Olive Oil Market Size, Share & Trends Analysis Report By Type (Refined, Virgin), By Packaging (Bottles, Pouches, Cans), By Application, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Olive Oil Market Size, Share & Trends Analysis Report By Type (Refined, Virgin), By Packaging (Bottles, Pouches, Cans), By Application, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Olive Oil Market Growth &Trends

The global olive oil market size is anticipated to reach USD 33.12 billion by 2030, expanding at 5.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The market expansion is anticipated to be fueled by the increasing inclusion of nutrient-rich oils in diets and the rising popularity of artisanal and minimally processed edibles. The market is experiencing growth primarily driven by the trend of maintaining overall health and wellness through healthier oil choices. Consumers are increasingly inclined towards incorporating healthy vegetable oils into their regular diets, motivated by the rising occurrence of lifestyle-related health conditions.

In line with this, Starbucks announced the introduction of three new coffee flavors that feature olive oil as a key ingredient, initially available exclusively in their stores in Italy but with plans for international expansion over the forecast period. The modern-day lifestyle characterized by high-stress levels has led to a higher prevalence of obesity and cardiovascular conditions. It has increased awareness of the strong correlation between fat and oil consumption and hypertension and coronary heart diseases, further fueling the demand for nutrient-rich oils.

Consumers today are becoming more discerning, paying closer attention to label claims when purchasing oil products. There is a growing demand for vegetable oils with specific health claims, such as high levels of omega-3, monounsaturated fatty acids (MUFA), and vitamin E, as awareness of their positive health benefits increases. Olive oil, rich in antioxidants and MUFA, supports normal heart function, and the rising demand for such nutritious oils is expected to contribute to the market's steady growth.

During the pandemic,there was a surge in demand for olive oil as consumers stocked up on essential food items during lockdowns and sought healthier options for cooking at home. It led to increased sales and a short-term boost in the market. Moreover, the impact of COVID-19 on international trade and travel restrictions affected the export and import of olive oil, disrupting global trade flows. Changes in consumer behavior, including a shift towards online shopping and digital platforms, also influenced olive oil producers' and retailers' distribution and marketing strategies.

It is abundantly endowed with antioxidants, notably vitamin E, which protect the skin against oxidative damage. Adding olive oil into a range of pharmaceutical products, such as creams, lotions, and ointments, aims to promote skin health, address dry skin conditions, and facilitate wound healing. Its calming and hydrating attributes render it a preferred constituent in dermatological formulations.

Olive Oil Market Report Highlights

• Based on type, the refined olive oil segment held the largest share of 31.1% in 2022. Refined olive oil has a higher smoke point than extra virgin olive oil. It can withstand higher temperatures without breaking down or producing smoke or harmful compounds. As a result, it is commonly used for deep frying and other high-heat cooking methods
• Based on packaging, the bottles segment held the largest revenue share of 52.7% in 2022.Transparent or translucent bottles allow consumers to see the olive oil’s color, clarity, and consistency before purchasing. It helps ensure the authenticity and quality of the product, as any abnormalities or impurities can be easily detected. The pouches segment is anticipated to grow with a CAGR of 4.7% during the forecast period
• Based on application, the pharmaceutical segment is projected to grow with a significant CAGR of 5.3% during the forecast period.Olive oil has been used for centuries in skincare and dermatological applications due to its exceptional moisturizing and emollient properties
• In terms of distribution channel, the online segment is anticipated to register the fastest CAGR of 6.1% during the forecast period.Online platforms often offer various olive oil options from various brands, regions, and quality grades. It allows customers to explore and choose from a wider selection than what may be available at local stores
• Europe held the highest market share of 63.8% in 2022. The significant expansion of the European market can primarily be attributed to the region's leading cultivation and production of olive trees. Spain and Italy are the primary nations responsible for producing and distributing Olea europaea fruit oil to numerous countries across different regions.

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