Better quality sells
Welcome to the IEG Vu annual Mediterranean report which you can download below.
It is not that countries surrounding the Mediterranean are being introspective: it is more that food and beverage commodity buyers worldwide are being more adventurous in their sourcing, and companies in all manner of countries have realised that if you want to do business in a global marketplace, you have to play by the global rules.
For European Mediterranean countries, there is also the looming possibility of a trade war with the US as the EU considers tariffs on food and drink products – including, notably, orange juice – in response to President Trump’s taxes and tariffs. This makes sourcing products closer to home more important.
The Mediterranean Basin is an important global source of many products. All around the Mediterranean grow olives, apricots, peaches, tomatoes, nuts, grapes and more.
Spain is Europe’s biggest supplier of processed citrus products and is a massive exporter of wine, for example. So are France and Italy, and the latter is dominant in processed tomato, canned pear and apple purée production. Greece controls the canned peach industry, and is very strong in dried fruit.
Turkey produces 75% of the world’s hazelnuts and most of its dried apricots, as well as many fruit juices and more tomato products. Egypt is the world’s largest exporter of oranges and is becoming a major power in processed fruit.
Morocco is a major source of canned fish, especially sardines, and its fresh tomatoes and frozen strawberries are exported to Europe in large quantities. Of these products, some are acknowledged as the best in the world. Spanish almonds, the nut’s supporters say, are the best in the world, no matter that their production volumes are dwarfed by those of California.
Italian lemon oil is acknowledged as superior to all others. Though it may come at a high price, it is indispensable in some applications. Nothing more need be said about European wines.
The euro makes trading relatively simple, especially within the euro-zone itself. True, there are exchange rate controls in some countries, inflation in others, and political unrest in still more, but still, the Mediterranean is probably the most concentrated source of more quality food and drink products than anywhere else on the planet.
Enjoy the report - download your copy below.