Olive oil is obtained by crushed and processed from olive fruits utilizing high technologies such as hydrolysis and cold-press techniques. The nutritional value of olive oil and the taste and flavor that it adds to the dishes are considered the major drivers of the olive oil market. The increasing utilization in the applications like cooking, medicines, cosmetics, and significant others are propelling the overall growth of the olive oil market. Moreover, the current market players are focusing on R&D and keep launching new flavors and bringing in better quality with advanced technologies.
The prevalence of medical conditions such as diabetes, and heart-related and immune system-related issues are propelling the consumption of olive oil. Since olive oil contains antimicrobial, anti-inflammatory, and antioxidant properties are propelling a huge consumer base to replace refined oils with olive oils. The availability of raw and virgin olive oils in the market is also considered a key driver for olive oil market growth.
Covid 19 Analysis:
The disruption created across the industry verticals and significant other industries due to prolonged lockdown are considered key restraining factors for the growth of the olive oil market. The disruption in trade activities and reduction in imports have affected the overall growth of the market. For instance, a recent report from the US census bureau reported that the import has decreased by 13% in the year 2020 compared to the previous years. However, the increased concerns related to immunity and overall health-related issues have created a huge impact on the growth of the olive oil market during the pandemic as well.
The Mediterranean countries exhibit a higher inclination towards home cooking and healthy dietary habits. Such factors have propelled the overall growth of the olive oil market during the pandemic. However, after the relaxation of the norms and regulations imposed by the government several market players had re-established the oil trade networks and thereby fuelled the overall growth of the olive oil market.
The increasing demand from the potential end-user like cosmetics, personal care, pharmaceutical products, and higher benefits against hair fall, skin nourishment, and other factors are propelling the overall growth of the olive oil market.
The increasing inclination towards the Mediterranean diet and the choice of food cultures that are enriched with antioxidants and source of mono-unsaturated fatty acids as a through-diet treatment for significant health conditions are considered major drivers of the market. Moreover, the emergence of social media influencers and other factors are creating huge awareness regarding the benefits of consuming olive oil and the by-products, thereby propelling the overall growth of the olive oil market.
The increasing medical emergencies and conditions related to heart diseases, contagious diseases, and immune system-related diseases across the globe are presenting higher growth opportunities for the overall growth of the olive oil market during the forecast period. Moreover, the presence of key market players and emerging across the globe to cater to the demand for the region which is not suitable for cultivation of the olive fruits are expected to bolster the overall growth of the olive oil market during the forecast period.
The key manufacturers and the creative packaging techniques which ensure retaining potential consumers and showcases differentiation and brand awareness in sales and other sectors are expected to boost the overall growth of the olive oil market during the forecast period.
The presence of low-cost replacement oils in the market which is processed with minimal processing costs and marketing costs is considered as a major restraint of olive oil market growth. The requirement of advanced technologies for processing olive oil to retain the nutrients for longer shelf life and other factors are considered major restraints of the market.
Lower popularity in the growing economic countries and lesser awareness regarding the benefits of consuming olive oil are some of the major restraints of olive oil market growth.
Recent studies regarding the overconsumption of olive oil such as massive fall in blood pressure, dizziness, light-headedness, and stroke are considered as a major challenge for the overall growth of the market. The awareness about these factors and the educated sector of the regions are considering the effects before consuming anything. Such factors are considered as major challenges for olive oil market growth.
The requirement for the higher capital investment for the processing of olive oil and inadequately skilled people in the industry to operate the technologies are considered as major challenges for the overall growth of the olive oil market.
Cumulative Growth Analysis:
The market growth is highly influenced by the increasing demand in the foodservice sector and retail channels. The advent of online platforms and the presence of key market players and developers who are adopting advanced technologies to manufacture virgin olive oil with the highest amount of nutrients are some of the major drivers of olive oil market growth. The presence of medical complications like cardiovascular diseases, osteoporosis, high blood pressure, diabetes, Alzheimer's, and significant others are cured with the consumption of olive oil and thereby increasing the overall growth of the market.
Value Chain Analysis:
Olive oil market growth is highly influenced by the demand for the virgin and pure form of olive oil obtained. The factors like increasing awareness regarding the health benefits due to the presence of omega-3 and oleic acid are effectively preventing lifestyle-related disorders like obesity and cardiovascular diseases. Moreover, the advent of advanced processing techniques which enables the manufacturers to produce extra-virgin olive oil with the highest amount of nutrients is driving the market growth. The increasing utilization of olive oil in the departments like pharmaceuticals, dietary supplements, cosmetics, and commercial purposes are further propelling the olive oil market growth in recent years.
On the other hand, the increasing utilization of olive fruit in animal feed and the increasing growth of poultry farming with advanced techniques are presenting a favorable environment for market growth. The growing consumer interest in Spanish and Italian dishes and inclination towards exotic dishes and nutrient-rich foods are some of the major drivers of olive oil market growth.
Based On Type
Based on Category
Based on Distribution Channel
Currently, Europe is leading in the market share of the olive oil market, which accounted for about USD 6.67 billion in the year 2019 and the expansion of olive oil farms across the region are presenting favorable condition for the overall growth of the market. Among other parts of the world, Italy and Spain are the prominent countries that are producing and supplying olive oil to other parts of the world. Since varied Mediterranean food culture includes olives and olive oil in a huge spectrum and increasing inclination of the potential consumers across the region are presenting lucrative opportunities for the overall growth of the market. Moreover, the increasing value of the food industry and the increasing awareness regarding the health benefits related to omega-3 and oleic acid, and the growth in the retail sectors across the region are providing a favorable environment for the olive oil market growth.
On the other hand, the Asia-pacific region is expected to witness a higher growth rate in the olive oil market. The inclination towards varied food and cooking-related experiments carried out across the region and the rising awareness concerning the health benefits associated with consuming olive oil and increasing disposable income are some of the major drivers of market. The growth of the food and beverage industry and the inclination towards trends toward Mediterranean food like pizzas and pasta are propelling the overall growth of the olive oil market across the region.
In the year 2018, one of the leading market players, Deoleo which is known for its authentic olive oil production had launched its product in the new packaging format, which is an oval-shaped bottle and has thereby created Piazza dell anfiteatroto. This adoption has created a huge consumer base for their product.
In the year 2021, one of the leading market players, Pompeian Inc has launched a series of three olive oil and vinegar which had showcased their uniqueness in the category progression in flavor profile and brought in a large spectrum of flavor experiences as well.
In the year 2020, one of the leading market players, Orfeu which is a Brazilian-based company had announced their series of olive oils, which caters to the growing demand of the country and thereby amplified the overall growth of the olive oil market across the region.
This report has covered:
Frequently Asked Questions (FAQ) :
•Cosmetic and personal care
•Salov SpA (Tuscany, Italy)
•Deoleo S.A. (Madrid, Spain)
•Sovena Group (Alges, Portugal)
•Del Monte Foods, Inc. (California, U.S.)
•Cargill, Inc. (Minnesota, U.S.)
•Bertolli, Inc. (Madrid, Spain)
•Aceites La Masia (Barcelona, Spain)
•Gallo (California, U.S.)