Olive Oil Global Market Report 2024

The olive oil market has grown strongly in recent years. It will grow from $12.21 billion in 2023 to $12.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed in the historical period can be attributed to several factors, including a cultural shift towards healthier dietary choices, an increased demand for gourmet and specialty foods, greater recognition of the health benefits associated with olive oil consumption, the expansion of regions dedicated to olive oil production, and effective marketing and promotion strategies highlighting olive oil's qualities.

The olive oil market is expected to see strong growth in the next few years. It will grow to $16.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. Anticipated growth in the forecasted period is expected to stem from the escalating global emphasis on health consciousness, ongoing innovations in olive oil product offerings, the sustained expansion of premium and specialty segments within the olive oil market, a commitment to environmental sustainability practices, and the increasing influence of global culinary tourism trends. Significant trends projected for this period encompass consumer preferences shifting towards premium and extra virgin olive oils, the adoption of sustainable and organic production methods, the globalization and heightened international trade of olive oil, technological advancements in olive oil production processes, and an increased focus on regulatory standards and stringent quality assurance measures.

The olive oil market is expected to experience significant growth due to increasing demand within the food service and retail sectors. The food service industry, encompassing activities related to preparing and delivering meals away from home, alongside the retail industry, involved in direct sales to consumers, drives the heightened demand for olive oil. This versatile oil is a fundamental ingredient in various cuisines, utilized in both restaurant cooking and household food preparation. For example, the International Olive Council projected a 2.9% global consumption growth in olive oil for the harvest year 2021/22, totaling 3,214,500 tons, signifying the market's momentum driven by food service and retail demand.

The surge in olive oil production is set to propel market growth in the coming years. Olive oil, derived from olives, holds a significant place in culinary and cultural traditions worldwide. Increased production impacts various facets of the olive oil sector, influencing market supply, availability, pricing, innovation, and research efforts. Forecasts from Oils and Fats International indicate an expected olive oil output of 3.2 million metric tons in 2023-24, marking a 24% increase from the previous year's record low crop. This surge in production aligns closely with the five-year average, showcasing the influential role of increased output in driving the olive oil market.

A prominent trend in the olive oil market revolves around product innovation, with major companies focusing on developing novel offerings to fortify their market positions. For instance, Graza launched two innovative products - Drizzle and Sizzle - in January 2022. These products, utilizing Picual olives from Andalusia, Spain, offer distinct flavors and health benefits. Drizzle, extracted from early October-picked olives, boasts exceptional freshness and richness in polyphenols and antioxidants. Sizzle, harvested in December during the olives' prime growth, offers a unique blend of flavors with its purple and green-hued olives.

Significant investments in production facilities signify the market's growth trajectory. Certified Origins' $25 million investment in a US-based production plant, announced in March 2023, exemplifies this trend. The facility, situated in Oakland Industrial Park, Virginia, aims to meet the rising demand for high-quality extra virgin olive oils through artisan blends and customized packaging solutions. This venture is expected to create 30 new jobs and cater to local and global markets, showcasing a strategic move to meet escalating demand within the olive oil industry.

In April 2023, Colavita S.p.A., an Italy-based manufacturer of olive oil, acquired O Olive Oil & Vinegar for an undisclosed amount. Through the acquisition, Colavita's objective is to maintain the O Olive Oil & Vinegar brand's remarkable originality without compromising, while leveraging combined industry skills to raise the brand to a worldwide level. Colavita returns O Olive Oil & Vinegar to a family-owned business and culture after an interim period as a division of a public corporation. O Olive Oil & Vinegar is a US-based manufacturer of California extra virgin olive oil and handcrafted wine vinegar.

Major companies operating in the olive oil market report are Cargill Incorporated, Deoleo S.A., Del Monte Food Inc., Gallo Worldwide, Borges International Group, Avenida Rafael Ybarra, Sovena Group, California Olive Ranch Inc., Salov S.p.A., Jaencoop Grupo, Colavita S.p.A, EU Olive Oil Ltd., Sun Grove Foods Inc., Oil Artajo SL, Aceites Sandua, Tucan Olive Oil Company Ltd., Domenico Manca S.p.A., Grampians Olive Co., Victoria Olive Oil Co., Les huiles d'olive Lahmar, Minerva Olive Oil, Castillo de Canena, Gaea Products S.A., Pompeian Inc., Lucini Italia Co., Agro Sevilla Group, Bellucci Premium, Costa d'Oro, Grupo Ybarra Alimentación, Monini S.p.A.

Europe was the largest region in the olive oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the olive oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the olive oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of olive oil include virgin olive oil, refined olive oil, extra virgin olive oil, and olive pomace oil. Virgin olive oil is derived from olives via cold pressing without undergoing processing. It is available in both conventional and organic variants, distributed through various channels such as business-to-business suppliers, supermarkets, hypermarkets, grocery stores, online retail platforms, and other avenues serving industries such as food processing, food service, cosmetics, personal care, pharmaceuticals, and similar end users.

The olive oil market research report provides olive oil market statistics, including the olive oil industry's global market size, regional shares, competitors with an olive oil market share, detailed olive oil market segments, market trends, and opportunities, and any further data you may need to thrive in the olive oil industry. This olive oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The olive oil market consists of sales of extra light olive oil, pure olive oil, lampante olive oil, and cold pressed olive oil. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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