Olive Oil Market

Global Olive Oil Market Size (2024 to 2032)

The global olive oil market size is calculated to be USD 8.96 billion in 2024, and it is foreseen to reach a value of USD 14.33 billion by 2032 at a growth rate of 6.05% over the evaluated period. The olive oil industry has witnessed significant growth in recent years due to an increase in health-conscious consumers across the world.

As cooking oil, olive oil is being increasingly consumed worldwide. Given its nutritional value and flavor, olive oil is consumed by large pools of the world's population. The market offers various types of olive oil, such as extra virgin olive oil, light olive oil, pure olive oil, virgin olive oil, olive residue oil, and refined olive oil. Currently, extra virgin olive oil is the highest quality olive oil consumed by most health-conscious people. Extra olive oil has less than 1% acidity, which makes it popular worldwide. Olive oil is a viscous liquid that is extracted from the fruits of the olive tree by pressing whole olives. It has a low smoke point of 240C, so it can be consumed as a raw material. Consuming olive oil is often considered healthy because it has a lower risk of heart disease and is associated with certain types of cancer, such as colorectal and breast cancer. It is also a good source of monounsaturated fatty acids and antioxidants, such as polyphenols, vitamins E and K, chlorophyll, and carotenoids. The global olive oil market is experiencing significant growth as consumer awareness of this oil consumption and the many benefits of strong economic growth increase.

Market DRIVERS

The growing awareness among consumers regarding the nutritional value and flavor associated with olive oil have been one of the factors boosting the global olive oil market growth.

The health benefits associated with olive oil have also increased market demand, which is supposed to further increase in the coming years. Olive oil has benefits such as stroke prevention, rheumatoid arthritis treatment, healthy heart, depression, and stress, and this awareness among the public has grown exponentially in recent years due to social media, medical advice, and word of mouth. Virgin olive oil has gained great traction due to its chemical additive-free processing technology along with higher nutritional content. Furthermore, as the acceptance of olive oil for cooking increases, market demand in the food and beverage sector is expected to increase. The consistent demand for olive oil in the end-use industry is assumed to drive the global market throughout the outlook period. Olive oil is applied in the food and beverage industry, the cosmetics and beauty care industry and the pharmaceutical industry. The constant growth of these industries is likely to increase the demand for olive oil. Western lifestyles are increasingly being adopted by populations in developed countries. This is one of the main factors driving the world olive oil market. The increasing adoption of olive oil in a variety of applications in various industries, such as the cosmetic, pharmaceutical, food, and beverage industries worldwide, is a key factor that is presumed to accelerate the growth of the global olive oil market.

The growing olive oil production and increasing disposable income are further contributing to the olive oil market growth.

Personal care products are mixed with olive oil extracts and are recognized have been gaining popularity worldwide due to their skin-related benefits. Another significant factor touted to accelerate global market growth in the near future is the launch of new, high-end olive oil products from leading manufacturers. Increased demand for cooking olive oil is foreseen to create a favorable market opportunity.

Market RESTRAINTS

The high cost, along with the availability of olive oil alternatives such as mustard oil, coconut oil, palm oil, etc., in the market, is a major impediment to the growth of the global market.  

Currently, the biggest challenge facing the olive oil market is a decrease in sales volume due to poor harvest conditions. Olive oil cultivation is challenging as the world warms up and it continues to have a warm climate throughout the year. On the other hand, the Greeks are trying to find other job opportunities in place of olive oil production. Greece, a major olive oil production region, cannot earn money due to the lack of an adequate packaging market. Italy, on the other hand, has earned its reputation in the global olive market by importing Greek products. A controlled environment for olive oil production and an improved market for packaging machines in a scarce country is an excellent way to solve these problems.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Olive Oil Market Analysis By Type

The virgin olive oil segment is attributed to holding the highest share of the market during the forecast period. The prominence of leading a healthy life by eating healthy food products that use olive oil, which contains low fat and is responsible for maintaining cholesterol and blood sugar levels, is attributed to enhancing the growth rate of the market. The virgin olive oil is extracted by pressing the olives but not by using heat or any chemicals, which is pure and good for health due to its antioxidant properties. It is budget-friendly and can be used by the middle-class economy people. The extra virgin olive oil segment is anticipated to have the fastest growth rate in the coming years. This type is unrefined, with a full flavor profile and high nutritional properties. The olives are ground into a paste, and the oil is extracted by pressing the paste, which is golden green in color.

