China’s appetite for olive oil increased amidst a shrinking cooking oil market, according to a UK-based market research report sent to Xinhua on Friday [24 October 2014]. The sales of olive oil during a 52 week ending Aug. 8, 2014 were 5.35 percent higher than the previous year, the Kantar Worldpanel’s monitoring released. Sales were up 27.17 percent from two years ago, it said…Full Article: The Global Times Oct 2014
- In October 2014, the Shanghai-based Bright Food Group purchased a majority stake in Salov Group, an Italy-based olive oil producer.
- According to the market research report, Chinese consumers are willing to purchase the more expensive olive oil over conventional oil owing to health reasons. The average price of oil is CNY 98 (US$16.10) per liter, while conventional oil is CNY 17 (US$2.79) per liter.
- In February 2014, Australia stated that China was inspecting its olive oil for DEHP plasticizer and other contaminants.
- Founded in 2006 and based in Shanghai, Bright Food is the second-largest China-based food manufacturing company measured by 2011 revenues. Bright Food and its subsidiaries make candy, cereal, dairy products, alcohol and canned meats.