Olive oil is a popular food product in Austria, widely accepted by consumers as a key component of a healthy Mediterranean diet.
According to a relevant study by the Office of Economic and Commercial Affairs in Vienna, Italian olive oil holds the lead in the preferences of Austrian consumers in premium branded olive oil products, however, the value of Greek olive oil sales has also experienced significant growth in recent years, contributing to the growth, in terms of sales, of the olive oil market in Austria.
A comparative assessment of Austrian foreign trade in olive oil indicates an increase in total consumption, since, over the last decade the quantity of total olive oil imports has remained almost at the same levels, and exports of olive oil products have fallen by 23%. The growing demand for organic products in Austria, due to the acceptance of their nutritional value by the Austrian consumer, as well as the presence of new products on the market, such as flavored olive oil, will contribute positively to the demand for olive oil in the Austrian market. If food prices follow a strongly increasing course, a shift in demand from premium products could be observed, and consumption of cheaper products could be strengthened.
The solution for Greek producers: the promotion of extra virgin olive oil
Standardized Greek olive oil has achieved a satisfactory placement position on the middle and upper shelves of stores, where quality and branded products are usually placed, together with Italian olive oils.
The concentration of food retail in four business groups, operating in neighboring countries, has created high conditions for entering the market. A possible increase in sales of private label products across all distribution channels should also be taken into account.
In this direction, Greek producers targeting the Austrian market should, according to the study, focus on promoting extra virgin olive oil. Greek standardized extra virgin olive oil, including PDO/PGI products, is offered on the Austrian market at similar prices compared to other, similar quality olive oils, mainly from Italy.
On the contrary, in olive oil blends, Greek branded products lag behind in terms of pricing compared to corresponding products of large multinational companies, which mainly distribute olive oil blends. Olive oil products from selected olive groves of small producers and with particular organoleptic characteristics, with a special taste, packaging, and aesthetic presentation of the product, have increased chances of being placed in delicatessen stores, which are aimed at a high-income consumer audience and respond to the preferences of Austrians for fine, authentic, premium-class food products.
At the same time, Greek producers should promote the intangible added value of the image and reputation of Greek olive oil, namely the special quality characteristics, the sustainable, traditional, and environmentally friendly cultivation, harvesting, and olive oil production practices, and the uniqueness of Greek PDO / PGI products. In the above context, the prospects for a greater presence of Greek companies in the olive oil sector in the Austrian market remain very positive.
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