After a thorough search, we were able to identify the top 3 extra virgin olive oil brands with the most sales revenue in the US market. The brands are; Star Extra Virgin Olive Oil, Filippo Berio extra virgin olive oil and Carapelli extra virgin olive oil. However, we were unable to identify each brand's annual sales revenue. See the attached spreadsheet, columns A and B.
STRATEGIES WE APPLIED TO IDENTIFY The top 3 EVO BRANDS WITH MOST SALES
To identify the top 3 extra virgin olive oil brands, we first searched for sources with a precompiled list of top extra virgin olive oil brands with high sales volume in the United States market. We leveraged on several sources including Best Products, Good Housekeeping, the Strategist, and Extra Crispy. Unfortunately, these articles did not rank the extra virgin olive oil brands based on their sales volume or revenue. For instance, Best Products listed California Olive Ranch Everyday Extra Virgin Oil, Zoe Organic Extra Virgin Olive Oil, Papa Vince Extra Virgin Olive Oil, Partanna Extra Virgin Olive Oil, and Colavita Extra Virgin Olive Oil as top brands in terms of versatility, taste, and consumer rating. Extra Crispy, Body Nutrition, Olive Oil Times, the Strategist, and Good House Keeping ranked the brands in terms of quality.
We then proceeded to search for US market reports on the extra virgin olive oil industry. Our focus was to identify leading brands with significant share in the United States market. During our search, we found a report on Statista that provided the top ten leading olive oil brands that generated a revenue of $1224.7 million in 2018. The report mentioned Bertolli as one of the leading brands in the United States olive oil market. The other nine brands were not accessible due to a paywall. However, Statista did not provide a list of leading brands specific to extra virgin olive oil. We also found another market report from IBIS World that provided an overview of the US olive oil market. But, this report neither provided the leading extra virgin olive oil brands nor the companies that produce them.
We then expanded our search scope to the global extra virgin olive oil market. We aimed to identify US extra virgin olive oil brands or companies with significant share in the global market. We leveraged on reports published by several sources including ABC, Reuters, Global Newswire, and Market Research Future. During our search, we noted that these global market reports mentioned Star Fine Foods and Salov North America Corp as the United States Companies that are among the global players with significant share in the market. Star Fine Food's brand is Star Extra Virgin Olive Oil while Salov North America Corp's brand is Filippo Berio Extra Virgin Oil. Therefore, since these two brands are leading in the global market, we believe they are also generating top sales volume in the US market.
To find the third brand, we further expanded our scope to include foreign brands leading in the global market with significant customer preference in the US market. According to an article published in PR Newswire, Carapelli extra virgin olive is one of the leading brands in the US market. This brand is a product of Carapelli Firenze. According to Reuters, Carapelli Firenze is one of the companies with a significant market share in the global extra virgin olive oil market. We have filled these three brands in column A of the attached spreadsheet.
To identify the annual sales revenue for Carapelli Extra Virgin Olive Oil, Star Extra Virgin Olive Oil , and Filippo Berio Extra Virgin Olive Oil, we began by scouring through the company websites of each brand to get their annual financial reports. Unfortunately, we could not find any report. We were also unable to locate any article or publication relating to the brands' revenue in the recent news section on the companies' websites. We further proceeded to identify whether these brands have a parent company to identify any published financial reports. We noted that Carapelli Firenze's parent company is Deoleo. We were able to find published reports, and after an exhaustive analysis, we could not identify the sales report relating to Carapelli brand. The available report provided a review on the world production and consumption of olive oil.
We then proceeded to search for publicly available US market reports on the extra virgin olive oil industry. We aimed to identify any statistics relating to the brands' revenue. We were unable to locate any reports explicitly published for the United States extra virgin olive oil market. Nonetheless, we found the IBIS World market report that provided an overall analysis of the US olive oil market with no reference to the extra virgin oil segment nor the top extra virgin olive oil brands. We also found a report on Statista that provided the 2018 sales revenue of $1,224.7 million realized from the sale of olive oil by the top ten leading brands. Unfortunately, Statista did not highlight the sales revenue of extra virgin olive oil generated by the top ten brands.
Our next approach was to look through global market reports from sources like Digital Journal, Fact.MR, Reuters, among others. Our focus was to identify each brand's market share in the global extra virgin olive oil market. But, we were unable to access the statics relating to the brands' revenue due to a paywall.
Our fourth approach was to identify extra virgin oil trade association in the US. Our focus was to identify any reports or articles in the organizations' websites that listed revenue realized from the sales of the three brands. During our search, we located trade associations like The American Olive Oil Producers Association, North America Olive Oil Association, Extra Virgin Alliance, and California Olive Oil Council. After scouring through each association's website, we were unable to locate any report or articles that highlighted the revenue realized from three brands. During the search, we noted that the California Olive Oil Council has resources that allow people to search and access COOC members who offer services related to the olive oil industry like, approved labs, bulk olive oil, and custom milling among others. The American Olive Oil Producers also had several reports including one report on the benefits of extra virgin oil. However, this report did not highlight extra virgin oil brands and their corresponding revenue.
We then proceeded to search for articles and reports that highlighted the total sales revenue generated from the three brands from key retailers like Amazon and Walmart. Our focus was to provide an estimated value of the brands' annual revenue. Unfortunately, we did not find any report or article with statistics on their total sales. We, however, identified each brands'retail price. For instance, at Walmart Filippo Berio Extra Virgin Oil retail price ranges from $5.48 to $25.48 while Star Extra Virgin Olive oil retail price ranges from $4.97 to $21.24 and Carapelli extra virgin oil retails at $11.83.
Lastly, we used report search tools like Annual Reports, but we could not locate any available report from the companies of the identified brands. We also used sources like ZoomInfo, Craft, and Hoovers. According to Hoovers, the estimated annual revenue for Salov North America Corp is $22.26 million. According to Zoominfo the estimated annual revenue for Star Fine Foods is $9.8 million. The estimated annual revenue for Carapelli Firenza Spa according to Hoovers is $354 million. However, we could not assume that these estimated revenues applied to their extra virgin olive oil brands since these companies have other brands. Therefore, since we could not locate the three brands' annual sales, we filled N/A in column B of the attached spreadsheet.