Spanish olive oil giant Deoleo is scaling up its India play with a brand overhaul, wider distribution and a push into new product categories, betting that low household penetration and rising health consciousness will drive the next phase of growth.
Spanish olive oil major Deoleo is stepping up investments behind its Figaro brand in India as it works towards building a ₹500 crore business by expanding distribution, deepening quick-commerce and broadening its portfolio beyond edible oils. The company expects India’s ₹880 crore olive oil market to accelerate from annual growth of about 8 per cent over the past three years to 12-15 per cent going forward, expanding to nearly ₹2,000 crore by 2034 and creating one of the strongest long-term growth opportunities in its global portfolio.
“India represents one of the most exciting opportunities within Deoleo’s global portfolio. This market is large, diverse and evolving, making it strategically important for the long-term growth of the category. We continue to see significant headroom for expansion,” Tomislav Bucic, Chief North Europe and APAC-MEA Officer, Deoleo, told businessline.
Industry estimates place Deoleo India’s turnover in the ₹400-450 crore range in FY26, after operating in the ₹300-400 crore bracket in FY25. While the company declined to provide revenue guidance, executives said India is expected to grow faster than Deoleo’s global business, steadily increasing its contribution to the group’s worldwide portfolio.
New Growth Playbook
The investment push coincides with Figaro’s first packaging and positioning overhaul in its 100-year history and its first India campaign featuring actor Sunil Grover. Alongside the communication refresh, Deoleo is reorganising its portfolio across Pure Olive Oil, Extra Virgin Olive Oil and Extra Light Olive Oil, introducing new PET packaging and extending the brand into premium baby care through Figaro Baby Massage Oil.
At the centre of the relaunch is Figaro’s “multipurpose” proposition, which according to the company, already contributes nearly 48 per cent of Figaro India’s business, making it the brand’s largest consumption segment.
“Multipurpose consumption has emerged as an important driver of growth for the brand. Through a sharper positioning, refreshed packaging and stronger communication, we are creating a more distinctive identity that reflects how consumers already engage with Figaro today,” said Vishal Sarin, General Manager, Deoleo India.
Extra Light Olive Oil remains the company’s volume driver because of its suitability for high-heat Indian cooking, while Pure and Extra Virgin Olive Oil are positioned for sautéing, salads, drizzling and wellness-focused consumption.
Category Expansion
Rather than focusing only on market share, Deoleo says its immediate priority is expanding India’s olive oil category. “As market leaders, if somebody has to take ownership of growing the category in the country, it has to be us. The category is massively underpenetrated in a country like India,” said Sarin, noting that household penetration remains below one per cent.
The company estimates it currently commands more than 40 per cent of India’s olive oil market and believes rising health awareness, premiumisation and changing food habits will significantly widen the consumer base.
Distribution has changed sharply over the past three years. General trade’s share of olive oil sales has declined to around 45 per cent from 64 per cent, while modern trade contributes about 25 per cent and e-commerce, including quick-commerce, around 30 per cent. Together, modern trade and e-commerce now account for 55 per cent of category sales, with Tier-II and Tier-III cities emerging as the fastest-growing markets.
To support this shift, Deoleo plans to expand its direct retail reach from 2.5 lakh outlets to 4.5 lakh outlets, backed by more than 300 distributors, 800 sub-distributors and over 700 field sales personnel
Growth Over Discounts
Rather than chasing volumes through aggressive price cuts, the company is increasing investments in marketing, retail execution and field capability to build the category over the long term.
“Price discount is not going to be the way forward for this category. What’s going to drive growth is investment behind category development and creating awareness,” said Sarin.
Bucic said India combines a large consumer base, low household penetration and rising health consciousness, making it one of Deoleo’s most strategic growth markets outside Europe. The company plans to continue investing in brand building, expanding distribution, strengthening its product portfolio and accelerating category development as India assumes a larger role in Deoleo’s global growth strategy.