2.2. Background of the Olive Oil Industry
Spain is the world’s leading producer of olive oil, accounting for approximately 50% of global production. Italy is the second biggest producer, followed by Greece and Tunisia [
11]. In the European Union, production in the 2022/2023 season as dropped by 33.8% compared to the previous season. In Spain, it fell by 47.7%, while Italy and Portugal also experienced a significant decline. Greece, on the other hand, increased its production by 50.9% [
12].
According to the International Olive Council (IOC), global olive oil production decreased by 19.7% in the 2022/2023 season compared to the previous one. The main imports in the European Union are those of Spain and Italy, with increases of 38.6% and 32.2%, respectively. In terms of exports, they fell in France (−63.9%), Spain (−35.8%), and Italy (−20.9%), but registered an increase in Greece (14.3%).
Climatic factors such as droughts and frosts can cause fluctuations in olive oil production [
13]. Prices at source have increased in Spain due to the unprecedented drop in production. World consumption in the 2022/2023 season decreased by 5.7%, and Spain was the European Union country registering the biggest drop (27.6%).
Olive oil is an essential component of the Mediterranean diet and has associated benefits for cardiovascular health and longevity. Although Mediterranean countries are the biggest consumers of olive oil, consumption is expanding globally due to its nutritional benefits [
14]. The sustainable production of olive oil is becoming more prominent, with practices such as regenerative agriculture, efficient water management, and the use of renewable energy [
13].
2.3. Factors Influencing the Marketing and Sale of Olive Oils
In this section, we conduct a literature review of the factors that influence the marketing and sale of olive oil and consumer perceptions of it. After doing so, we can then perform a methodological analysis and address our research objective. The variables that we seek to analyze are the quality of the oil and its certifications, the timing of harvest, the origin, marketing strategies, price of the product, packaging, sustainability, languages, type of company (cooperative), varieties of olives, presence on social networks, technology and modernization, and lastly, health.
The first factor we study is the quality of the olive oil, as it is critical for marketing and sales as well as consumer perceptions. Companies aim to produce high-quality oils, highlighting their unique characteristics such as taste, aroma, and colour [
15]. Consumers value quality that meets their sensory expectations and provides health benefits, which in turn secures their loyalty and encourages positive recommendations.
Quality also adds value to the product and sets it apart in a competitive market, such that consumers are willing to pay more for a high-quality olive oil [
16]. When companies meet production, quality, and food safety standards, this contributes to the prestige and reputation of the brand [
17]. In addition, they must comply with national and international regulations in order to access new markets [
18].
The timing of harvest also influences the quality of the oil. An early harvest results in a higher-quality olive oil, with lower fatty acid content and more antioxidants [
19]. Companies that opt for this early oil obtain a more intense, fresher flavour, which makes it attractive for consumers who want high-quality, strong flavours [
20].
Recognized certifications allow companies to differentiate their products and build trust with consumers [
21]. Notable certifications include Protected Designation of Origin (PDO), Protected Geographical Indication (PGI), and the IOC quality seal [
22].
In short, the quality of the olive oil and the timing of harvest are crucial factors for its marketing and sale and perception by consumers. Consumer satisfaction, market differentiation and regulatory compliance are key aspects influenced by product quality, while an early harvest endows the oil with distinctive sensory characteristics that are appreciated by consumers and chefs [
23]. However, other factors such as the extraction process, storage, and advertising also play an important role in the successful marketing and sale of olive oil [
24].
The place of origin of olive oil is important for consumers, who value regions with a tradition and reputation in olive oil production [
25,
26]. Drawing attention to the origin in the marketing adds value and credibility to the product and brings to mind tourist experiences and emotions related to the region [
27,
28]. The origin can also be a factor for differentiating the oil and positioning it in premium market segments [
29].
The brand image is fundamental in the marketing and sale of olive oil, setting it apart in a competitive market and building loyalty and trust in consumers [
18,
26]. A good marketing strategy can influence the marketing and sale of the product, as well as the perception of its value and positioning in premium segments [
30,
31]. The brand image helps it to stand out on the shelves and capture consumers’ attention in a saturated market [
32,
33].
The price is another key factor, as it influences the demand, competitiveness, and profitability of the product [
9,
34]. A competitive price attracts consumers, while an excessively high or low one can affect the perception of quality [
35]. Moreover, the price can influence the perception of value, positioning the product in premium segments [
18,
36].
The packaging also plays a crucial role in the marketing and sale of olive oil. It protects the product and conveys the brand identity [
10]. An attractive and distinctive design by the company catches the consumer’s eye and improves the perception of the product [
37]. The label provides the consumer with essential information and a satisfactory experience [
38]. Generally speaking, a well-designed package contributes to the successful marketing of olive oil [
33].
Sustainability in the production and marketing of olive oil is crucial due to the growing demand for sustainable products by consumers and the importance for olive oil-producing companies of building a positive brand image [
15,
39]. The concept of sustainability encompasses sustainable agricultural practices, energy efficiency, social responsibility, and sustainable labelling [
39]. The adoption of sustainable practices by companies can build trust and secure consumers’ loyalty, as well as facilitating access to demanding international markets [
40,
41,
42,
43]. Furthermore, sustainability contributes to the conservation of the environment and social aspects such as labour equity and the wellbeing of agricultural workers [
44,
45]. In general, sustainability is not only ethically desirable, but also offers long-term business benefits [
21].
Languages play a crucial role in the global marketing and sale of olive oil. They make it possible to reach different international markets, connect with consumers, and adapt culturally [
46]. What is more, languages ensure effective communication and resonate with local consumers [
47,
48]. In a globalized market, mastering several languages offers a competitive advantage by allowing access to a wider audience [
49]. In addition, regulations require labelling in the country’s official language, which makes language a decisive factor [
50].
