The olive oil market size was valued at USD 14.20 billion in 2022 and is projected to reach a valuation of USD 14.64 billion in 2023. The market is expected to reach USD 18.42 billion by 2030 with a CAGR of 3.33% during the forecast period. Growing preference to try out exotic cuisines has increased the popularity for Olea europaea fruit oil. Increasing awareness about the health benefits of the oil is expected to drive the market growth. Increasing incorporation of nutrient-rich oils in diet to reduce the risk of certain health conditions is

List of Key Players Profiled in the Report

  • Salov SpA (Italy)
  • Deoleo S.A. (Spain)
  • Conagra Brands, Inc. (U.S.)
  • Sovena Group (Portugal)
  • Del Monte Foods, Inc. (U.S.)
  • Cargill, Inc. (U.S.)
  • California Olive Ranch (U.S.)
  • Pompeian (U.S.)
  • Modi Natural Ltd. (India)
  • Borges International Group (Spain)

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/industry-reports/olive-oil-market-101455

COVID-19 Impact:

Demand for Healthy Edible Oils in Developing Countries Surged Amidst Pandemic

The COVID-19 pandemic led to a sudden slump in the demand and sale of olive oil. Lockdown in various countries led to the disruption in trade activities, which slowed the growth of the industry. Furthermore, the demand for healthy edible oils in developing countries surged amidst pandemic as olive fruit oil started to gain shelf spaces in several households for re-creating restaurant-like gourmet experiences at home. The CEO of FieldFresh Foods stated that Del Monte and Oleev brands experienced an increase of 30% in their sales during 2020 while Leonardo grew by nearly 15%-20% in the last two quarters of 2020.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Segments

Virgin Segment to Lead Owing to its Health Benefits

On the basis of type, the market is divided into virgin, refined/pure, and others (lampante oil and pomace oil). Virgin olive oil is expected to have a strong performance due to rising popularity attributed to the growing awareness regarding its health benefits. Presence of Omega-3 and oleic acid in virgin oil helps in the prevention of lifestyle-related disorders such as obesity and cardiovascular diseases. The refined/pure segment is projected to exhibit considerable growth due to its rising usage in pharmaceuticals, dietary supplements, and the cosmetic industries.

Household/Retail to Dominate Due to Increasing Olive Oil Demand for Cooking in Households

Based on end-user, the market is divided into household/retail, foodservice/HoReCa, food manufacturing, and others. Household/retail segment is expected to lead due to increasing olive fruit oil demand for cooking in households. The emerging trend of consuming minimally processed natural oils has surged the demand for cold-pressed virgin olive oils. The foodservice/hoReCa segment is projected to exhibit considerable growth due to Olea europaea fruit oil.

Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Drivers and Restraints

Increasing Awareness About the Health Benefits to Progress Market Growth

Increasing awareness about the health benefits of the product is anticipated to drive the olive oil market growth. There has been a number of clinical studies suggesting that consuming omega-3 enriched products can support research cardiovascular health and other body functions. Olive fruit oil has high omega-3 content, which is fueling its demand among consumers as essential fatty acids consumption are required in maintaining good health. As ethnic Mediterranean cuisines gain worldwide popularity, it has significantly contributed in surging the demand for olive fruit oil. Rise in travel and tourism and consumers and their willingness to experiment with new flavors, textures, and exotic cuisines have supported the market performance.

However, high cost of olive fruit oil and presence of various alternatives are expected to restrain the market growth.

Regional Insights

Europe to Have Majority Share Due to Highest Olive Tree Cultivation and Production

Europe led the global olive oil market share in 2021 with the valuation of USD 6.99 billion due to highest olive tree cultivation and production. Spain and Italy are the main producers and suppliers of the region. The growing popularity of functional foods has increased the demand for Olea europaea fruit oil across the food manufacturing industry in Europe.

The North American market is driven by interest in healthy oils to prevent health concerns arising due to the hectic lifestyles. Growing popularity of dietary supplements for overall health and wellness has increased the demand for the oil in nutraceuticals and pharmaceutical sectors.

Asia Pacific is set to have the fastest growth due to rising awareness of the health benefits and increasing discretionary incomes that allow consumers to spend on healthcare products.

Competitive Landscape

Acquisition Strategies by Key Players to Progress Market Pathway

The presence of the market players is increasing across Europe and the Middle East. Market players have been focusing on expanding their geographical foot prints to grow their consumer base. In July 2020, Sovena Group bought a share of 24.6% in a regional company called Soho to enter into the Chilean market. Soho is a producer of olive fruit oil brands such as Olave, Huasco, and SOL de Aculeo. Borges S.A., Salov SpA, and Deoleo S.A. have been focusing on strategic mergers, acquisitions, and partnerships to gain a competitive edge.