Global Olive Oil Market Size, Trends, By Type (Extra Virgin Olive Oil, Virgin Olive Oil, Refined Olive Oil, Blended Olive Oil, and Others), By Packaging (Bottles, Cans, Drums, Pouches), By End-use (Retail/Households, Food & Beverage, Pharmaceuticals & Dietary Supplements, Cosmetics, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retailers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa): Global Opportunity Analysis and Industry Forecast, 2023-2030.
Global Olive Oil Market
The Global Olive Oil Market was valued at US$ 14.56 Bn in 2022, estimated to reach US$ 21.06 Bn by 2030, with a CAGR of 4.33% from 2023-2030.
Olive oil is a type of oil that is made from the fruit of the olive tree. It is typically produced in Mediterranean countries such as Spain, Italy, and Greece, although it is now widely produced and consumed around the world. Olive oil is valued for its unique flavor and health benefits, and it is commonly used in cooking, salad dressings, and as a dip for bread. It is also used in cosmetics and traditional medicine. Olive oil is available in a variety of types and grades, including extra-virgin, virgin, pure, and pomace. Extra-virgin olive oil is the highest quality and most expensive, while pomace olive oil is the lowest quality and least expensive.
Market Drivers
The global market for olive oil is being driven by increasing awareness among consumers about the health benefits associated with the consumption of olive oil. There is a growing trend towards healthy eating and cooking, which has increased the demand for natural and organic ingredients such as olive oil.
The increasing popularity of Mediterranean cuisine around the world, as well as, the increasing disposable income in emerging economies has led to a rise in demand for premium olive oil products, which has further boosted the growth of the global olive oil market.
Market Restraints
A primary challenge to the growth of the olive oil market is the susceptibility of olive trees to weather conditions and diseases, which can have a significant impact on production levels and quality. Additionally, the olive oil market is highly competitive, with many players competing for market share. The high price of olive oil compared to other types of vegetable oils also limits demand, particularly in price-sensitive markets.
Moreover, the presence of counterfeit products and the increasing popularity of alternative oils such as avocado oil and coconut oil could also impact the growth of the olive oil market.
Market Segmentation
The scope of the global olive oil market covers segmentation based on type, packaging, application, distribution channel, and region.
Based on type, the market is segmented into extra virgin olive oil, virgin olive oil, refined olive oil, blended olive oil, and others. Based on packaging, the market is segmented into bottles, cans, drums, and pouches.
Further, the market is segmented into end-use, such as retail/households, food & beverage, pharmaceuticals & dietary supplements, cosmetics, and others. By distribution channel, the olive oil market is segmented into supermarkets/hypermarkets, convenience stores, online retailers, and others.
Regional Analysis
The global olive oil market is segmented into 5 main regions, namely, North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The European region, especially, Spain, Italy, and Greece are the major producers and exporters of olive oil, with Spain being the largest producer and exporter in the world. Europe dominates the market due to its favorable climate, abundant land, and advanced processing technologies.
In recent years, the Asia Pacific region has emerged as a fast-growing market for olive oil due to increasing awareness about the health benefits of olive oil, growing urbanization, and changing food preferences. Moreover, the growing popularity of Mediterranean cuisine, rising disposable income, and increasing health consciousness among consumers are expected to drive the demand for olive oil in the Asia Pacific region.
Key Players
California Olive Ranch, Borges International Group, Del Monte Foods Inc, Gallo Worldwide LLC, Sovena Group, Salov S.p.A., Deoleo, Avenida Rafael Ybarra, Sun Grove Foods Inc, Domenico Manca S.p.A., etc.
Market Taxonomy
By Type
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