ID: MRFR/F-B & N/2780-HCR | February 2021 | Region: Global | 90 pages
The extra virgin olive oil market sells extra virgin olive oil, which is unrefined olive oil. The unrefined olive oil has more health and beauty benefits than refined olive oil. People, therefore, prefer unrefined olive oil, and the extra virgin olive oil market has been growing in the last few years. Extra virgin olive oil is used in food, body care, and other segments. Since Extra Virgin Olive Oil is a multipurpose liquid, it is used by a major chunk of the global population.
Extra virgin olive oil market thus caters to health and personal care as well as food and beverages. Extra virgin olive oil is used in baking, cooking food, and salad dressing. Apart from its light flavor, olive oil is also rich in antioxidants and monounsaturated fats. Thus, extra virgin olive oil is good for health. Health-conscious people prefer cooking in olive oil because of its health benefits. Extra virgin olive oil is good for heart and obesity management. The extra virgin olive oil market also contributes majorly to skincare because the oil has moisturizing properties and skin healing properties. Extra virgin olive oil is used in homemade skincare and also in cosmetics.
The inclination towards the use of natural and organic products is a major factor in the growth of the extra virgin olive oil market. Extra virgin olive oil is a versatile oil, and its demand is high in the market right now. Therefore, market experts believe that there are bright prospects of growth for the extra virgin olive oil market. The percentage of growth for the forecast period is 6.2 percent for the extra virgin olive oil market. The extra virgin olive oil market will reach a valuation of 2.3 billion by the end of 2024.
COVID 19 Analysis
During the pandemic, people stopped going out and stayed in. This shifted their focus onto home affairs like grocery and what they eat every day. Worldwide, the focus shifted to what is eaten every day so that a person is healthy even in the pandemic. As home-cooked food consumption rose, healthy food oils also grew in demand. Naturally, the extra virgin olive oil market also secured a boost from the situation.
Therefore, extra virgin olive oil grew in demand along with other grocery essentials. However, a disruption of the global supply chain affected the sale of olives and extraction of olive oil negatively. Because the extra virgin olive oil market essentially depends on the extraction and manufacturing of the oil, supply was affected. However, the oil was still in use, and revenue remained fluid. The extra virgin olive oil market will make a comeback in the post-pandemic period once countries restore the supply chain. As mass vaccinations happen and countries return to normalcy, the extra virgin olive oil market will recover.
The key drivers of the market
A collective consciousness towards leading a healthier life and doing it organically drives the growth trends of the extra virgin olive oil market. People recognize the health benefits of MUFAs. Conscious eating habits are a major driver of the extra virgin olive oil market. The recognition of Omega 3 fatty acids as essential for the body also drives demand for extra virgin olive oil. Another key driver of the extra virgin olive oil market is the peaked interest in Mediterranean cuisine. The Mediterranean cuisine uses olive oil a lot, and people prefer extra virgin olive oil is for its taste and potency.
Significant opportunities in the market
A major opportunity for growth for the extra virgin olive oil market is the peaked interest of people in exotic food preparations. The interest in Greek and Mediterranean cuisine can further promote the sale of extra virgin olive oil. Even the use of exotic ingredients at homes is an opportunity for the extra virgin olive oil market. The renewed interest of people in raw cold-pressed oils for food and other purposes also serves as a golden opportunity. These opportunities, if recognized by market leaders, can drive growth for the forecast period.
The shooting prices of extra virgin olive oil are a market restraint that key players still have to workaround. The olive fruit is an exotic fruit that grows in certain places in the world. Sourcing it is expensive. The pressures of the pandemic have made it more expensive. Therefore, extra virgin olive oil prices will rise immediately after the pandemic. Key players have to find a way to work with this restraint without incurring further losses.
Major challenges of the market
The fresh market extra virgin olive oil segment faces a lot of challenges that should be addressed if growth is a future outcome. The key challenges of the segment are the presence of other cheaper alternatives to fresh market extra virgin olive oil like sunflower oil and canola oil. These oils are similar in nutrient composition and are beneficial for health. The market basket extra virgin olive oil has to take over the other alternative oils for aggressive growth.
Cumulative growth Analysis
The olive oil industry analysis points that despite the high competition in the food oil segment, the central market extra virgin olive oil market will grow in the forecast period. Moreover, the central market extra virgin olive oil market shows a growth rate of over six percent for the forecast period. This is a healthy sign of growth for the central market extra virgin olive oil market. The valuation of the fresh market extra virgin olive oil will cross the 2 billion mark in the coming years. Overall, olive oil market trends point to the sustained growth of the market.
The olive oil market size disperses over different segments globally. These segments divide by the criteria of category, packaging, and distribution channel.
By category, the olive oil market size divides into conventional and organic.
On the basis of packaging, the olive oil market divides into bottles, jars, and cans.
By distribution channels
On the basis of distribution channels, the olive oil market divides into a store-based segment and a non-store-based segment. Secondly, the store-based segment further divides into hypermarkets and supermarkets. Additionally, convenience stores also count in distribution channels.
The extra virgin olive oil market divides into different regional markets based on the demand for the oil in different regions. The major regional markets are North America, Europe, and the Asia Pacific. Other minor regional markets of the segment are under the Rest of the World. Olive oil industry analysis points that European countries are the biggest consumer of market basket extra virgin olive oil. The countries of Spain and Italy are natural consumers of market basket extra virgin olive oil because it is integrated into the cuisine. Furthermore, the value of extra virgin olive oil market in the US will also increase in the forecast period. However, the European region will remain the most prominent regional market for extra virgin olive oil.
The competitive scenario of the extra virgin olive oil market showcases the different key players of the market. The key players of the market are as follows.
The olive oil market research highlights the fact that the majority of the key players belong to the European region. There are other key players from different parts of the world. However, olive oil market trends show that the European region is the biggest producer and consumer of extra virgin olive oil. Since olive fruit is produced rampantly in the region, the trend makes sense.
The extra virgin olive oil market research outlook or overview is as follows:
The market research report covers the growth trends of the extra virgin olive oil market. Secondly, the report keeps the present situation of the extra virgin olive oil market while predicting for the forecast period. Thirdly, it throws light on the market dynamics of the segment in the discussion. Moreover, this report also covers the basic segmentation of the market and its regional analysis. The report emphasizes the competitive landscape of the market and its recent developments.
Frequently Asked Questions (FAQ) :
By the end of 2024, the European region, followed by the Asia Pacific Region, will generate the highest revenue.
The overall growth percentage of the extra virgin olive oil market is a projection of 6.2 percent.
The organic extra virgin olive oil segment will drive market demand in the forecast period