Overview and Scope
Olive oil is a non-drying, light yellow to green or yellowish oil derived from olives which has more monounsaturated fat content and is typically employed for salad dressing and cooking.
Sizing and Forecast
The olive oil market size has grown strongly in recent years. It will grow from $12.21 billion in 2023 to $12.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to cultural shift towards healthier diets, rising demand for gourmet and specialty foods, increased recognition of olive oil’s health benefits, expansion of olive oil production regions, marketing and promotion of olive oil.
The olive oil market size is expected to see strong growth in the next few years. It will grow to $16.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increasing global health consciousness, innovations in olive oil products, continued expansion of premium and specialty olive oil segments, environmental sustainability practices, rising global culinary tourism trends. Major trends in the forecast period include shifting consumer preferences to premium and extra virgin olive oils, sustainable and organic production practices, globalization and increased international trade, technological innovations in olive oil production, , regulatory standards and quality assurance.
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Segmentation & Regional Insights
The olive oil market covered in this report is segmented –
1) By Type: Virgin Olive Oil, Refined Olive Oil, Extra Virgin Olive Oil, Olive Pomace Oil
2) By Nature: Conventional, Organic
3) By Distribution Channel: B2B Suppliers, Supermarket Or Hypermarket, Grocery Store, Online Retail, Other Distribution Channels
4) By End User: Food Processing, Food Service, Cosmetics And Personal Care, Pharmaceuticals, Other End Users
Europe was the largest region in the olive oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the olive oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand in the food service and retail industries is expected to propel the growth of the olive oil market in the coming future. The food service sector includes all of the services, activities, and business operations associated with cooking and delivering meals to persons eating away from home like restaurants and fast foods. The retail industry refers to the duties and actions involved in selling commodities directly to customers. The increasing demand for olive oil in food service and retail sectors boosts the olive oil market as it is used in the cooking of various dishes and cuisines in restaurants and household cooking. For instance, in March 2022, according to the International Olive Council, a Spain-based global intergovernmental organization that deals with table olives and olive oil, in the harvest year 2021/22, global consumption of olive oil might grow by 2.9% from the crop year 2020/21 to 3214 500t. Therefore, the growing demand in the food service and retail industries is driving the market.
Key Industry Players
Major companies operating in the olive oil market report are Cargill Incorporated, Deoleo S.A., Del Monte Food Inc., Gallo Worldwide, Borges International Group, Avenida Rafael Ybarra, Sovena Group, California Olive Ranch Inc., Salov S.p.A., Jaencoop Grupo, Colavita S.p.A, EU Olive Oil Ltd., Sun Grove Foods Inc., Oil Artajo SL, Aceites Sandua, Tucan Olive Oil Company Ltd., Domenico Manca S.p.A., Grampians Olive Co., Victoria Olive Oil Co., Les huiles d’olive Lahmar, Minerva Olive Oil, Castillo de Canena, Gaea Products S.A., Pompeian Inc., Lucini Italia Co., Agro Sevilla Group, Bellucci Premium, Costa d’Oro, Grupo Ybarra Alimentación, Monini S.p.A.
The olive oil market report table of contents includes:
1. Executive Summary
2. Olive Oil Market Characteristics
3. Olive Oil Market Trends And Strategies
4. Olive Oil Market – Macro Economic Scenario
5. Global Olive Oil Market Size and Growth
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31. Global Olive Oil Market Competitive Benchmarking
32. Global Olive Oil Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Olive Oil Market
34. Olive Oil Market Future Outlook and Potential Analysis
35. Appendix
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