Vincent and the Grenadines Trinidad and Tobago www. Contents 6. User Agreement Provisions www. It does so by providing various specialized industry reports, databases, publications and services to its clients. This report is one of many published by Icon Group Ltd. In addition to industry-specific studies, Icon Group Ltd. This report covers the world outlook for olive oil across countries. For each year reported, the estimates are given for the latent demand for the country in question. Icon Group uses a number of proprietary econometric models which project economic changes within each country and across countries.
From there, market potential estimates are created. The distribution of the world market, however, will not be evenly distributed across regions. In essence, if a firm targets these top 3 regions, they cover come In this report, two modelling approaches are used.
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The first involves modelling the economic fundamentals of each market over time. This is based on standard models of economic growth e. The second approach is more subtle. The second approach involves collecting information on the market size or market potential for the particular product or service in question, typically in national currency, and translating these into a common currency. Icon Group uses the U. For some categories and markets, basic demand indicators are reported in national statistics, as is mostly the case for the United States and other developed markets.
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For these, Icon Group uses econometric models to estimate these markets, and forecast these over time. As true for all www. Olive Oil 10 forward-looking economic forecasts, certain critical assumptions must be made. Two types of assumptions are made for the models used in this report. The first type covers the socioeconomic and global environment.
In essence, Icon Group assumes that dynamics seen in the past are likely to continue in the future, without major discontinuous changes. For example, if a city, country or region has not seen civil strife, major recessions, or substantial foreign exchange or currency changes, this is assumed to be the case over the forecast period.
Likewise, the worldwide demand is foreseen to progress in a fashion similar to that seen in historical figures, based on aggregated data collected at the national level. The extent to which these assumptions are violated in the future will surely affect the accuracy of the forecasts presented here. The second type of assumption is of greater importance, especially for those markets where insufficient local information is reported in the public domain, or in markets where there is higher uncertainty.
Here, we use cross-country econometric models of demand, often called a crosssectional pooled time series models with varying parameters. In simple terms, we assume an underlying consumption function that is allowed to vary over time and across geographic markets.
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Economists have long proposed various consumption functions. Across these, and other authors, the consumption of a product as opposed to the amount produced is foreseen to vary depending on a number of local factors and the time frame that one considers short-, medium- and long-run. In general, the variance of the market potential across markets is foreseen to be a function of variances in income, wealth, interest rates, expected future income, and a variety of exogenous factors, including geography and culture.
Icon Group forecasts primarily rely on non-cultural economic factors in modelling cross-market demand, for a given product or service. We also model the market potential using a consumption function which assumes a constant average propensity to consume in the long run i.
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Once the cross-market model of demand is specified, it is combined with the local economic models described above. As in all econometric exercises, the lack of local market figures in the public domain results in estimation errors. Furthermore, many intervening factors may arise over time that can materially affect the accuracy of the forecasts, including changes in local economic conditions, changes in political regimes, improvements in primary data, and currency fluctuations, among other factors.
As the estimates and forecasts reported here are forwardlooking and subject to assumption-induced errors, you are asked to read the caveats and disclaimers at the end of this report. Olive Oil 11 1. Olive Oil 2. Olive Oil 18 2. Olive Oil 19 2. Olive Oil 20 2. Olive Oil 21 2.
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Olive Oil 76 4. Olive Oil 77 4. Olive Oil 78 4. Olive Oil 5. Olive Oil 85 5. Olive Oil 86 5. Olive Oil 87 5. Olive trees are well suited to sub-tropical Mediterranean climates and can endure occasional light frost, and hot dry summers. They can be farmed on land where there is little or no irrigation in place. The olive tree is among the oldest known cultivated tree in the world. Olive leaf fossils have been found in Pliocene deposits and in excavations that date to the Bronze Age.
But the most romantic tales around the olive tree come from the Greeks. The ancient Greek gods were believed to be born under the branches of olive trees. Greek mythology tells that Zeus held a competition for the purpose of awarding the patronage of Attica to whomever brought him the most valuable gift. The Goddess Athena brought the gift of the olive tree. It was valued for its shade, for the heat that could be produced from its wood, and for the oil of its fruit. Athena won the competition and became the patron of Attica, and the olive tree was planted at the Acropolis.
The olive tree that grows there today is said to have come from the roots of the original tree. The olive branch is steeped in history and tradition, symbolizing victory and honor, peace and purification. Olive oil infused with spices and aromatics was used in Greek and Roman ceremonies for anointing, and winners of the Greek Olympic games were given olive wreaths as trophies. The Bible makes numerous references to olive trees and to anointing with oil of the olive. To this day, olive trees grow prolifically throughout the Holy Land. There are thousands of varieties of olives.
The main varieties produced in the U. As a fruit, olives offer a marvelous accent to both salads and main courses, and can stand alone as appetizers. Olive oil gives superb taste when used for cooking and in salad dressings. There is a wide variety in the quality of olive oil.