Global Olive Oil Market - 2020-2027
Olive oil is a liquid fat obtained from olives. It is a traditional tree crop of the Mediterranean Basin, produced by pressing the whole olives and extracting the oil from the olives. It is commonly used in cooking, for frying foods or as a salad dressing and is also used for health purposes for hair problem and used for baby massage to improve the blood circulation.
The global olive oil market size was worth US$ XX billion in 2019 and is further expected to reach US$ XX billion by 2027, at a CAGR of X% during the forecast period (2020-2027).
The growth in olive oil market due to rising awareness regarding the health benefits of olive oil is a prime driver. Moreover, the rising popularity of using natural, raw and cold pressed oil products, will further enhance the olive oil demand globally. The ease in availability of olive oil products at a reasonable price, such as hair oil scalp oil and figaro olive oil which is mainly used for the massage of baby or considered to be as baby oil also is expected to boost the olive oil market growth during the forecast period.
Benefits Of Olive Oil Is Increasing Consumption Demand
Considering the current market, the olive oil consumption has witnessed growth in the last couple of years as consumers are getting aware of the benefits of olive oil usage and its effect on health. Moreover, the growth in demand for packed olive oil, such as Figarro olive oil, olive oil, extra virgin olive oil, refined and pomance oil is expected to witness significant growth in the near future. The rising demand for using olive oil among children, newborn infants, and adults globally for the health issues, for hair problems, and increasing production of healthy food and beverages products enhances the olive oil consumption. The development in terms of varieties and pure labeled ingredients in the oil further boost the need for olive oil in the global market throughout the forecast period.
The High Cost of Olive Oil Is A Restraining Factor
The high cost of olive fruit oil is leading consumers to seek low cost replacements of oils with similar health attributes as that of olive oil, such as sunflower oil and coconut oil which are gaining much popularity among the consumers. Thus, high cost of olive oil is likely to hamper the market growth. Manufacturers are investing in advanced technology to retain essential nutrients of olive in a better way during its processing. Over the years, the industrial sector used to lead the trade of olive oil, which has been reached by the retail industry.
The flow in demand for olive oil, with low production capacity of the developing nations, the market is poised to suffer from restricted growth, variations in the price of olive oil make it vulnerable to price sensitivity, and this is a challenge to overcome for the market.
COVID-19 Impact Analysis
COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. The demand and sale of olive oil market have experienced a sudden fall due to the outbreak of the COVID-19 pandemic. Country wise lockdown in various countries have resulted in the disruption of trade activities, which slowed the growth of this industry. However, the increased concerns related to immunity and overall health have re-established the demand for healthy oils, which is expected to continue during and after the pandemic. Furthermore, despite the pandemic, a significant growth has been witnessed in the overall food products, which is driving the olive oil market size in the global market during the forecast period.
Based on type, the olive oil market has been classified into virgin olive oil, refined olive oil, pomace olive oil and others.
Virgin Olive Oil Accounted For The Highest Market Share In The Global Market
In 2019, the virgin olive oil held the largest market share due to the availability of distinguished varieties of olive oil in various applications. This is mainly due to the demand from health-conscious consumers as it contains natural vitamins & minerals and is effective against cardiovascular diseases, osteoporosis (bones), high blood pressure, diabetes, and Alzheimer's. Processed olive oil consumption is expected to remain low as compared to the virgin olive oil during the forecast period.
The two tablespoons of virgin olive oil a day may reduce the risk of heart disease due to its monounsaturated fat content. Along with this heart-healthy fat, virgin olive oil also contains phenols which act as antioxidants, reducing the oxidative stress in human body. Minimal quantity of omega-3 and omega-6 fatty acids are also present in virgin olive oil, which is essential for brain health. There are several other health benefits linked with the virgin olive oil, owing to which, its consumption is gradually increasing across the globe.
Based on the application, the olive oil market has been classified into food and beverages, cosmetic & personal care, pet foods, soaps and lubricants, and others.
Food Segment Dominated The Global Olive Oil Market In 2019
In 2019, the food and beverages segment garnered the largest market share due to the current standards for extra virgin olive oil are widely unenforced and allow a wide range of olive oil qualities and applications to be marketed as extra virgin. Extensive and unenforced standards can lead to mixed and mislabeled product, weakening the competitiveness of high-quality U.S.-produced olive oil in the U.S. market. In addition, many U.S. consumers are unable to distinguish quality differences and, as a result, settle towards less costly oils, giving an advantage to large bottlers that sell low-cost imported product.
Based on geography, the study analyzes the global olive oil market, including North America, Europe, Asia-Pacific, and rest of the world.
North America leads the global market throughout the forecast period
North America dominated the global olive oil market in terms of revenue due to the presence of leading manufacturing companies and easy accessibility of premium quality olive oil ingredients for food and beverages and personal care cosmetic applications. The growth of the region can be further attributed to the rising olive farming, gaining huge traction and befitting important business in these countries. The foodservice sector in Europe is the largest application sector for food and beverages. European nations follow the Mediterranean diet, which is characterized by the high use of olive oil. Spain, Greece, and Italy are the major producers and exporters in the region.
The olive oil market is highly competitive, owing to the presence of big food brands. The key olive oil market players which are contributing to the growth of the global market include GALLO Worldwide, Lda, Cargill, Incorporated, Broges SA, Deoleo, S.A., California Olive Ranch, Fieldfresh Foods Private Limited, Almazaras de la Subbetica, Paolo Bonomelli Boutique Olive Farm, Conagra Brands, Oro del desierto, and Sucesores de Hermanos Lopez SA, among others. The major players are adopting new product launch and expansion strategies for global growth in the olive oil market.
Overview: Monini is engaged in manufacturing, supply and distribution of its oil products. Its product portfolio includes virgin oil, extra virgin olive oil, monovarietal organic oils, flavored oil, organic extra virgin olive oil, grapeseed oil, glazed balsamic vinegar of modena and wine vinegar. The company also offers condiments such as flavored extra virgin olive oils, vinegar & glazes, lemoniny lemon juice, sauces and table olives. It has operations in Spain, Italy, Greece, Tunisia, Australia and Algeria.
Product Portfolio: The company's portfolio comprises olive oil, flavor products, mixes and blends, nutrition and health products and services.
The global olive oil market report would provide access to an approx. 51 market data table, 46 figures and 230 pages.
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