Olive Oil Market  Analysis Report 2024: Market to Grow by a CAGR of 3.42 to 2032, Driven by Government Incentives, Popularity of Virtual Assistants, and Strategic Partnerships

Key Insights

The Olive Oil Marketsize was valued at USD 14.64 USD Billion in 2023 and is projected to reach USD 18.53 USD Billion by 2032, exhibiting a CAGR of 3.42 % during the forecast period. Olive oil, which is an important liquid fat in Mediterranean diets, is produced from fruits of the olive tree through extraction. It comes in various types, primarily categorized based on processing and acidity levels: there are four major categories of olive oil and they include; extra virgin, virgin, pure, and light. Extra virgin olive oil is the highest category of olive oil for its low acidity and rich taste as well as closeness to nutrient destruction since it goes through minimal processing. Virgin oil follows with a slightly higher acquires and better flavor. Extra virgin olive oil is not processed too much while olive oil contains a lower quality and minimum flavors. Famed for its health qualities, olive oil is used in various ways in the culinary industry such as in cooking, for vinaigrette, basting, and as a finishing glaze, giving richness to the food in addition to the health benefits it comes with.

Olive Oil Trends

• Growing consumer awareness about the health benefits of olive oil
• Increasing use of olive oil in food preparation and cooking
• Rising demand for olive oil from restaurants and food service establishments
• Expansion of e-commerce channels for olive oil sales
• Introduction of new products and flavors by manufacturers

Driving Forces: What's Propelling the Olive Oil Market

• Health consciousness among consumers
• Culinary versatility of olive oil
• Increasing disposable income in emerging economies
• Growing popularity of Mediterranean cuisine
• Government initiatives promoting the consumption of olive oil

Challenges and Restraints in the Olive Oil Market

• Fluctuations in olive oil prices due to weather conditions
• Counterfeit and adulterated olive oil in the market
• Limited availability of high-quality olive oil
• Competition from other edible oils
• Seasonality of olive oil production

Emerging Trends in Olive Oil

• Use of sustainable farming practices in olive cultivation
• Development of flavored olive oils
• Growing demand for organic olive oil
• Research on the potential health benefits of olive oil

Growth Catalysts in the Olive Oil Industry

• Innovation in packaging and storage techniques
• Expansion of distribution channels
• Strategic partnerships and acquisitions
• Government support for olive oil production

Market Segmentation: Olive Oil Analysis

Type:

• Refined/Pure
• Virgin
• Others

End-user:

• Household/Retail
• Foodservice/HoReCa
• Food Manufacturing
• Others

Leading Players in the Olive Oil Market

• 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)

Significant Developments in the Olive Oil Sector

• July 2022: Spanish company Genosa launches olive oil with soluble phenol-rich hydroxytyrosol.
• June 2022: Certified Origins launches carbon-neutral Italian extra virgin olive oils.
• February 2022: Curation Foods, Inc. launches Olio Nuovo Extra Virgin Olive Oil.
• June 2021: Pietro Coricelli announces partnership with IBM Food Trust to use blockchain technology for olive oil traceability.
• January 2021: Del Monte Foods, Inc. launches one-liter olive oil pouches in India.

Comprehensive Coverage Olive Oil Market Report

Our Olive Oil Market Report provides an exhaustive analysis of the market, encompassing the following key aspects:

• Market Dynamics and Trends: A detailed exploration of the driving forces, emerging trends, and challenges shaping the olive oil market.
• Segmentation: Comprehensive segmentation of the market by type (extra virgin, virgin, refined), end-user (food industry, retail, cosmetic industry), and geography (major producing and consuming regions).
• Company Profiles and Market Shares: Profiles of major olive oil producers and suppliers, along with their market share analysis and competitive strategies.
• Industry Challenges and Opportunities: Identification and analysis of the key obstacles and growth opportunities facing the olive oil industry.
• Future Growth Projections: Data-driven projections for the future growth trajectory of the olive oil market, including regional and segment-specific forecasts.

Regional Insight

The global olive oil market is dominated by the Mediterranean region, particularly Europe. However, emerging markets such as Asia-Pacific and Latin America are expected to drive growth in the coming years.

Consumer Side Analysis

Consumers are increasingly health-conscious and demand high-quality, authentic olive oil. They are willing to pay a premium for olive oil that meets their expectations of taste, flavor, and health benefits.

DROCs

• Drivers:
  • Growing health consciousness and demand for natural, plant-based foods
  • Culinary versatility and widespread use in various cuisines
• Restraints:
  • Price fluctuations due to weather and supply chain disruptions
  • Counterfeiting and adulteration issues
• Opportunities:
  • Product innovation and development of specialty oils
  • Expansion of e-commerce channels and direct-to-consumer sales
• Challenges:
  • Seasonality of olive oil production and limited cultivation areas
  • Intensifying competition from other edible oils and plant-based alternatives

SWOT Analysis

Strengths:

• Health benefits
• Culinary versatility
• Growing demand

Weaknesses:

• Price fluctuations
• Counterfeiting
• Seasonality

Opportunities:

• Innovation
• E-commerce
• Emerging markets

Threats:

• Competition from other edible oils
• Climate change