December 2022, Market Research Future has published a Report on the Global Extra Virgin Olive Oil Market
Global Extra Virgin Olive Oil Market – Overview
The extra virgin olive oil market size was valued at USD 14.41 billion in 2030, exhibiting a compound annual growth rate (CAGR) of 5.30% during the forecast period (2023 - 2030) Due to the large number of health advantages associated to extra virgin olive oil consumption, the market is growing at an incremental pace on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Extra virgin olive Oil Market Research Report- Forecast to 2030’ that the market will demonstrate an exceptional CAGR 5.30% while achieving good growth rapidly in the forecast period.
Increasing health awareness and rising demand for oils imparting healthy fats have prompted the high growth of extra virgin olive oil market. Extra virgin olive oil consumption is identified to reduce the risk of heart diseases. The oil contains healthy monounsaturated fatty acid content and polyphenols which act as antioxidants. The nutrient content of the oil is one of the major factors responsible for its high growth in the global market. Escalating in health consciousness and shift in consumers spending behavior is giving a boost to the extra virgin olive oil market.
Health factors like cholesterol level maintenance, blood pressure level management and blood sugar regulation can be effectively addressed with the incorporation of extra virgin olive oil into daily diet. Increase in fitness and wellness sector awareness has enhanced the market growth trajectory of the sector to an elevated level. Fast pace of lifestyle, increase in awareness related to diverse effects of consumption of oils with high level of saturated fatty acids have led to consumers demanding healthy oils to balance their nutritional requirements. However, product adulteration is identified to possess high threat to the growth of this market.
Latest Industry Updates
Oct 2022 To suffice the rising demand for extra virgin olive oil and to promote the consumption of healthy oils, Agriculture Minister Khaled Hneifat, Olive Presses Association President Inad Fayez (Amman, Jordan) signed a memorandum to launch the 6th national campaign to market local olive oil to public and private sector employees for the season.
Jan 2022 To meet the rising demand for healthy oil from consumers’ end, Clover acquired Olive Pride business from Southern Canned Products (SCP). The strategy will help the company to strengthen their product portfolio and generate high revenue.
Sep 2022 To enter into the olive oil business and gain consumers attention towards the offerings, Filippo Berio announced the launch of 'robustly flavoured' 100% Italian extra virgin olive oil.
Mar 2022 To reduce the chances of counterfeit products in the global oil market, Italy launched olive oil certification label. The certification label will help in combating fraud and will allow product traceability.
Global Extra Virgin Olive Oil Market - Competitive Analysis
With the entry of new industrial players in the extra virgin olive oil segment, established players are continuously involved in product improvisations and constantly keep adding new products to their offerings. With companies aiming to capture a considerable share of the market segment as early as possible, they are competing in terms of quality and creating product differentiation to gain consumers attention. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvisations to enhance their product capacity and curing techniques.
The key players profiled in extra virgin olive oil are Cobram Estate (Australia), Agro Sevilla Group (Spain), SALOV NORTH AMERICA CORP (U.S.), Star Fine Foods - Borges USA (U.S.), Grupo Ybarra Alimentación (Spain), DEOLEO (Spain), SOVENA (Portugal), and Carapelli Firenze S.p.A (Italy) among many others.
Global Extra Virgin Olive Oil Market – Segments
The global extra virgin olive oil market has been divided into packaging material, application, distribution channel and region.
On The Basis Of Packaging Material: Glass, Plastic, Metal, Others
On The Basis Of Application: Culinary, Cosmetics, Pharmaceuticals, and Others
On The Basis Of Distribution Channel: Store Based, and Non-Store Based
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
Global Extra Virgin Olive Oil Market -
The global extra virgin olive oil market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global dietary market is highly dominated by North America and Europe due to high awareness and adoption of healthy lifestyle by the consumers. APAC is fastest growing region due to changing lifestyle and improved disposable income in the region. The consumption extra virgin olive oil in developing countries is anticipated to grow at a high rate in the upcoming years.