Global Olive Oil Market is valued at USD 11.46 Billion in 2021 and is expected to reach USD 17 Billion by 2028 with a CAGR of 5.80% over the forecast period.
Global Olive Oil Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028- Increasing adoption of healthier lifestyle & rising awareness regarding health benefits of olive oil, rising disposable income, and increasing production are contributing to the growth of Global Olive Oil Market.
Olive oil is a natural oil that is acquired after squeezing olives. Olive oil is a liquid fat obtained by pressing entire olives and extracting the oil from olives, a traditional tree crop of the Mediterranean Basin. Olive oil is considered to accompany a few medical advantages. It is used as a common ingredient in cooking, frying, and salad dressing. It's also utilized in cosmetics, pharmaceuticals, and soaps, as well as being a source of fuel for traditional oil lamps, and have religious significance. Olive oil is high in monounsaturated fats, which are good for health. There are a lot of antioxidants present in olive oil. Olive oil is a powerful anti-inflammatory agent. Olive oil may aid in the prevention of strokes. It has been seen to protect against heart disease. Olive oil isn't associated with obesity or weight gain. Olive oil is one of the healthiest foods to eat. It lowers blood pressure and inflammation while also protecting LDL particles from oxidation and possibly preventing blood clotting. Vitamin E in olive oil helps to promote skin health by reducing inflammation, acne, and dryness. It also increases the flexibility and regeneration abilities of the skin so it is widely used in personal care products.
The demand and offer of olive organic product oil have encountered an abrupt drop due to the outbreak of the COVID-19 pandemic. Cross-country lockdown in different nations has brought about the interruption of trade activities, which has slowed the development of this industry. As indicated by the U.S. Census Bureau, olive organic product oil imports by the U.S. reduced by 13% in 2020 when contrasted with those in 2019. The COVID-19 pandemic outbreak has considerably affected the production and distribution of olive oil, businesses have faced losses there has been sluggish growth in sales and a decline in profits. However, increasing awareness regarding the health benefits of olive oil can drive market growth.
Major players in the global olive oil market are -
Global olive oil market is segmented into product type, source, application, and distribution channel, and region & country level. Based upon product type, the global olive oil market is classified into virgin olive oil, refined olive oil, pomace olive oil, and others. Based upon the source, the market is divided into organic and conventional. Based upon application, the olive oil market is divided into the food industry, pharmaceutical, personal care & cosmetics, and others. On the basis of distribution channels, the market is segmented into supermarket/hypermarket, convenience store, online channel, and others.
The regions covered in this global olive oil market report are North America, Europe, Asia-Pacific, and the Rest of the World. On the basis of country level, the market of global olive oil is subdivided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
The increasing adoption of a healthier lifestyle & rising health awareness due to increasing cases of heart diseases in the world is driving the market growth of the global Olive Oil market. According to the WHO; Cardio Vascular Diseases (CVDs) are the leading cause of death worldwide, claiming the lives of an estimated 17.9 million people each year. Heart attacks and strokes account for four out of every five CVD deaths, with one-third of these deaths occurring in those under the age of 70. In addition, due to the high demand for olive oils, global production of olive oil is increasing. For instance; as per the data published by the International Olive Council (IOC), global olive oil production reached an average of 2.87 million tons for crop years 2005–2006 and 2019–2020.
Furthermore, rising disposable income is also fostering market growth. According to the United Nations, World Economic Situation and Prospects 2019, in both 2017 and 2018, economic growth increased in more than half of the world's economies. In both years, developed economies grew at a steady pace of 2.2%, with growth rates in several nations approaching their potential. However, the availability of low-cost replacement oils may hamper the global olive oil market growth. In spite of that, expansion of the e-commerce industry in emerging markets may create more opportunities for the further growth of the market.
Europe is expected to capture a significant share in the global olive oil market due to the increasing production of olive oil and increased health awareness in the European region. According to data from the International Olive Council (IOC), global olive oil output averaged 2.87 million tons between crop years 2005–2006 and 2019–2020, with 72 percent of that produced in the European Union (EU). Around 2 million tons of olive oil were produced in Spain, Italy, and Greece, accounting for 96 percent of all olive oil produced in the EU. In the EU's non-producing countries, consumption expanded dramatically in countries like the UK and Germany. This phenomenon has primarily occurred in non-IOC member nations, whose percentage of worldwide olive oil consumption has more than doubled, from 11% in 1995–1996 to 26% in 2019–2020. For instance; in May 2018, Avril Group declared that they gained a greater part share in Costa d'Oro, an Italy-based olive oil maker. This acquisition essentially improves the production limits of olive oil for Avril Group while additionally improving the geographical presence of the organization extending the market share.
The Asia Pacific is the fastest developing area in the olive oil market during the forecast period due to the increasing disposable income and growing awareness regarding the health benefits of olive oil. For instance; according to the data from The State Council, The People’s Republic of China, China’s resident disposable income increases by 5.8% in 2019. China’s per capita disposable income is 30,733 yuan ($ 4,461.95) and China’s per capita consumer spending increased by 5.5%. In addition, increasing awareness regarding the health benefits of olive oil, it contains a high amount of antioxidants, which lowers the risk of chronic diseases. It also contains monosaturated fats, which aid to reduce inflammation and have a positive influence on cancer-related genes which is driving the market growth for olive oil in this region.
February, 17th 2021; Pompeian, Inc. announced the addition of three new products to their olive oil and vinegar portfolios, aiming to eliminate aisle confusion and provide buyers with a product for every particular taste preference and cooking occasion. Pompeian Organic Smooth Extra Virgin Olive Oil, which builds on the success of the company's current Extra Virgin Olive Oil portfolio and a unique-to-category progression in flavour within the brand's olive oil line, including the introduction of Pompeian Rich Taste Olive Oil, are among the incremental new olive oil innovations. Pompeian will deliver a larger spectrum of flavour experiences inside the brand's Organic Extra Virgin Olive Oil line, with the addition of Smooth and Robust varietals, bringing their leadership in taste. The new Smooth type will feature a softer taste and the equity of the brand's widely popular Smooth Extra Virgin Olive Oil, suitable for sautéing and stir-frying, while the Robust type will be full-bodied in flavour and designed for salads and marinades. In addition to expanding its oil line, Pompeian will expand its olive oil line, which will include three products that give a progression in taste strength and are ideal for specific cooking circumstances. The three diverse flavours will introduce new olive oil purchasers to the olive oil taste journey, eventually guiding them across the shelf to the brand's Extra Virgin Olive Oil options, allowing the category to grow even more.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2020:||USD 11.46 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 17 Billion|
|Tables, Charts & Figures:||175|
|Olive Oil Manufacturers||lmazaras de la Subbetica, Azienda Agricola Leone, Broges SA, Cargill Inc., Deoleo S.A., Fieldfresh Foods Private Ltd., HACIENDA EL PALO SL, Knolive Oils, MONINI, Nutrinveste SGPS, SA., Sovena Group and others|
|Segments Covered||By Product Type, By Application, By Source, By Distribution Channel|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|