Being a cooperative is also relevant in the marketing and sale of olive oil, since it offers advantages in terms of alliances, control of the value chain, economies of scale, market access, and social responsibility [
44,
51,
52,
53]. A cooperative can strengthen its position in the market and achieve long-term success [
54].
Olive varieties are fundamental in the marketing and sale of olive oil due to their influence on flavour, aroma, quality, and nutritional profile. Each variety has distinctive characteristics, making it possible to offer a wide range of olive oils to satisfy consumer preferences [
33]. Furthermore, some varieties are considered suitable for producing high-quality extra virgin olive oil, which generates greater demand and enhances the value of the product [
55]. Designations of origin also play an important role, offering guarantees of authenticity and quality by the producing companies [
24]. Some varieties are better suited to different culinary uses, which makes it possible to target specific market segments [
38]. In addition, highlighting native varieties can help showcase cultural aspects and regional traditions [
56].
Social networks and the internet are fundamental tools for the marketing and sale of olive oil, reaching a global audience and allowing direct interaction with consumers [
57,
58]. Attractive content, segmented promotions, and data analysis contribute to the success of the marketing strategy [
16,
59].
Technology and modernization are crucial elements in the marketing and sale of olive oil, improving efficiency, quality, traceability, and innovation in products and packaging [
56,
60,
61]. They also facilitate the management of the supply chain and help ensure the product reaches the consumer in optimal conditions [
62].
Finally, health plays an essential role in the marketing of olive oil due to its benefits for the heart and brain, weight control, and disease prevention [
63]. Its nutritional profile and the studies that provide evidence of these benefits positively influence consumer perceptions and stimulate demand for the product [
64].
To provide the reader with a useful summary of the most important factors affecting olive oil-producing companies when it comes to the marketing and sale of their product, we present
Table 1, below:
2.4. Methodology
In this section, we present the methodology applied in this research, which follows the process established by Parrilla-González and Ortega-Alonso [
61] as a model of expert panel methodology applied to the olive oil sector with scientific impact in their study of the dimensions of social innovation in the olive oil industry and the study of Sánchez Escobar et al. [
65] on innovation and transfer in the olive oil industry using an expert panel approach. Given the characteristics of this research, the chosen methodological tool is an expert panel, which has enabled the study of the variables that companies consider fundamental for the marketing and sale of olive oil. To that end, one of the aims of this research is to build a model of the key factors in the marketing and sale of olive oil.
We thus put together a group of different types of experts related to the marketing and sale of olive oils, drawn from the main Spanish olive oil mills. To implement the methodology, we first developed a questionnaire, which was given to the experts with an explanation of the content and how the methodology works, highlighting that it is based on the principles of olive oil marketing and sales.
An expert panel can be defined as a group of independent specialists with experience in the topic to be evaluated, who are asked to make a consensus judgement on that topic [
66]. The advantages of this method primarily lie in the experts’ in-depth knowledge of the subject under evaluation, which enables considerable time and cost savings, lends greater credibility to the conclusions, and means it can be adapted to any different situations that may arise as it is being implemented.
Among the limitations of this method, it is worth mentioning that experts who are older or of a higher professional rank can impose their opinions on others and that there is no guarantee that the results will be consistent with other data relating to the variable under analysis.
Figure 1 below sets out the expert panel procedures, which have been divided into 4 phases:
The expert selection criteria were based on studying those olive oil companies from Andalusia, which account for 50% of the olive oil produced in Spain and 35% worldwide [
11], whose turnover exceeds EUR 15 million, who have an olive oil bottling line, and who have been engaged in international export activities for more than 10 years (taking 2013 as a reference year). Another absolute prerequisite for participating in the group was that the experts must have held representative positions on the management and executive boards of olive oil companies and have recognized expertise on the subject under evaluation, applied to the industry in question. As a result, the group of experts that participated in this research consisted of 23 people (
Table 2).
While the final number of experts who participated in this research is small, it can be considered appropriate, given that the research on the subject under analysis here is in its early stages and there are few experts to consult on the subject who are sufficiently knowledgeable to reliably respond to the questionnaires [
67,
68].
Regarding the characteristics of the questionnaire, it was structured with 13 items or statements, corresponding to the definitions formulated in the theoretical framework on factors in the marketing and sale of olive oil, as shown in
Table 3. The mean score was structured on a 7-point Likert scale, where 1 means “totally disagree” and 7 is “totally agree”. Each expert answered by indicating one of the possible options. The graph shows the mean values of the answers to contextualize the factors shaping companies’ marketing and sale of olive oils.
The procedure for administering the questionnaire involved the selection of experts. This was followed up with a phone call and in-person visits to get to know the olive oil mills and companies dedicated to the sale of olive oil. By so doing, we could confirm that the wording of the questionnaires was clear and that deadlines were met and check the answers provided by the experts for their subsequent statistical treatment.
This statistical treatment was carried out using an Excel spreadsheet from Microsoft Office 2020 software. We assigned numerical values from 1 to 7 depending on the possible answers presented in the questionnaire. The arithmetic mean was used as a measure of the concentration of the opinions given by the experts. This is the sum of all the values divided by the number of values. As a measure to assess the statistical significance of the agreement reached by the expert panel, Pearson’s coefficient of variation was used, which is the ratio of the standard deviation to the mean. The higher this co-efficient, the greater the heterogeneity in the experts’ opinions. For the purposes of this study, a consensus is considered to have been reached when the level of agreement on the mean is significant, that is, when Pearson’s coefficient of variation is less than or equal to 0.3.
