Olive Oil Market By Nature (Conventional, Organic), By Type (Virgin, Refined, Extra Virgin, Olive Pomace), By Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Online Channel), By Application (Food And Beverage, Pharmaceuticals, Cosmetics), And Region for 2024-2031

Olive Oil Market Valuation – 2024-2031

The increasing consumer awareness and inclination for healthier nutritional options along with increasing concerns about the impact of the food manufacturing industry on the environment are drivers accelerating the Olive Oil Market. According to the analyst from Market Research, the Olive Oil Market is estimated to reach a valuation of USD 19.96 Billion over the forecast period 2031, by subjugating around USD 14.33 Billion valued in 2023.

The rising concerns about sustainability and the ecological footprint are insisting on the use of environmentally friendly protocols, products, and processes during food production, thereby, boosting the application of olive oil as a sustainable option relatively due to less water and land requirements. Also, the changing customer tastes and inclination toward healthier and more sustainable options are driving the Olive Oil Market, and enabling the market to grow at a CAGR of 4.23% from 2024 to 2031.

Olive Oil MarketDefinition/Overview

Olive oil is a vegetable oil derived from olives, the fruit of the olive tree. It is widely used in cooking, cosmetics, medications, and even as the fuel for traditional oil lamps. Olive oil is highly valued in the kitchen for its distinct flavor and adaptability, and it is used in a range of culinary applications including salad dressings, marinades, sautéing, and frying. Its high smoke point makes it suited for high-temperature cooking while keeping nutritional value.

Furthermore, aside from the kitchen, olive oil is commonly utilized in cosmetics products for its moisturizing and antioxidant characteristics, as well as in medications for potential health advantages. Also, it has historical and cultural significance in Mediterranean cuisines and lifestyles, where it is commonly employed as a staple ingredient due to its flavor and health-promoting properties.

Will Olive Oil’s Antioxidant Property Bolster the Growth of the Olive Oil Market?

Olive oil is well known for its health advantages, especially its heart-healthy monounsaturated fats and antioxidants. This growing consumer awareness of healthy eating habits and lifestyle modifications is spurring demand for olive oil. Studies linking olive oil to lower rates of heart disease, stroke, and some types of cancer make it a popular choice among health-conscious customers resulting in market expansion.

The Mediterranean diet, which focuses on fruits, vegetables, grains, and healthy fats, particularly olive oil, is acquiring global popularity. It is acclaimed for its nutritional value and ability to promote longevity and lower the risk of chronic disease as more individuals throughout the world follow this diet, demand for olive oil rises, driving market growth.

Furthermore, the globalization of food is resulting in a greater acceptance and integration of Mediterranean cuisine into many cultures around the world. Olive oil is an essential element in Mediterranean cuisine, and as these dishes get more popular, so does the demand for olive oil. This trend applies not only to countries outside the Mediterranean basin but also to emerging markets where Western diets are growing more popular resulting in increased use of olive oil in the market

How does Climate Change Impact the Growth in the Olive Oil Market?

Olive trees are sensitive to a variety of pests and diseases, the deadliest of which is the Xylella fastidiosa bacteria. It has caused severe damage to olive groves, mainly in Italy, resulting in reduced production and higher expenses for pest management and tree replacement. As a result, it acts as a significant obstacle hindering the market growth.

Olive oil production is susceptible to weather and environmental changes. Climate change is a severe danger because it increases the frequency and severity of extreme weather events like droughts, floods, and heatwaves, which can destroy olive crops. These changes cause major oscillations in production volumes, influencing the growth of the Olive Oil Market.

Furthermore, adulteration and mislabeling are major restraining factors in this market, with lesser-quality olive oils or other oils being sold as high-quality extra virgin olive oil. This decreases consumer trust and brings into question the Olive Oil Market’s integrity, thereby hampering the market expansion.

Category-Wise Acumens

What Drivers Contribute to the Dominance of Refined Olive Oil in the Market?

According to analysis, the refined olive oil segment is estimated to dominate in the type segment during the forecast period. Refined olive oil is less expensive than extra virgin olive oil (EVOO), as it is made by refining lower-quality olive oil that cannot be categorized as virgin or extra virgin. This technique enhances the oil’s look, flavor, and shelf life without the use of premium olives. The decreased price is making refined olive oil more accessible to a wider customer base, particularly in price-sensitive markets, contributing to its substantial market share.

Refined olive oil has a greater smoke point than EVOO, making it more suited to high-temperature cooking techniques including frying, sautéing, and baking. Its neutral flavor also makes it a flexible component in a variety of culinary applications, including frying, baking, salad dressings, and marinades, without dominating the flavor of other ingredients. This versatility influences its popularity among consumers who value practicality and flexibility in their cooking oils.

Furthermore, the refining process eliminates contaminants and free fatty acids, making refined olive oil more stable and resistant to oxidation than virgin oils. This stability extends its shelf life and ensures its quality over time, making it a popular choice among customers and food makers seeking a dependable and long-lasting cooking oil.