Global Olive Oil Market Analysis By Application

The food and beverages segment is leading with the dominant share of the market owing to the launch of effective and innovative food products according to people’s interest. The growing prominence for high-quality food products with naturally derived oil to manage proper weight and reduce the risk of many chronic illnesses is substantially elevating the growth rate of the market. The growing number of people making tasty food items using olive oil, as it is full of nutrients and antioxidants that boost the immunity system, shall drive the growth rate of the market.

Global Olive Oil Market Analysis By Distribution Channel

The grocery segment is leading with the largest share of the market, with growing awareness among people to look over the ingredients used to avoid the risk of added chemicals. Online stores segment is also to have the prominent growth opportunities throughout the forecast period. Swift adoption of the advanced technologies in F&B industry is likely to promote the new opportunities for the olive oil demand through online stores. People now are more likely to order the required products through mobile applications that delivers to the doorstep which is inclined to showcase positive growth opportunities for the online stores segment

REGIONAL ANALYSIS

European countries such as Spain and Italy are the pioneers in olive oil. The European olive oil market has the highest sales share in the world market and is expected to dominate the target market during the prediction period. The presence of olive oil producers and the high consumption of olive oil in countries such as France, England, Italy and Germany in the region is driving its demand. Italy and Spain have dominated Japan's olive oil market over the years. The trade agreements between the EU and Japan will create a large open trading area that is expected to offer favorable opportunities for olive oil traders and exporters based in EU nations. European stakeholders in this market are ready to focus on capitalizing on the benefits of EU-Japan trade soon. Moreover, emerging countries like India, China and Japan have witnessed a sharp increase in demand for olive oil with domestic production. In addition, consistent government regulations that boost production in countries like Brazil are likely to boost the olive oil market. The Asia Pacific region is expected to be the fastest-growing region with an average annual growth rate of over 4.0% from 2019 to 2025. Consumption patterns in this area are changing. Consumers are health conscious and prefer low-fat and healthy foods. In countries like China and India, per capita spending on healthy food has increased significantly and China has been considered as a major producer and exporter in this vicinity.

KEY PLAYERS IN THE GLOBAL OLIVE OIL MARKET

Del Monte Food, Inc., Cargill, Inc., Deoleo, Ybarra, Gruppo Salov, Sovena Group, Jaencoop, Macario SA, Maeva Group and Lamasia are some of the major players in the global olive oil market.

RECENT HAPPENINGS IN THE MARKET

• In April 2018, DEOLEO changed the packaging of the Bertolli brand, making it a brand with a rich heritage and roots.
• In 2018, the acquisition of a 5.0% stake in the Portuguese company Maçarico SA strengthened the presence of Dcoop S.Coop.Y. in the market.
• The world's leading distributor, Colavita USA, recently launched the Dixon site to support the processing and bottling of 100% extra virgin olive oil produced exclusively in California.
• In 2017, Landec Corporation, a diverse health and wellness solutions company, announced the acquisition of O Olive Oil, Inc., a specialized producer of California olive oil and wine vinegar.

DETAILED SEGMENTATION OF GLOBAL OLIVE OIL MARKET INCLUDED IN THIS REPORT   

This research report on the global olive oil market has been segmented and sub-segmented based on type, application, distribution channel & region.            

By Type

• Virgin Olive Oil
• Extra Virgin Olive Oil 
• Processed Olive oil    

By Application

• Food & Beverages      
• Pharmaceuticals        
• Personal and Beauty Care     

By Distribution Channel

• Groceries        
• Online Stores 

By Region

• North America
• Europe
• Middle East and Africa
• Latin America
• Asia Pacific