In 2023, Burger King announced its plan to launch 200 new Burger King restaurants annually in China.
According to MarkNtel Advisors study, The Global Olive Market size was valued at USD 13.98 billion in 2023 & is projected to reach USD 19.47 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.85% during the forecast period, i.e., 2024-30.
Globally, animal husbandry practices that involve, unnatural living conditions and period administration of hormones & antibiotics, have led many individuals to refrain from the usage of meat & dairy products. In line with this, individuals resonate with the ethical aspect of veganism, as they empathize with the suffering endured by animals that are raised for food. Thus, the surge in the vegan population is generating high demand for plant-based foods that have high healthy fat percentage, richness of Vitamin E, anti-oxidants, etc. Table olives offer all such nutritional benefits, owing to which individuals substituting dairy fats are turning towards olives as a better alternative. Hence, the burgeoning vegan population is anticipated to open new avenues for companies in the Olive Market during the forecast period.
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Market Trend: Consumers residing in countries of North America, Europe, and Asia-Pacific are witnessing rapid urbanization and a substantial increase in disposable income. This has affected the eating behavior of individuals & enhanced the inclination towards fast food, which subsequently has led to a surge of quick service restaurants (QSRs). Major QSRs chains like Subway, Taco Bell, Domino’s Pizza, etc., have expanded their network across the globe, which spurred their number during 2019-2023.
Olive Market Key Players:
Godrej Consumer Products Limited, Reckitt Benckiser, SC Johnson and Son Inc., Jyothy Laboratories Ltd., Dabur India Limited, Honasa Consumer Ltd., Signify Holding (Phillips), Midas Hygiene, Vitromed Healthcare, and Herbal Strategi, among others
Market Segmentation Overview:
By Type
-Green Olive
-Black Olive
Green Olive type accounted for a substantial market share, as this variety is used mostly in all Mediterranean dishes, such as Mediterranean pasta salad, green olive hummus, etc. Green olives are harder and larger compared to black olives, which makes them more adaptable to diverse cooking techniques. Green olives are more bitter, owing to which they are widely used in cocktails and Martinis, which is further catalyzing its demand.
Furthermore, the surging concern for health among consumers has considerably elevated the desire for green olives, in comparison to black as they are abundant in monounsaturated fats, fiber, and antioxidants. Along with this, green olives are now being inculcated in nutritional recommendations due to their potential to mitigate chronic diseases, such as cancer & heart disease. Hence, the versatility & health benefits of green olives, combined with their integral role in popular culinary traditions and food processing, would collectively ensure their dominant market share during the forecast period.
By Product
-Raw Olive
-Canned Olive
-Frozen Olives
-Dried Olives
-Pickled Olives
-Others (Stuffed Olives, Marinated Olives, etc.)
By End User
-Households
-Food Service Sector
By Sales Channel
-Direct/B2B
-Indirect/B2C
–Hypermarkets/Supermarkets
–Convenience Store
–Online Stores
— Others
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By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
The Olive Market Regional Projection
Europe accounted for a major share due to the high demand for table olives arising from cultural, culinary, and health factors. As of 2023, among all the European countries Spain has emerged as a major consumer of table olives, with a market share of almost 33.18%, followed by Italy i.e. 20.12%. Usually, olives are used as an ingredient for different delicacies, however, in the European market the consumption of olive-based snacks, such as tapas in Spain, Meze in Greece, Antipasti in Italy, etc., are highly popular.
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