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American Olive Oil Producers Are Starting To Muscle Europeans Out Of The Market

Olive Oil

The eurozone's struggling economies face a further blow as olive oil moves West, experts have warned.

Spain, Italy and Greece, who together dominate global production of the Mediterranean staple, are being threatened by tough competition from their New World rivals.

The growing olive oil market in the US is poised to be a "battleground" between the historic European producers and their new challengers from California, Chile and Australia, according to agricultural analysts at Rabobank.

If the European producers lose, it would represent another hit to their faltering economies, which are the focus of investors' concerns amid the eurozone debt crisis.

Currently, large Spanish and Italian companies supply the bulk of olive oil in the US, where imports account for more than 99pc of the $1bn-plus (£629m) retail market.

Italy enjoys a 51pc market share, while Spain, the world's largest olive oil producing nation, has 23pc.

However, the analysts at Rabobank say that US producers, by highlighting their high quality production processes and exploiting the strong consumer appeal of a local label, are expected to capture 5pc of the overall American olive oil market in five years.

European exports look vulnerable, the report warns, particularly the oil coming from Spain which typically commands a smaller price and is seen as being of lower quality. In response, the Old World producers must up their game, the writers conclude.

"Responding effectively to the challenge from New World olive oil producers will require much focus on quality and production efficiency by European olive oil players," said analyst Vito Martielli, the report's
co-author.

Olive oil was already posing problems for the southern eurozone states. In May, producers suffered as
its price slid to a 10-year low, the result of a supply glut caused by a bumper olive crop in Spain.

There has also been a fall in olive oil consumption in Italy and Greece, as austerity-hit consumers switch to cheaper alternatives.

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JCPenney Gets To Go Ahead With Martha Stewart Line While It Feuds With Macy's

Martha Stewart

A judge ruled that JCPenney can move ahead with the Martha Stewart line that rival Macy's is trying to stop. 

Even though the retailers will still go to trial in November, it's a temporary victory for J.C. Penney

Evan Clark at Women's Wear Daily reports

A New York state judge ruled that JCPenney Co. Inc. can move ahead with its deal to sell Martha Stewart goods, denying Macy’s Inc.’s request for an injunction.

Penney’s lawyers, however, agreed not to violate the terms of a prior injunction protecting Macy’s agreement to sell certain Martha Stewart goods exclusively. 

This means that while Penney can go ahead and plan its line with Stewart, they can't start selling the goods yet. 

The retailers have been feuding since January, when Stewart stood alongside JCPenney CEO Ron Johnson and announced she planned to release a collection of home goods.

The same day, Macy's announced it was going to pursue legal action. Stewart has had a deal with Macy's since 2006. 

DON'T MISS: The Brilliant Tactic Walmart Uses To Fend Off Competition From Dollar Stores > 


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T. Boone Pickens Tells Us The One Thing Entrepreneurs Shouldn't Do

T. Boone Pickens dropped by Business Insider headquarters the other day and he revealed to us his three keys to success.

Here's our favorite piece of advice from the great T. Boone Pickens:

"If you're an entrepreneur, and you started your own business, don't ever figure out what you're getting paid by the hour – because it'll make you cry."

Watch below for T. Boone Pickens' three keys to success:

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Produced by Kamelia Angelova & William Wei

SEE MORE:

• T. Boone Pickens: Critics Of Fracking Don't Know What They're Talking About

• Wind And Solar Will Never Take Over For Coal, Says T. Boone Pickens

• T. Boone Pickens Tells Us Why The "Pickens Plan" Will Happen Whether The Government Helps Or Not

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