Global Olive Oil Market Size 2024, Forecast To 2033
6 Mar, 2024
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.
Global Olive Oil Market Key Driver
The olive oil market is anticipated to experience growth fueled by growing demand in the food service and retail sectors. The food service industry encompasses the provision of meals to individuals eating away from home, including restaurants and fast-food establishments, while the retail sector involves direct sales of goods to consumers. The escalating demand for olive oil in both food service and retail settings is boosting market growth, given its widespread use in various cuisines and household cooking practices. Notably, data from the International Olive Council in March 2022 projected a 2.9% growth in global olive oil consumption for the harvest year 2021/22 compared to the previous year, reaching 3214 500t. This surge in demand underscores the role of the food service and retail industries in driving the olive oil market. Thus, the olive oil market is propelled by the growing demand in food service and retail sectors, reflecting its trajectory in 2023.
Get A Free Sample Of The Global Olive Oil Market ReportGlobal Olive Oil Market Segments
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
By Geography:The regions covered in the olive oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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
Major Olive Oil Industry Players
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.
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Olive Oil Market Overview
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.
Olive Oil Global Market Report 2023 provides data on the global olive oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The olive oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.