9.9% CAGR, India Olive Oil Market Size will Hit $127.5 Million by 2025
Olive oil is a liquid fat that is obtained from olives, a crop typically grown in the Mediterranean Basin. The oil is prepared by pressing whole olives. There are various types of olives such as Picholine, Kalamata, Agrinion olives, Cerignola, and many others, each type is for a particular texture, flavor, or shelf life, which can be used for various applications. By type, the India olive oil market is classified into virgin olive oil, refined olive oil, and pomace olive oil. In 2017, virgin olive oil segment has occupied 15.1% share of the India olive oil market due to its improved nutritional content. Furthermore, the growing acceptance of olive oil in culinary uses is likely to increase its market demand for food and beverage applications.
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The factors that drive the India olive oil market include rise in demand for olive oil continuously from end-user industries, growth in awareness about the various health benefits offered by the oil, increase in usage in the manufacturing of products in the beauty care and cosmetics industry, beverages industry, and pharmaceutical industry among others. Changing lifestyle is also anticipated to drive the India olive oil market growth.
However, higher prices of olive oils and poor domestic production restrict the growth of the olive oil market in India. Nevertheless, government is taking initiative to promote efficient farming techniques developed by the market players, which are effectively increasing the production of olives. These initiatives are estimated to provide impetus to the India olive oil market growth during the forecast period.
Rising consumer awareness about the benefits of olive oil is driving the India olive oil market. Olive oil is rich in healthy monounsaturated fat such as oleic acid, it contains large amounts of antioxidants and has strong anti-inflammatory properties. Olive oil helps in preventing several diseases such as cancer, type 2 diabetes, strokes, and other heart diseases. Apart from this, olive oil is enriched with anti-aging antioxidants and hydrating squalene, making it superb for hair, skin, and nails. Thus, olive oil is majorly used in skincare and personal care products.
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The key players operating in this India olive oil industry include Colavita S.p.A, FieldFresh Foods Pvt Ltd., Deoleo, S.A., Modi Naturals Limited, Cargill Inc., R R Oomerbhoy Pvt Ltd., Ybarra, Rafael Salgado, Borges International Group, S.L., and Hashmitha Enterprise.
Key Findings of the India Olive Oil Market:
The personal care segment was the highest contributor to the India olive oil market in 2017, and is projected to grow at a CAGR of 9.0%.
In 2017, virgin olive oil segment accounted for 15.1% of the India olive oil market and is projected to grow at the most astounding CAGR of 14.5% from 2018 to 2025.
In 2017, pomace olive oil accounted for almost 65.7% of the share in terms of value in the India olive oil market and is projected to grow at a significant CAGR of 9.1%.
Pharmaceutical accounted for the 24.5% market share with CAGR of 9.6% in the India olive oil market, in 2017.
In 2017, the food segment accounted for 20.0% of the India olive oil market share and is expected to grow at the significant CAGR of 12.7%.
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