Diabetes, Heart Diseases Boost Olive Oil Demands In India

India has the largest number of cardiac patients, with an estimated over 100 million people or nearly 10 percent of the total population affected.

India also has the second largest number of diabetes patients with an estimated 61 million people affected. Nearly 140 million people in India have high blood pressure, which is 14 percent of the world's total such patients.

Dalmia said considering the enormity of these health-related problems, the demands for olive oil would remain strong in India in the coming years.

According to the Indian Olive Association, imports of olive oil is estimated to increase by an average 40 percent annually over the next five years.

Dalmia said growth may drop in the current financial year due to high prices and a sharp depreciation in the value of the rupee that has made imports costlier. "Our import cost has gone up by almost 50 percent in the past one year due to increase in prices in the producing countries and rupee depreciation," he said.

The Indian rupee has depreciated by almost 10 percent since the beginning of this year. It hit a record low of 60.76 against a dollar last week.

Dalmia said nearly one-fifth of olive oil in India is used for massage and external use and the rest for cooking.