Olive Oil Market

Olive Oil Market Size:

The global olive oil market size reached US$ 14.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.02% during 2024-2032. The increasing adoption of healthier dietary choices, growing consumer awareness about the health benefits of olive oil, and rapid expansion of the culinary landscape are some of the major factors propelling the market.

Olive Oil Market Analysis:

• Market Growth and Size: The olive oil market is experiencing significant growth, attributed to increasing health awareness and consumer preference for healthy fats. The market size is expanding, driven by a rising demand in both developing and developed regions, indicating a robust future outlook.
• Major Market Drivers: Health benefits associated with olive oil, such as heart health support and anti-inflammatory properties, are major drivers for the market. Additionally, the growing trend of Mediterranean diets and the use of olive oil in culinary applications are further propelling its demand globally.
• Technological Advancements: Continual innovation in device design and functionality characterizes this market, with developments aimed at improving atomization quality, user-friendliness, and portability. Integration of digital health technologies for better dosage control and patient compliance is an emerging trend.
• Key Market Trends: A notable trend is the rise in demand for extra virgin olive oil, known for its purity, quality, and enhanced health benefits, which is gaining popularity among health-conscious consumers. Organic olive oil is also witnessing increased demand, driven by consumer preferences shifting towards natural and chemical-free products.
• Geographical Trends: Europe remains the dominant region in the olive oil market, with countries like Spain, Italy, and Greece leading in production and consumption due to their historical ties and optimal growing conditions. Also, new regions like North America and Asia-Pacific are rapidly growing markets, attributed to changing dietary habits and rising awareness about the health benefits of olive oil.
• Competitive Landscape: The olive oil market is highly competitive, with a mix of global brands and numerous local producers competing on quality, price trends, and authenticity. Innovations in product variety, packaging, and marketing strategies are key factors that companies are focusing on to enhance their market presence and consumer base.
• Challenges and Opportunities: A significant challenge in the olive oil market is the adulteration and quality inconsistency, which undermines consumer trust and industry credibility. This also presents an opportunity for producers to differentiate themselves through transparency, quality certification, and educating consumers about the benefits of genuine olive oil products.
   

Olive Oil Market Trends:

Rising health and wellness trends

Olive oil, particularly extra virgin olive oil, is recognized for its composition of monounsaturated fats and antioxidants, which have been linked to various health benefits, including reduced risk of heart disease and inflammation. The growing emphasis on health and wellness among the masses has significantly influenced the olive oil industry. As consumers increasingly prioritize healthier dietary choices, the reputation of olive oil as a heart-healthy cooking oil makes it a highly sought-after option for health-conscious individuals. This trend is further driven by the rising number of medical professionals and nutritional experts who recommend olive oil as an ideal substitute for less healthy fats in cooking and food preparation, thereby augmenting the market growth.

Increasing culinary diversity and authenticity

The global culinary landscape has expanded to incorporate a wide range of international and gourmet cuisines, many of which rely on olive oil for its distinct flavor and versatility. Olive oil is a fundamental ingredient in Mediterranean cooking, recognized for its role in enhancing flavors and textures. As consumers seek culinary experiences that align with cultural and gourmet trends, the market is responding by offering diverse products that cater to an array of culinary preferences. Moreover, the escalating demand for authenticity and genuine flavors has led to a rise in the use of high-quality extra virgin olive oil in traditional and innovative recipes alike, thereby propelling the market growth.

Sustainability and Organic Preferences

With the growing environmental awareness, consumers are increasingly drawn to products that align with sustainable and eco-friendly practices. Moreover, the rising focus of the olive oil industry on sustainable cultivation and production methods, such as organic farming and reduced chemical use, resonates with environmentally conscious consumers, thus propelling the market growth. The appeal of responsibly sourced olive oil extends beyond its nutritional benefits, influencing purchasing decisions and contributing to a broader movement toward conscious consumption. Furthermore, the increasing emphasis on sustainability that satisfies consumer demand and promotes ethical and environmentally friendly practices within the olive oil market is driving the market further.

Olive Oil Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, distribution channel, and application.

Breakup by Type:

• Virgin Olive Oil
• Refined Olive Oil
• Extra Virgin Olive Oil
• Olive Pomace Oil
• Others
   

Virgin olive oil dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes 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.

Virgin olive oil possesses superior quality and diverse applications. As the highest grade of olive oil, virgin olive oil is commonly extracted using mechanical methods without chemicals or excessive heat, preserving its natural flavor, aroma, and nutritional content. Consumers seeking premium and healthier cooking options are drawn to the health benefits and rich taste of virgin olive oil, making it a preferred choice for sautéing, drizzling, and salad dressings. Its distinct attributes, such as varying flavor profiles based on olive cultivars and regional origins, cater to the evolving culinary preferences and the demand for authentic, high-quality ingredients. This has led to the growing popularity of virgin olive oil, propelling its prominence in the global market for olive oil.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others
   

Supermarkets and hypermarkets hold the largest share in the market

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, online stores, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Supermarkets and hypermarkets play a pivotal role in driving the olive oil market due to their extensive reach, convenience, and diverse product offerings. Additionally, the widespread availability of different olive oil grades, brands, and packaging sizes in these retail stores ensures a comprehensive shopping experience. These retail outlets provide consumers with easy access to a wide range of olive oil options, catering to various preferences and budgets. The shelf space dedicated to olive oil in supermarkets facilitates effective product visibility and comparison, aiding consumer decision-making.

