“Global Olive Oil Market to reach a market value of 26.5 Billion by 2030 growing at a CAGR of 4.9%”
The Global Olive Oil Market size is expected to reach $26.5 billion by 2030, rising at a market growth of 4.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,152.7 Kilo Tonnes experiencing a growth of 5.3% (2019-2022).
The demand for premium and specialty oils, such as extra virgin olive oil, has increased in the North American region. Consequently, the North America region would acquire nearly 25% of the total market share by 2030. Consumers are willing to pay a premium for high-quality, authentic, traceable olive oil products. This trend aligns with a broader interest in gourmet and specialty food products. Hence, these factors can lead to increased demand in the segment.
The increasing awareness of the health benefits associated with the oil consumption has been a significant driver of demand for this culinary oil. Moreover, the oil contains polyphenols, which are powerful antioxidants. These compounds support overall health. Hence, these factors can boost the demand for the oil in the upcoming years. Additionally, the Mediterranean diet, characterized by the oil, fruits, vegetables, and whole grains, has gained global popularity. Additionally, the oil is used to prepare dips, such as hummus, baba ganoush, and various sauces. Thus, owing to these aspects, there will be increased demand for the oil in the upcoming years.
However, the market faces a formidable challenge in the form of climate variability, marked by unpredictable changes in rainfall patterns and temperature fluctuations. Additionally, fluctuations in temperature, including unseasonal warmth or unexpected cold spells, disrupt the delicate balance required for optimal flowering and fruit set. Therefore, these factors can hamper the growth of the market.
On the basis of type, the market is divided into refined, virgin, extra virgin, and others. In 2022, the extra virgin segment witnessed a 12% revenue share in the market. Extra virgin oils exhibit diverse flavor profiles influenced by the olive variety, growing conditions, and harvesting methods. The oil extra virgin is widely recognized for its numerous health benefits. It is abundant in antioxidants, including polyphenols and monounsaturated lipids. Therefore, the segment will witness enhanced growth in the coming years.
Based on application, the market is divided into personal care & cosmetics, pharmaceuticals, food & beverage, and others. In 2022, the personal care and cosmetics segment witnessed a 20% revenue share in the market. The oil is a remarkable natural moisturizer owing to its substantial composition of healthy lipids and antioxidants. The oil helps to lock in moisture, leaving the skin soft and supple. Hence, the segment will grow rapidly in the upcoming years.
Based on distribution channel, the market is segmented into hypermarkets/supermarkets, online, and others. In 2022, the online segment garnered a 30% revenue share in the market. Online marketplaces have experienced a surge in prominence due to the convenience of perusing an extensive assortment of products and providing doorstep delivery.
Free Valuable Insights: Global Olive Oil Market size to reach USD 26.5 billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired 52% revenue share in the market. Europe is a major consumer of the oil, with a strong culinary tradition that includes oil in various dishes. Consumers in countries like Italy, Spain, and Greece often prefer extra virgin oil for its quality and flavor. As a result, these factors can boost the demand in the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 18.2 Billion |
| Market size forecast in 2030 | USD 26.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.9% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 304 |
| Number of Tables | 728 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Form, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | Salov SpA (ShangHai Yimin No.1 Foods (Group)Co., Ltd.), Cargill, Incorporated, Del Monte Foods Private Limited (Del Monte Pacific Limited) (Bharti Enterprises), Conagra Brands, Inc., DEOLEO, S.A. (CVC Capital Partners SICAV-FIS S.A.), Modi Naturals Ltd., Sovena Group (Nutrinveste SGPS, SA) and Pompeian, Inc. |
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $26.5 billion by 2030.
Growing health consciousness and demand for healthy fats are driving the Market in coming years, however, Prevalence of climate and environmental challenges restraints the growth of the Market.
Salov SpA (ShangHai Yimin No.1 Foods (Group)Co., Ltd.), Cargill, Incorporated, Del Monte Foods Private Limited (Del Monte Pacific Limited) (Bharti Enterprises), Conagra Brands, Inc., DEOLEO, S.A. (CVC Capital Partners SICAV-FIS S.A.), Modi Naturals Ltd., Sovena Group (Nutrinveste SGPS, SA) and Pompeian, Inc.
In the year 2022, the market attained a volume of 1,152.7 Kilo Tonnes experiencing a growth of 5.3% (2019-2022).
The Food and Beverage segment led the Market by Application in 2022; there by, achieving a market value of $10.3 Billion by 2030.
The Europe region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $13.4 Billion by 2030.
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