Olive Oil Market Segmented By Extra Virgin Olive Oil, Virgin Olive Oil, Olive Pomace Oil, Refined Olive Oil in Organic and Conventional Nature Packed in Bulk and Retail
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 407
Report ID: PMRREP20362
The market for olive oil can be expected to expand at a value based CAGR of 4.25% and show an increase in revenue from US$ 16,212.3 Mn to around US$ 3,649.8 Mn by 2033.
|
Olive Oil Market Size (2023E) |
US$ 16,212.3 Mn |
|
Projected Sales of Olive Oil (2033F) |
US$ 24,581.3 Mn |
|
Value CAGR (2023-2033) |
4.25% |
|
Value Share of Top 4 Countries (2022E) |
65% |
The global olive oil market has witnessed significant growth in the historical period registering a CAGR of 3.1% in the historical period and was valued at US$ 16,212.3 Mn in 2023. The market is expected to grow steadily with increasing awareness about applications of olive oil.
Extra virgin olive oil is the least processed, unrefined, and high-quality olive oil that contains no chemicals and is rich in nutrients. It retains the original taste of olives and has lower levels of oleic acid; thus, regarded as one of the healthiest oils around. Its nutritional composition includes vitamins D ingredient and K, monounsaturated fats, and high levels of antioxidants. Extra virgin olive oil is also perceived to reduce the risk of cardiovascular disease, inflammation, and bad cholesterol. The ongoing health consciousness trend promotes the use of extra virgin olive oil, significantly boosting the sales of products containing this super healthy oil. This is one of the main factors expanding the global olive oil market size.
As the health and nutrition factor would continue to dominate consumer food preferences, rising olive oil consumption is expected to drive the market over the coming years. The global market for olive oil is estimated to reach an approximate valuation of US$ 24,581.3 Mn in the forecast period.
“Growing Application of Olive Oil in Cosmetic Industry”
Olive oil is a versatile oil used in the foodservice industry for marinades, ranches & dressings, baking, shallow frying, and other purposes. It is also widely used in households for cooking, attributable to its beneficial health properties.
Manufacturers are also offering olive oil for different applications, such as olive oil spray for dressings. However, new growth prospects are emerging, as manufacturers of cosmetics are increasingly adopting olive oil for its antioxidant and anti-inflammatory properties, and as a replacement for chemical-added commercial cosmetic active ingredients. When used on the skin, olive oil removes dead skin cells and other impurities, and also cleanses, hydrates, and nourishes the hair.
“Innovative Packaging for Olive Oil Offerings”
Increasing competition in the olive oil market space poses challenges for manufacturers to sustain their market position. Creative and innovative packaging plays a vital role in such a case, ensuring product differentiation and improving brand awareness and sales, in this intensely competitive landscape. Thus, manufacturers in the olive oil market are using smart and attractive packaging to boost sales. Innovative packaging mostly impacts the sales of high quality and premium olive oil products; as premium packaging represents a product of good quality.
“Growing Adoption of Mediterranean Diet to Bolster Market Growth”
Mediterranean diets are widely recognized for their healthy characteristics, and are among the most researched diets on the planet. It refers to food that is mostly consumed in the Mediterranean region, including Spain, Italy, Greece, and others. This food is considered healthy for the heart and for weight management. It is perceived to lower risks of chronic diseases. Olive oil is one of the major ingredients of the Mediterranean diets, along with fruit, vegetables, nuts, seeds, and legumes. Adoption of nutrient-rich Mediterranean diet is growing across the world, especially by health conscious consumers, owing to associated health benefits of this diet.
“Olive Oil as a Healthy Substitute for Vegetable Oil & Fats”
Olive oil is considered as one of the healthiest oils when it comes to cooking food as it contains monounsaturated acids. Most vegetable oils contain different types of fats such as trans-fats, saturated fats, and monounsaturated fats. While saturated fats are good for heath, they also increase risk of high levels bad cholesterol and heart disease when consumed in excess. Monounsaturated fats improve cholesterol levels, control insulin levels, and also lower risk of cardiovascular disease. Olive oil is rich in monounsaturated fats. 100 grams of olive oil contain 73 grams of monounsaturated fats. Additionally, olive oil is loaded with antioxidants and anti-inflammatory properties, which has created high interest in olive oil. Cooking with olive oil also provides a typical olive taste and flavor to food products. Health benefits associated to usage of olive oil are contributing to growth of the olive oil market.
