The global olive oil market is projected to be worth US$ 13.79 billion in 2023 and is expected to surpass US$ 18.35 billion by 2033. The market is expected to register at a CAGR of 2.9% during the forecast period.
The market is rapidly expanding, owing primarily to rising demand for olive oil in both the food service and retail sectors. Olive oil is extracted from olives that contain beneficial fatty acids such as oleic acid, palmitic acid, and linoleic acid. It’s a cooking oil with numerous nutritional advantages. Because of its widespread popularity, the market offers a wide range of olive oils.
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Increasing Knowledge of the Health Benefits of the Products to Support Market Performance
Due to their positive health effects, MUFA-containing fats and oils are becoming more popular among consumers. Consuming foods that are omega-3 enriched has recently been linked to improved cardiovascular health and other bodily processes, according to several clinical studies. Due to consumers’ growing awareness of the value of consuming essential fatty acids in maintaining good health, the high omega-3 content of olive fruit oil has fueled their demand. Due to the fact that it contains healthy fatty acids, antioxidants, and vitamins, olive fruit oil has become incredibly popular as a healthy oil all over the world.
The demand for olive fruit oil has significantly increased as ethnic Mediterranean cuisines become well-liked around the world. Its widespread inclusion in many different cuisines, including Italian, Greek, and Spanish cuisines, has also contributed to its rise in demand. Additionally, consumers’ willingness to try new flavors, textures, and exotic cuisines, as well as the growth of travel and tourism, has boosted market performance.
Artisanal and Minimally Processed Edible Oils are Becoming More Popular, which May Spur Growth
The market has grown as a result of consumers’ growing interest in raw, natural, and cold-pressed cooking oils, which are thought to be safer and healthier than their processed counterparts. According to such claims, edible oils that have undergone minimal processing and manufacturing are thought to be free of any harmful chemicals. Because there is little to no processing, the nutrients are retained, making the food healthier. Additionally, as virgin and extra-virgin olive oils undergo less processing and have a profile with a consistent fatty acid, their demand has increased lately.
Due to their pure flavor and unaltered organoleptic properties, cold-pressed virgin oils have seen an increase in demand, which further propels the market performance. Additionally, the demand for natural, minimally processed edible olive fruit oil is expected to increase in the coming years due to the growing environmental sustainability concerns around the world.
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Key Takeaways:
- Olive oil is becoming increasingly popular as consumers seek out healthier and more natural food and beverage options.
- Technological advancements in the production and distribution of olive oil have helped to improve the quality and consistency of the product.
- Producers have the opportunity to expand into new markets, particularly in developing countries.
- Sustainability is becoming an increasingly important factor for consumers and producers, and producers who can promote their sustainability practices are likely to differentiate themselves in the market.
- Olive oil faces competition from other oils, such as palm oil and canola oil, which are often cheaper and more widely available.
- The olive oil market is subject to fluctuations in prices and supply, which can be impacted by factors such as weather conditions and political instability.
Competitive Landscape
The global olive oil market is dominated by several regional players. Olive oil producers are targeting consumers who prefer pure and health-beneficial extra virgin olive oil. Deoleo, Cargill Inc, Borges, Almazaras de la Subbética, and California Olive Ranch are a few of the key players in the global olive oil market. Multinational players control 30-40% of the market, while domestic players control 5-10%. These businesses are involved in the olive oil industry, operate on a smaller scale, and are more export-oriented.
Recent Developments
- Curation Foods, Inc., under the brand O Olive Oil & Vinegars, released a batch of Olio Nuovo Extra Virgin Olive Oil in February 2022, which is a seasonal oil with a fresh and robust flavor.
- Pietro Coricelli, an Umbrian olive fruit oil producer and one of the extensive and most widely distributed olive fruit oil brands, has announced to join IBM Food Trust to trace its extra-virgin olive fruit oil using the Blockchain technology.
- Del Monte Foods, Inc. launched one-liter olive fruit oil pouches at a competitive price in India in January 2021, making healthy edible oil more affordable.
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Given Below are the olive oil market Segments
Type:
- Refined/Pure
- Virgin
- Others
End User:
- Household/Retail
- Foodservice/HoReCa
- Food Manufacturing
- Others
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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