NEWS IN BRIEF EU: Spain has once again topped the list of EU olive oil producers according to EU figures for production in the current crop year to March, Olive Oil Times reported on 1 May. The country produced a total of 1.11M tonnes in 2019/20 by the end of March, with overall yield expected to reach 1.12M tonnes this year, significantly lower than the alltime high of 1.77M tonnes in the previous crop year. Italy more than doubled its output this season, reaching an estimated aggregate quantity of 361,145 tonnes in March. Overall yield was expected to reach 364,000 tonnes against 175,000 tonnes delivered in 2018/19. In Greece, 262,570 tonnes of olive oil had been produced by the end of March with an expected overall total of 265,000 tonnes, Olive Oil Times said. Portugal ranked fourth among the EU member states with an estimated near-record production of 130,000 tonnes compared to 100,000 tonnes in the 2018/19 season. In terms of consumption, Spain was expected to use 550,000 tonnes; Italy 510,000 tonnes; Greece 125,000 tonnes and Portual 80,000 tonnes during the current season.
India resumes buying of Malaysian palm oil Indian buyers have resumed purchases of Malaysian palm oil after a four-month gap following a diplomatic row, Reuters reported on 19 May. According to traders, buying had been spurred by a fall in domestic inventories and discounted prices. The renewed purchases followed improved trade relations between the two countries following the formation of a new government in Malaysia. In January, India restricted imports of Malaysian palm oil after Mahathir Mohamad, the
country’s prime minister at the time, criticised Indian government policies affecting the country’s Muslim minority. New Delhi had passed a new citizenship law in December offering amnesty to non-Muslim illegal immigrants, and had revoked Indian-administered Kashmir’s special constitutional status in August. Sources told Reuters that leading Indian importers had contracted up to 200,000 tonnes of crude palm oil (CPO) from Malaysia in May to be shipped in June and July.
“Port stocks have dropped sharply in India because of lower imports,” a Singapore-based trader who sold Malaysian and Indonesian palm oil told Reuters. Ship tracking data compiled by Refinitiv had shown that India’s total palm oil imports for the first four months of 2020 had fallen by more than 50% from the same period in 2019 to 1.11M tonnes. India is the world’s largest importer of vegetable oil, buying nearly 15M tonnes/year, of which palm oil comprises around 9M tonnes.
Investment in Cubiq Foods' cell-based oils Global investor Blue Horizon Ventures has joined Moira Capital Partners to help Spanish fats specialist Cubiq Foods accelerate its development of cell-based oils rich in omega 3 fatty acids, the companies announced on 15 May. The two companies are investing US$54.75M in Cubiq Foods, which plans to launch two new products later this year focused on sustainable omega 3 production and healthier vegan fats. Cubiq Foods uses cell culture and oil/water emulsions (gelling) to replace saturated vegetable and animal fat ingredients in food production. Its vegan Smart Fat product is a sustainable emulsion aimed at replacing animal fats in processed meat products and dairy derivatives, and saturated vegetable fats (such as coconut oil) in vegan food products. The company’s micro03 product is a micro-encapsulated omega 3 ingredient designed for ‘functional foods’.
Oils and fats content closely monitored in packaged food The majority of consumers closely monitor the type and amount of fat and oil in packaged food, according to the results of a study by global agribusiness giant Cargill, announced on 27 May. In Cargill's FATitudes annual study this year, 68% of consumers said they tracked what went into their bodies by closely reading the labels of packaged foods, with fat and oil type classed as important factors. Approximately 6,600 primary household grocery shoppers were surveyed in 12 countries including Brazil, China, Germany, 8 OFI – JUNE 2020
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the United Kingdom and the USA. “As consumers’ attitudes toward fats and oils have shifted in recent years, we know they’re interested in consuming healthy amounts of oils,” said Nese Tagma, managing director of strategy and innovation for Cargill’s global edible oils business. “This research is vital to guide our thinking on whether to revitalise tried-and-true products or develop a new frying oil to adapt to changing tastes and health options.” In the study, nearly 61% of US consumers reported avoiding certain fats or oils with
83% of ‘clean-label seekers’ avoiding specific fats or oils, like saturated and trans fats. Olive oil topped the list in every country for impact on purchase and perceptions of healthiness in packaged foods, followed by fish and avocado oils. A vast majority of global consumers, 93%, were aware of the importance of omega 3s. How often consumers read labels differed by region. Chinese consumers paid the most attention (89%) and German consumers monitored the least (48%). www.ofimagazine.com
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