The Global Olive Oil Market size is expected to reach $26.5 billion by 2030, rising at a market growth of 4.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 1152.7 Kilo Tonnes experiencing a growth of 5.3% (2019-2022).
The demand for premium and specialty oils, such as extra virgin olive oil, has increased in the North American region. Consequently, the North America region would acquire nearly 25% of the total market share by 2030. Consumers are willing to pay a premium for high-quality, authentic, traceable olive oil products. This trend aligns with a broader interest in gourmet and specialty food products. Hence, these factors can lead to increased demand in the segment.
The increasing awareness of the health benefits associated with the oil consumption has been a significant driver of demand for this culinary oil. Moreover, the oil contains polyphenols, which are powerful antioxidants. These compounds support overall health. Hence, these factors can boost the demand for the oil in the upcoming years. Additionally, the Mediterranean diet, characterized by the oil, fruits, vegetables, and whole grains, has gained global popularity. Additionally, the oil is used to prepare dips, such as hummus, baba ganoush, and various sauces. Thus, owing to these aspects, there will be increased demand for the oil in the upcoming years.
However, the market faces a formidable challenge in the form of climate variability, marked by unpredictable changes in rainfall patterns and temperature fluctuations. Additionally, fluctuations in temperature, including unseasonal warmth or unexpected cold spells, disrupt the delicate balance required for optimal flowering and fruit set. Therefore, these factors can hamper the growth of the market.
The demand for premium and specialty oils, such as extra virgin olive oil, has increased in the North American region. Consequently, the North America region would acquire nearly 25% of the total market share by 2030. Consumers are willing to pay a premium for high-quality, authentic, traceable olive oil products. This trend aligns with a broader interest in gourmet and specialty food products. Hence, these factors can lead to increased demand in the segment.
The increasing awareness of the health benefits associated with the oil consumption has been a significant driver of demand for this culinary oil. Moreover, the oil contains polyphenols, which are powerful antioxidants. These compounds support overall health. Hence, these factors can boost the demand for the oil in the upcoming years. Additionally, the Mediterranean diet, characterized by the oil, fruits, vegetables, and whole grains, has gained global popularity. Additionally, the oil is used to prepare dips, such as hummus, baba ganoush, and various sauces. Thus, owing to these aspects, there will be increased demand for the oil in the upcoming years.
However, the market faces a formidable challenge in the form of climate variability, marked by unpredictable changes in rainfall patterns and temperature fluctuations. Additionally, fluctuations in temperature, including unseasonal warmth or unexpected cold spells, disrupt the delicate balance required for optimal flowering and fruit set. Therefore, these factors can hamper the growth of the market.
By Type Analysis
On the basis of type, the market is divided into refined, virgin, extra virgin, and others. In 2022, the extra virgin segment witnessed a 12% revenue share in the market. Extra virgin oils exhibit diverse flavor profiles influenced by the olive variety, growing conditions, and harvesting methods. The oil extra virgin is widely recognized for its numerous health benefits. It is abundant in antioxidants, including polyphenols and monounsaturated lipids. Therefore, the segment will witness enhanced growth in the coming years.By Application Analysis
Based on application, the market is divided into personal care & cosmetics, pharmaceuticals, food & beverage, and others. In 2022, the personal care and cosmetics segment witnessed a 20% revenue share in the market. The oil is a remarkable natural moisturizer owing to its substantial composition of healthy lipids and antioxidants. The oil helps to lock in moisture, leaving the skin soft and supple. Hence, the segment will grow rapidly in the upcoming years.
By Distribution Channel Analysis
Based on distribution channel, the market is segmented into hypermarkets/supermarkets, online, and others. In 2022, the online segment garnered a 30% revenue share in the market. Online marketplaces have experienced a surge in prominence due to the convenience of perusing an extensive assortment of products and providing doorstep delivery.By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired 52% revenue share in the market. Europe is a major consumer of the oil, with a strong culinary tradition that includes oil in various dishes. Consumers in countries like Italy, Spain, and Greece often prefer extra virgin oil for its quality and flavor. As a result, these factors can boost the demand in the segment.List of Key Companies Profiled
- Salov SpA (ShangHai Yimin No.1 Foods (Group)Co., Ltd.)
- Cargill, Incorporated
- Del Monte Foods Private Limited (Del Monte Pacific Limited) (Bharti Enterprises)
- Conagra Brands, Inc.
- DEOLEO, S.A. (CVC Capital Partners SICAV-FIS S.A.)
- Modi Naturals Ltd.
- Sovena Group (Nutrinveste SGPS, SA)
- Pompeian, Inc.
Market Report Segmentation
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)- Virgin
- Refined
- Extra Virgin
- Others
- Food and Beverage
- Personal Care & Cosmetics
- Pharmaceuticals
- Others
- Hypermarkets/Supermarkets
- Online
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Olive Oil Market by Type
Chapter 5. Global Olive Oil Market by Application
Chapter 6. Global Olive Oil Market by Distribution Channel
Chapter 7. Global Olive Oil Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Salov SpA (ShangHai Yimin No.1 Foods (Group)Co., Ltd.)
- Cargill, Incorporated
- Del Monte Foods Private Limited (Del Monte Pacific Limited) (Bharti Enterprises)
- Conagra Brands, Inc.
- DEOLEO, S.A. (CVC Capital Partners SICAV-FIS S.A.)
- Modi Naturals Ltd.
- Sovena Group (Nutrinveste SGPS, SA)
- Pompeian, Inc.
Methodology
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