California, USA October 2009cesonoma.ucdavis.edu/files/27763.pdf · Olive oil storage Vertical...
Transcript of California, USA October 2009cesonoma.ucdavis.edu/files/27763.pdf · Olive oil storage Vertical...
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‘Australia’s premier olive company’
Introduction to Olive Oil Production
Olive Oil Processing Courseg
California, USA ‐ October 2009
• Public unlisted company.
• Established in 1997.
• 85 shareholders, 110 employees.
• Head Office Based in Lara, Vic.
• Australia’s leading vertically
integrated olive oil company.
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Modern Olives• Olive Nursery.• Olive Specific Consulting.• Olive Oil Laboratory.• Olive Oil Bottling• Olive Oil Bottling.
Groves
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What is olive oil?
Olive oil is the oil obtained solely from the fruit of the olive tree (Olea europaea L.), to the exclusion of oils obtained using solvents or re‐esterification processes and of any mixturesolvents or re esterification processes and of any mixture
with oils of other kinds.
Transversal view of an oliveDetail of cells in the olive flesh
What is olive oil?
Olive Oil CompositionSaponifiable
mattermatter98.5%
Minor components
1.5%
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What is olive oil?
Olive Oil Fatty Acid Profile
Monounsaturated (Oleic acid)
71.0%
Poliunsaturated (Linoleic acid)
13.3%
Saturated (Palmitic acid)
15.8%
How is olive oil made?
Washing equipment
Olive paste in first malaxer
Free oil at the end of the malaxing process
Double grid hammer crusher
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How is olive oil made?
Decanter separating olive oil from paste
Olive oil storage
Vertical separators clarifying the oil
Are all olive oils the same?
Virgin Oils
• Extra virgin (≤0.8% acidity & no defects).• Virgin (≤2.0% acidity & slight defects).• Lampante oil (>2.0% & not suitable for direct human consumptiondirect human consumption
Refined Oils
EVOO or VOO
Olive Oil or Pure Olive Oil
Pomace Oils
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Fats & oils in the world
World fats and oils consumption 2004/05 (133.7 Millions of Tonnes)
Corn1.6%
Coconut2.4%
Palmiste
Sesame0.6%
Palm22.7%
Soybean25.1%
Olive2.1%
Lineseed0.5%
Castor0.4%
Lard11.6%
Butter4.9% Fish oil
0.8%
Palmiste2.7%
Cotton seed3.3%
Peanut3.7%
Sunflower6.9%
Canola11.0%
Present
Areas Main Countries Population Litres/capita
Great variability in consumption
EC Producers Spain/Italy/Greece 186.6 10.17
EC Non Producers Germany/UK 247.9 0.60
North Africa & Middle East Tunisia/Turkey/Syria 357.7 1.07
Other Producers Australia/USA 503.4 0.64
Other Non Producers Brazil/Canada/Japan 654.7 0.26
Others China/India/Indonesia 4,755.7 0.01
TOTAL 6,706.0 0.44
Source: IOC/US Census Bureau
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Present
Country Yields (% of world) Yields (litres/ha)
Great variability in production
Spain 38.6% 482.6
Italy 22.8% 483.0
Greece 13.6% 400.8
Turkey 4.3% 218.2
Tunisia 6.2% 119.0
BBL (in 2008) 0.2% 1,692.3
Average 318.2
Source: IOC/FAO
The Future
P t 2007/08 2020 Annual 2020 Vs.
Analysis of consumption growing trends
Parameter 2007/08 2020 Growth 2020 2007/08
Consumption (x 1000 Tn) 2,927 4,117 2.88% 4,117 -1,295.90
Population (x 1M) 6,706 7,659 1.11% 3,336 -515.72
Consumption per capita (l/person/year) 0.44 0.54 1.68%
Source: IOC/US Census Bureau
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The Future
At current
Developments required to satisfy expected growing demand
Parameter At current average yields At 10 Tn/ha
Current Growth 4,320,000 has 785,000 has
Population Growth 1,715,000 has 313,000 has
International Olive Oil Industry
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Past and present
EC prohibited planting olives
Greece joins the EC
Subsidies Implemented Production aids increased
No more subsidies for trees planted after May 1998
Spain joins the EC
Sources: IOC & EC report on Olive Oil
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International Olive Oil Industry
Source: Boundary Bend Marketing
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International Olive Oil Industry
Source Boundary Bend Marketing
If we are going to run out of oil, why prices are at historical low???
• Olive oil was not part of the soft commodities boom.
• Significant concentration of oil trading companies. Atomised offer (> 20,000
processing plants) and concentrated demand (< 10 buyers).
• Adulteration and new refining techniques.
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Not part of soft commodities boom
Source: IOC/IMF
Large buyers dominate
Price performance of SOS share price
Source: Madrid Stock Exchange
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Large buyers dominate
Source: PoolRed/Mercacei/FACUA
Large buyers dominate
Source: Mercacei/FACUA
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Olive Oil Quality and Authenticity
Olive Oil Quality and Authenticity
Olive oil€ 3.52/l
EVOO (No Italian)
€ 3.59/lEVOO (Italian)
€ 4.65/lPremium (Bari & Tuscan)
€ 7.19 - 9.97/lPremium (Boutique)
€ 50.38/l
Prices from Coop Supermarket, Perugia, Italy (September 2005) & Faraway foods (September 2006)
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Olive Oil Quality and Authenticity
Olive Oil Quality and Authenticity
7.30 Report:
“I t d li il lit d ti ”“Imported olive oil quality under scrutiny”
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How and why olive oil is adulterated
Seed oils (canola sunflower etc )
Food service OO and ELOO, and spray cans(canola, sunflower, etc.)
Conventionally refined olive oil
Deodorisedolive oil
spray cans
Food service EVOO, organic OO and spray cans
Supermarket EVOO
IOC & Codex
DGF & AEV
Inadequate Best Before Date or no BBD at all
All oils
DGF & AEV
Adulteration with seed oils
Refined OO: AU$ 4.56/kg*
Canola oil: AU$ 1 72/kg*Canola oil: AU$ 1.72/kg
70:30 vs. 100:0 = 18.7% profit difference* Reference prices Mercacei (Oct 08). OO Imperia (Italy); Canola (Nederland)
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Adulteration with seed oils
Olive Oil withBrassicasterol
Olive Oil with 20‐40% Canola Oil
100% Olive OilNO Brassicasterol
100% Olive Oil
Adulteration with refined olive oils
Refined OO: AU$ 4.56/kg*
$ /k *EVOO: AU$ 4.92/kg*
70:30 vs. 100:0 = 2.9% profit difference (incl. refining)* Reference prices Mercacei (Oct 08). OO Imperia (Italy).
AVAILABILITY!!!!!!!!!
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Adulteration with refined olive oils
Refined olive oils
Olive Oil with
20‐40% Refined Oil
100% Olive
Trans fatty acids
OilNO Trans fatty acids