A study from the European Commission found that extra virgin olive oils make up $326 million (AU$496 million) of the total value of European geographical indicators. PDO and PGI oils from Spain and Italy account for nearly 40 percent of that amount.
European Union products labeled with a geographical indication are worth €74.76 billion (AU$123.7billion), according to a recent study from the European Commission.
More than one-fifth of this value is derived from exports of products with a Protected Geographical Indicator or a Protected Designation of Origin.
“European geographical indications reflect the wealth and diversity of products that our agricultural sector has to offer,” Janusz Wojciechowski, the European agriculture commissioner, said. “By protecting products across the globe, we prevent fraudulent use of product names and we preserve the good reputation of European agri-food and drink products.”
Oils and fats account for roughly €555 million (AU$918 million) of the total value of geographical indicators, an increase of 59 percent from 2010. PDO products, specifically, have contributed to 80 percent of the growth in value.
The driving force for growth in the oil and fats category has been both PDO and PGI extra virgin olive oils.
“Olive oils are the largest subcategory of oils and fat products under geographical indicators accounting for 54 percent of the 2017 sales value and half of the growth,” the report says.
Overall, sales of PGI and PDO extra virgin olive oils have grown from €204 million (AU$337 million) in 2005 to €301 million (AU$497.89million) in 2017. The entire oil and fats category grew from €259 million (AU$428million) to €555 million (AU$918 million), in the same time period.
Extra virgin olive oils with geographical indicators in Spain represented 25 percent of the sales value and one-third of the growth. The country’s three largest PDO oils – Baena, Siurana and Sierra de Cazorla PDO – helped to lead the way. More