“‘Premiumization’ to Boost Demand for Premium Olive Oil”
Premiumization is a trend that is helping the global olive oil market grow. Extra virgin olive oil, virgin olive oil, light olive oil, and olive pomace oil are the quality standards for olive oil. Since it is extracted from the best olive crops in the Mediterranean region, ultra-premium extra virgin olive oil is the most difficult to find. Furthermore, increased globalization and urbanization have increased disposable income for consumers which has increased consumer interest in premium products. Customers who are accustomed to purchasing high-quality foods are drawn to ultra-premium extra virgin olive oil.
“Fluctuating Prices to Hamper Market Growth”
Prices of olive oil are witnessing high fluctuations since the past two to three years, attributable to shortage of olive oil due to disastrous olive harvests in Europe. Spain and Italy account 70% of the global olive oil production, and have faced harsh conditions for olive harvests in the recent past- Spain suffered extreme heat while Italy faced fruit fly infestations, which had adverse effects on olive production in these regions. Olives are grown in limited countries and shortages result in rising prices of olive oil. This is anticipated to negatively impact the growth of the olive oil market.
What does the European olive oil market look like?
Olives are mostly cultivated in the Mediterranean region in countries such as Spain, Greece, Italy, Turkey, Morocco, and Egypt. These countries are among the leading producers of olives, and olive farming is one of the important businesses across these countries.
Europe accounts for more than 60% share of global olive oil production, whereas, the Middle East & Africa accounts for more than 30% of the market share. As such, these regions are the most attractive for new entrants in the global olive oil market.
Why is the Asia Pacific Olive Oil market experiencing high growth?
The markets in China and India are projected to experience high growth in East Asia and South Asia, respectively. Increasing popularity and high rate of adoption of healthy extra virgin olive oil in a wide range of applications is an important factor, on the back of which, these economies are expected to witness exponential growth rates in the global olive oil market. However, the presence of fraudulent products and adulteration of olive oil is also hindering the growth of the global olive oil market.
Which End Use of Olive Oil Accounts for High Revenue Generation?
The largest share is contributed by marinades reaching a valuation of US$ 3,219.2 Mn in 2023 and it is expected to hold major market share in the end of our forecast duration as well. However, ranch and dressing segment is expected to show the fastest growth based on the value CAGR of 5.1%.
Which Nature Accounts for Greater Footprint in the Olive Oil Market?
The nature segment is further segregated into natural and conventional where conventional holds the major market share and a valuation of US$ 15,098.3 Mn in 2023 and over 93% of the global market share. Organic farming is highly cost & labour intensive and therefore is adopted less as compared to conventional means. Conventional type is expected to dominate the segment in the future as well.
A large number of regional players dominate the global olive oil market. Olive oil producers are focusing their product offerings on consumers who prefer pure and health-beneficial extra virgin olive oil. Some of the major players in the global olive oil market include Deoleo, Cargill Inc, Borges, Almazaras de la Subbética, and California Olive Ranch. Multinational players account for 30-40% of the market, while local players account for 5-10%. These companies are involved in the olive oil business, operate on a small scale, and are more export oriented.
|
Attribute |
Details |
|
Forecast period |
2023-2033 |
|
Historical data available for |
2018-2022 |
|
Market analysis |
USD million for value |
|
Key regions covered |
|
|
Key countries covered |
|
|
Key market segments covered |
|
|
Key companies profiled |
|
|
Report coverage |
|
|
Customization & pricing |
Available upon request |
By Product:
By Nature:
By End Use:
By Packaging:
By Distribution Channel:
By Region:
To know more about delivery timeline for this report Contact Sales
The global market for olive oil has a value of US$ 16,212.3 Mn in 2023.
The global market for olive oil has a value CAGR of 3.1% from 2018-2022.
The global market for olive oil has a value of US$ 24,581.3 Mn in 2033.
The global market for olive oil has a value CAGR of 4.25% from 2023-2033.
The top players hold more than 40-55% of the market share. They include Cargill, Incorporated, California Olive Ranch, Conagra Brands, Oro del desierto among others.