Furthermore, the presence of attractive promotions, discounts, and bundled offerings encourage purchasing, making olive oil a staple in households. The convenience of finding olive oil alongside other grocery items consolidates shopping trips and encourages regular consumption. Overall, the widespread presence, accessibility, and product diversity offered by supermarkets and hypermarkets significantly contribute to the segment growth.

Breakup by Application:

• Food and Beverage
• Pharmaceuticals
• Cosmetics
• Others
   

Food and beverage accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes food and beverage, pharmaceuticals, cosmetics, and others. According to the report, food and beverage represented the largest segment.

The food and beverage industry relies on olive oil for versatile applications across various cuisines and products. Olive oil's distinctive flavor and health benefits make it a highly sought-after ingredient in cooking, salad dressings, marinades, and baked goods, enhancing both taste and nutritional value. The rising demand for Mediterranean and health-conscious diets further amplifies the prominence of olive oil in numerous culinary creations.

Furthermore, restaurants, cafes, and food manufacturers extensively incorporate olive oil to diversify their menu offerings and cater to consumer preferences for natural, premium ingredients. Moreover, the shifting trend toward gourmet and artisanal products fuels the demand for high-quality extra virgin olive oil in specialty foods and luxury brands. The symbiotic relationship between olive oil and the food and beverage industry drives its continuous growth, shaping culinary trends and enhancing consumer experiences worldwide.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Europe exhibits a clear dominance, accounting for the largest olive oil market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share.

Europe held the biggest share in the market since the region boasts a rich history, traditional consumption patterns, and robust production capabilities. The region is also home to countries like Spain, Italy, and Greece, which are renowned for producing high-quality olive oils that have become an integral part of their culinary heritage. Europe's cultural affinity for olive oil, combined with its increased emphasis on healthy eating and authentic flavors, sustains a strong domestic demand.

Furthermore, Europe's exports of olive oil contribute to global supply chains, influencing international trade dynamics. The region's stringent quality standards and geographic indications enhance consumer confidence in European olive oils, fostering a global reputation for excellence. Europe's historical connection to olive oil, coupled with its impact on taste preferences, market trends, and trade, positions it as a leading regional market for olive oil.

Leading Key Players in the Olive Oil Industry:

The market is experiencing moderate growth as various key players in the industry are introducing innovative approaches to cater to evolving consumer preferences and enhance product quality. These innovations encompass sustainable and traceable supply chains and leveraging blockchain technology to provide transparent information about the origin and production process of olive oil. Additionally, advancements in packaging have led to the development of eco-friendly and UV-protected bottles, ensuring the preservation of olive oil's flavor and nutritional value and also enhancing the market value. Some producers are also embracing precision agriculture techniques, utilizing data-driven insights to optimize cultivation practices and yield. Such innovations collectively contribute to product differentiation, sustainability, and improved consumer experiences. We also expect the market to witness new entrants, consolidation of product portfolios, and a rise in strategic partnerships and collaborations amongst key players to drive healthy competition within the olive oil domain during the forecast period.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• 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
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News:

• In April 2022, Borges International Group renewed the Environmental Product Declaration (EPD) for their Olive Oil range, specifically for Extra Virgin Olive Oil that is packaged in glass bottles. This renewal showcases their commitment to environmental sustainability by delving beyond the mere carbon footprint measurement. Instead, the company employs a comprehensive approach that centers on analyzing the entire life cycle of the product.
• In Jan 2021, Del Monte Foods, Inc. made a significant move in the Indian market by introducing one-liter olive fruit oil pouches. This strategic launch aimed to provide consumers with an accessible and affordable option for incorporating healthy edible oil into their diets. By offering olive oil in convenient and cost-effective packaging, the company addressed the growing demand for healthier cooking alternatives among health-conscious Indian consumers.
• In May 2023, Salov S.p.A, a leading player in the oil sector, achieved a remarkable triumph alongside the distinguished Filippo Berio brand's extra virgin olive oils. Together, they emerged victorious at the Olive Oil Awards 2023 presented by the University of Applied Sciences - Institute for Food and Beverage Innovation ZHAW in Zurich, securing two awards that epitomize absolute prestige. This accomplishment stands as a testament to the exceptional expertise and dedication embodied by Salov S.p.A and the historic Filippo Berio brand. Their joint success underscores their commitment to excellence within the olive oil industry.

Olive Oil Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the olive oil market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global olive oil market.
• The study maps the leading, as well as the fastest growing, markets in the region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the olive oil industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.