As per the latest report by IMARC Group, titled "Olive Oil Market by Type (Virgin Olive Oil, Refined Olive Oil, Extra Virgin Olive Oil, Olive Pomace Oil, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), Application (Food and Beverage, Pharmaceuticals, Cosmetics, and Others), and Region 2023-2028," the global olive oil market size reached US$ 13.84 Billion in 2022. Olive oil is a culinary ingredient renowned for its numerous health benefits and rich flavor profile. Derived from the fruit of the olive tree (Olea europaea), it is predominantly produced in Mediterranean countries. The process of making olive oil involves crushing olives to extract their natural oils. This extraction can be done through traditional methods, such as stone grinding, or modern techniques, including mechanical pressing and centrifugation. The resulting oil is a combination of monounsaturated fats, antioxidants, and vitamins, making it a heart-healthy choice. In comparison to other cooking oils, olive oil stands out for its superior nutritional content and flavor. Primarily renowned for its culinary uses, it is commonly employed for cooking and preserving food products, particularly canned fish. It is also used to enhance taste while offering health advantages, such as reducing inflammation, improving cholesterol levels, and promoting weight management. It is available in several types, including extra virgin, virgin, refined, and pomace. Pure olive oil is highly versatile and finds extensive applications across various industries. Moreover, the textile industry relies on olive oil for wool combing processes, while the pharmaceutical industry utilizes it for medicinal purposes. Additionally, the lubricating properties of olive oil make it valuable in industrial applications, and it serves as a key ingredient in the production of toilet preparations, cosmetics, and high-quality castile soap.
Global Olive Oil Market Trends:
The global olive oil market is primarily influenced by the increasing awareness regarding the health benefits associated with olive oil consumption, such as its high content of monounsaturated fats and antioxidants. This is further bolstered by the growing trend of healthier eating habits and the shifting preference for natural, organic, and premium food products. Moreover, the expansion of international trade and globalization has facilitated the easy availability of olive oil across various regions, further stimulating the market growth. In confluence with this, the inflating disposable income levels and improving living standards of consumers have surged the demand for premium food products, such as olive oil, which, in turn, is fueling the market growth. Additionally, the adoption of olive oil as a healthier alternative to other cooking oils, such as vegetable or seed oils, and rapid advancements in olive oil production techniques, including mechanization and sustainable farming practices, are propelling the market growth. In line with this, key market players are developing innovative packaging solutions and branding strategies to increase their consumer base, which is providing a considerable thrust to the market growth. Other factors, such as burgeoning investments in research and development (R&D) activities to explore new olive oil varieties, flavors, and applications and the implementation of supportive government initiatives and regulations promoting healthy eating and sustainable agriculture, are accelerating the market growth. Looking forward, the market value is projected to reach US$ 18.28 Billion by 2028, expanding at a CAGR of 4.60% during 2023-2028.
- By the type, the market is divided into virgin olive oil, refined olive oil, extra virgin olive oil, olive pomace oil, and others. According to the report, virgin olive oil represented the largest segment.
- Based on the distribution channel, the market is segregated into supermarkets and hypermarkets, convenience stores, online stores, and others. At present, supermarkets and hypermarkets account for the largest market share.
- On the basis of the application, the market is divided into food and beverage, pharmaceuticals, cosmetics, and others. Currently, food and beverage dominate the market.
- By the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Among these, Europe is leading the global market.
- The competitive landscape of the industry has also been examined with some of the key players being Artajo Oil, Borges International Group, S.L.U., California Olive Ranch Inc., Cargill Incorporated, Colavita SpA, Conagra Brands Inc., Del Monte Foods Inc. (Del Monte Pacific Ltd.), Deoleo, Domenico Manca S.p.a., EU Olive Oil Ltd., Gallo Worldwide, Gruppo Salov, Sovena Group, etc.
|Base Year of the Analysis
||Virgin Olive Oil, Refined Olive Oil, Extra Virgin Olive Oil, Olive Pomace Oil, Others
|Distribution Channels Covered
||Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others
||Food and Beverage, Pharmaceuticals, Cosmetics, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Artajo Oil, Borges International Group, S.L.U., California Olive Ranch Inc., Cargill Incorporated, Colavita SpA, Conagra Brands Inc., Del Monte Foods Inc. (Del Monte Pacific Ltd.), Deoleo, Domenico Manca S.p.a., EU Olive Oil Ltd., Gallo Worldwide, Gruppo Salov, Sovena Group, etc.
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