growing at a rate of 50 percent and productions, beginning very soon, will increases this potential and demand.
Olive oil is finally creating a niche in India’s edible oil market. Retail is the biggest segment accounting for 75-80 percent of sales; the institutional segment is still small accounting for 30 percent of consumption. With 60 percent of the national market being controlled by 3 companies in India, and Spain and Italy accounting for 90 percent of the import, there is definitely a potential for other companies and producers to enter the market and more are expected to do so. The Indian olive oil market pegged at Rs 52 Crores until 2006, is now (in 2012) at Rs. 380 Crores. With this expected boom to reach Rs. 550 Crores by the end of 2012 and as per the Indian Olive Association hopes to reach 2,5000 MT in 2020,international olive oil manufacturers and producers are planning their early entry into the Indian market.