The Good Oil
Avocado oil capsules
The Product
Avocado oil is essentially a new product, and the market has to be created from scratch. It shares many uses and properties with extra virgin olive oil. It can be put to many of the same culinary uses, and is similar in flavour though milder and less bitter, so it combines well with delicate flavours - Mr Nathan sees them as complementary rather than competing options. It has a much higher smoke point than olive oil, so is better for high-temperature cooking.
Significant health benefits are also being claimed for avocado oil. It is a good source of monounsaturated fat, which helps decrease "bad" cholesterol and may promote the "good" variety. Avocados also contain beta sitosterol, a chemical known to inhibit the absorption of cholesterol into the bloodstream, and also thought to be beneficial to the prostate.
COP Outcome development and evaluation
The research students seconded from Massey worked on factors affecting the shelf life of the oil, and studied issues affecting the quality of the fruit supplied from different packhouses around New Zealand, which bear on the quality of the oil. They also uncovered the fact that New Zealand-grown avocados have among the highest levels ofbeta-sitosterol of any grown around the world. The solid research backing has helped Olivado gain the confidence of overseas customers.
In the olive oil field Olivado has numerous competitors in New Zealand, mainly small "boutique" producers; but only one other company, in Tauranga, is producing avocado oil.
Olivado has won the Massey University Premier Food Award, which is presented to companies for "exceptional Food Technology skills through the systematic, consumer-oriented application of science, innovative technology and marketing resources, to launch an outstanding new, high quality food or beverage product".
Judges called Olivado's processing of avocado oil "revolutionary", and commented on the company's active involvement in the design and commissioning of their process equipment. The product development process, they noted, was "systematic, supported by a team of specialists and closely coordinated to a clearly defined marketing and business plan"; and "careful scientific research" underpinned claims for the product's nutritional benefits and cooking properties.
The Future
Olivado's New Zealand market is pretty much where they want it after two years, but the export markets are all in the development phase as yet. They are engaged on a major export drive, targeting Australia, the UK, the USA and South-East Asia with assistance from Trade New Zealand and Industry New Zealand.
In the plant's two years of operation demand has grown constantly. Increasing quantities are exported, mainly to Japan, Korea, Australia, the USA and the UK, along with some smaller markets. The difficult European market can wait - for the time being Olivado has all the clients it can supply. The company is, however, investing in a second plant in Brisbane, Australia. The plant is expected to be operating by end of 2003, and to increase production capacity five-fold.