What are the Main Factors Driving Olive Oil in the Food And Beverage Sector?

The food and beverage segment is estimated to dominate the Olive Oil Market during the forecast period. Olive oil is a common component in Mediterranean cuisine and has been incorporated into many culinary traditions around the world. Because of its versatility, it can be cooked, fried, baked, or used as a salad dressing. The growing popularity of Mediterranean diets, which are known for their health benefits, is resulting in increased consumption of olive oil in both home cooking and restaurants, fueling demand within the food and beverage sector.

There is a substantial consumer shift towards healthier eating habits and natural products, driven by an increased understanding of olive oil’s health benefits. Olive oil, which contains monounsaturated fats, antioxidants, and anti-inflammatory qualities, is touted as a heart-healthy option. This is increasing its use over other fats and oils in food preparation and consumption, solidifying its position in the food and beverage sector.

Furthermore, the global spread of Mediterranean cuisine, which is famous for its extensive use of olive oil, has played an essential role in the segment’s success. As people throughout the world become more exposed to Mediterranean cuisine through travel, media, and the proliferation of Mediterranean restaurants, the demand for olive oil as a major ingredient is likely to popularize over the years. This culinary globalization has not only increased olive oil consumption in traditional countries but has also expanded its reach to new places, increasing its overall market share in the food and beverage segment.

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Country/Region-wise Acumens

What are the Drivers Contributing to Dominance of Europe in the Market?

According to analyst, Europe is estimated to dominate the Olive Oil Market during the forecast period. The Mediterranean region of Europe is the ideal climate for olive farming, with moderate winters, long, hot summers, and a natural environment favorable to olive tree growth. Countries such as Spain, Italy, and Greece, which are among the world’s leading olive oil producers, benefit from these favorable conditions, allowing them to plant olives extensively and create high-quality olive oil. This geographical advantage is a big contributor to Europe’s dominant position in the worldwide Olive Oil Market.

Olive farming and oil manufacturing have long histories in European Mediterranean countries, with traditions stretching back thousands of years. This rich cultural past has nurtured considerable knowledge and expertise in olive oil production, from cultivation to processing, resulting in high-quality output. The cultural relevance of olive oil in these regions promotes domestic consumption as well as global demand for European olive oil, sustaining Europe’s dominant position.

Furthermore, Europe has well-established export markets and successful branding initiatives that highlight the quality, tradition, and health advantages of its olive oil. European olive oils, particularly those with Protected Designation of Origin (PDO) and Protected Geographical Indication (PGI) designations, command premium prices in international markets. Strategic marketing and promotion of these traits have helped European olive oils command premium prices around the world, cementing Europe’s supremacy in the global Olive Oil Market.

How do Increased Health Awareness Support North America’s Growth in Market?

North American consumers are growing more health-conscious, looking for healthier food options. Olive oil is well-known for its health benefits, including a high concentration of monounsaturated fats and antioxidants, which can help reduce the risk of heart disease and cholesterol levels. This shift towards healthy eating patterns is increasing demand for olive oil as a healthier alternative to other fats and oils.

North America is experiencing an increase in demand for locally made items, driven by concerns about sustainability and a desire to support local businesses. In consequence, olive oil production in areas such as California has increased. North American farmers are increasingly focused on sustainable farming practices, high-quality production, and traceability, in response to consumer preferences for ecologically friendly products that support local companies. This rising local production complements imports and diversifies the market, providing customers with more options.

Competitive Landscape

The competitive landscape of the Olive Oil Market is characterized by a wide range of elements that influence its dynamics. Consumer preferences for quality, flavor, and health advantages help to define market rivalry. The competitive landscape shows a complex interplay of economic, social, and environmental forces that drive innovation and differentiation among industry participants.

Some of the prominent players operating in the Olive Oil Market include

Deoleo, Sovena, Borges International Group, Monini, Pietro Coricelli, Pompeian, Colavita, Goya Foods, Filipo Berio, Teaness, California Olive Ranch, McEvoy Ranch, Olio Roi, Terra Creta, Domaine Castela, Oleificio Zucchi, Salov, Nunez de Prado, Meraviglia.

Latest Developments

• In October 2023, Deoleo announced a new agreement with WWF Spain to promote sustainable olive growing techniques and biodiversity conservation.
• In October 2023, Monini introduced a limited-edition line of flavored olive oils inspired by Italian regional cuisine.
• In October 2023, Borges International Group invested €10 Million in a new olive oil bottling facility in Portugal.

Report Scope

Olive Oil Market, By Category

Nature

• Conventional
• Organic

Type

• Virgin Olive Oil
• Refined Olive Oil
• Extra Virgin Olive Oil
• Olive Pomace Oil

Distribution Channel

• Supermarket/Hypermarket
• Convenience Stores
• Online Channel
• Others

Application

• Food & Beverage
• Pharmaceuticals
• Cosmetics
• Others

Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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