Market Overview:
The Olive Oil Market size is estimated at USD 14.19 billion in 2023 and is expected to reach 17.11 billion USD by 2032, growing at a CAGR of 2.10% during the forecast period (2024-2032)
Olive oil is a liquid fat obtained by pressing whole olives (the fruit of Olea europaea family Oleaceae), a traditional tree crop of the Mediterranean Basin, and extracting the oil. It is commonly used in cooking, for frying foods, or as a salad dressing. It can also be found in some cosmetics, pharmaceuticals, soaps, and fuels for traditional oil lamps. Some religions use it for additional purposes as well. Along with wheat and grapes, the olive is one of the three staple food crops in Mediterranean cuisine. Olive trees have been grown around the Mediterranean since the 8th millennium BC. The growing demand from food industries is also driving the growth of the market.
Top Key Players Covered In The Olive Oil Market:
- Borges International Group (Spain)
- Deoleo S.A. (Spain)
- EU Olive Oil (U.K.)
- Artajo oil (Spain)
- SALOV GROUP (Italy)
- Aceites Sandúa (Spain)
- Tucan Olive Oil Company (U.S.)
- Domenico Manca S.p.a (Italy)
- Minerva Foods (Greece)
- Olinexo S.L. (Spain)
- Nutrinveste SGPS (Portugal)
- Curation Foods (U.S.), and Other Major Players
Market Dynamics and Factors:
Increasing awareness about health benefits from olive oil is driving the olive oil market. Health advantages of olive oil abound. Healthy monounsaturated fats are abundant in olive oil. Saturated fat makes up roughly 14% of the oil, while polyunsaturated fats like omega-6 and omega-3 fatty acids make up 11% of it. A large review of studies in 841,000 people found that olive oil was the only source of monounsaturated fat associated with a reduced risk of stroke and heart disease. Extra virgin olive oil has numerous benefits for heart health. It promotes blood vessel health, decreases blood pressure, and guards against oxidation of "bad" LDL cholesterol particles.
Increasing use of olive oil in aromatherapy and households is expected to drive the olive oil market. The health benefits of olive oil make it an exceptionally desirable item to use for cooking. Olive oil, which is rich in polyphenols, amino acids, and good monounsaturated fats, can play a significant role in creating a balanced diet as well as in enhancing the flavor and depth of food. Olives grown in the Mediterranean region are used to press olive oil. It has additionally been applied topically as a demulcent and emollient in creams or ointments in the pharmaceutical industry as a vehicle for oily suspensions for injections. It was once employed as a laxative.
Olive Oil Market Report Highlight:
- By type, the Virgin segment is anticipated to lead the growth of the Olive Oil market in the forecasted timeframe. Virgin olive oil is obtained directly from the ripe fruit by mechanical procedures. It is the only consumed raw without the use of any solvents, so it keeps all its properties intact.
- By Application, the Food And Beverages segment is expected to have the highest share of the Olive Oil market over the projected period. Organic olive oil is considered to be a better substitute in food services as compared to other cooking oils present in the market, specifically for sauces and salad dressings.
- By Distribution Channel, the supermarket or Hypermarkets segment is set to develop at the highest CAGR during the forecasted timeframe. According to Juan Vilar Strategic Consultants, about 65 to 75 percent of olive oil for domestic use is sold in supermarkets and hypermarkets globally.
- By End-user, the Food & Beverages segment is expected to highest growth in the olive oil market. The growing awareness regarding the role of olive fruit oil in maintaining good health has remarkably increased the demand for various types of olive fruit oil in retail channels. The emerging trend of consuming minimally processed natural oils has surged the demand for cold-pressed virgin olive oils.
- The Europe region is expected to have the highest share of the Olive Oil market over the projected period. Customers' growing interest in healthy oils as a way of avoiding lifestyle-related health problems that can result from their busy lifestyles is helping to propel the industry in Europe
Key Industry Development:
In February 2022, Curation Foods, Inc. launched a batch of Olio Nuovo Extra Virgin Olive Oil, under its brand O Olive Oil & Vinegars, which is a seasonal oil that has a fresh and robust flavor.
In June 2021, Pietro Coricelli joined IBM Food Trust to use blockchain technology to trace its extra-virgin olive fruit oil which is an Umbrian olive fruit oil producer and one of the largest and most widely distributed olive fruit oil brands in the world.
Olive Oil Market Segmentation:
By Type
- Virgin
- Refined
- Others
By Application
- Food And Beverages
- Pharmaceutical
- Cosmetic And Personal Care
- Aromatherapy
- Others
By Distribution Channel
- Online
- Supermarkets or Hypermarkets
- Specialty Store
- Others
By End-User
- Food and Beverage
- Personal Care
- Pharmaceuticals
- Others
