Olive & Olive Derivatives Market Size - By Type (Virgin Olive Oil, Refined Olive Oil, Olive Pomace Oil), By Packaging Type (Glass Bottle, Plastic Bottle, Cans, Bulk Containers), End-Use, Distribution Channel, Regional Outlook & Global Forecast, 2023 - 203

Olive & Olive Derivatives Market Size - By Type (Virgin Olive Oil, Refined Olive Oil, Olive Pomace Oil), By Packaging Type (Glass Bottle, Plastic Bottle, Cans, Bulk Containers), End-Use, Distribution Channel, Regional Outlook & Global Forecast, 2023 - 2032

Olive & Olive Derivatives Market size is poised to grow significantly at over 3.1% CAGR from 2023-2032 owing to the prevailing shift towards natural and clean-label products. Olive oil has emerged as an essential ingredient due to its natural richness and health benefits. Of late, consumers are prioritizing authenticity and nutritional integrity in their dietary choices, leading to the growing demand for olive and olive derivatives. Furthermore, several food manufacturers are reformulating recipes to include olive-derived ingredients by leveraging the association with wholesomeness and Mediterranean diets, thereby supporting the industry expansion. To cite an instance, in February 2023, Starbucks introduced the Oleato line of olive-oil-infused coffee drinks, each using Partanna extra virgin olive oil.

The olive & olive derivatives industry is segmented into type, packaging type, end-use, distribution channel, and region.

Based on type, the market share from the refined olive oil segment is projected to record 2.8% growth rate from 2023-2032 owing to its versatile application scope in frying and baking. Refined olive oil is gaining significant prominence in the cooking and food processing industries to render mild flavor and higher smoke point. Additionally, the growing demand for healthier cooking oils among health-conscious consumers is likely to boost segment growth.

In terms of end use, the olive & olive derivatives industry from the food manufacturing segment is anticipated to witness 2.1% CAGR from 2023 to 2032. Olive oil and its derivatives are sought-after ingredients in the food processing industry for their versatility and health benefits. With the rising consumer preference for natural, nutrient-rich products, many manufacturers are incorporating olive oil in various food formulations, including sauces, dressings, and snacks. Moreover, the growing demand for premium, Mediterranean-inspired ingredients in food manufacturing is expected to fuel the segment expansion.

Regionally, the North America olive and olive derivatives market size is set to exhibit 3.1% growth rate from 2023-2032 attributed to the increasing adoption of Mediterranean diets, driven by health-conscious consumer trends. Additionally, the rise of gourmet and healthy eating is making way for the growing awareness of ’the nutritional benefits offered by olive oil. Furthermore, several American companies are introducing novel products to boost the consumption of superfoods, such as olive oil in the region, propelling the regional industry expansion. For instance, in May 2023, Pompeian, Inc., a renowned American olive oil manufacturer, launched the Made Easy Olive Oil line, comprising four new culinary oils with simple applications.