U.S.
News & World Report -
February 18th, 2002
Press Releases 2002
From Supplement to U.S. News & World Report
February 18, 2002
Zefferino Francesco Monini
– president of Monini, the biggest
privately-owned Italian firm in the extra virgin olive
oil market – says there is growing awareness among
foreign consumers of its merits. After three generations
of producing olive oil from its base in Umbria, the
company’s competitive advantage is simple. “It
is a great passion, a great love for the product,”
says Mr Monini. Monini’s Yellow
Label oil holds the biggest share in the Italian market,
regarded as the most cultured consumer market for olive
oil. In 2000, the company exported 22 percent of its
25 million liter production, with about 10 percent of
that heading for the U.S. market; Switzerland and Canada
make up the firm’s main export markets. Monini
also recently opened up a commercial office outside
New York to plot its American expansion.
Mr. Monini – grandson of company founder Zefferino
Monini – believes that extra virgin oil is set
to spearhead future growth in the U.S. and northern
Europe. But he believes consumers still need to be better
educated on the benefits of the product. “It is
important to improve the culture of the consumer”
he says.
Italy’s olive oil industry undoubtedly produces
some of the best extra virgin olive oil in the world,
including the biggest global brand, Bertolli, with about
eight percent of total production at around 170,000
tons a year. Though overall Italian production has suffered
in recent years as a result of drought across parts
of the country, the quality of its olive oil remains
very high.
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