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Olive Oil Market Analysis, Top Drivers, Key Players, Segmentation And Forecast To 2033
Olive Oil Market Analysis
According to The Business Research Company's, The olive oil market size has grown strongly in recent years. It will grow from $12.21 billion in 2023 to $12.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to cultural shift towards healthier diets, rising demand for gourmet and specialty foods, increased recognition of olive oil's health benefits, expansion of olive oil production regions, marketing and promotion of olive oil.
The olive oil market size is expected to see strong growth in the next few years. It will grow to $16.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increasing global health consciousness, innovations in olive oil products, continued expansion of premium and specialty olive oil segments, environmental sustainability practices, rising global culinary tourism trends. Major trends in the forecast period include shifting consumer preferences to premium and extra virgin olive oils, sustainable and organic production practices, globalization and increased international trade, technological innovations in olive oil production, , regulatory standards and quality assurance.
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Market Drivers and Trends:
The growing demand in the food service and retail industries is expected to propel the growth of the olive oil market in the coming future. The food service sector includes all of the services, activities, and business operations associated with cooking and delivering meals to persons eating away from home like restaurants and fast foods. The retail industry refers to the duties and actions involved in selling commodities directly to customers. The increasing demand for olive oil in food service and retail sectors boosts the olive oil market as it is used in the cooking of various dishes and cuisines in restaurants and household cooking. For instance, in March 2022, according to the International Olive Council, a Spain-based global intergovernmental organization that deals with table olives and olive oil, in the harvest year 2021/22, global consumption of olive oil might grow by 2.9% from the crop year 2020/21 to 3214 500t. Therefore, the growing demand in the food service and retail industries is driving the market.
Product innovation is the key trend gaining popularity in the olive oil market. Major companies operating in the olive oil market are focused on developing innovative products to strengthen their position in the market. For instance, in January 2022, Graza, a US-based manufacturer of extra virgin olive oil, launched two products, Drizzle and Sizzle, the first of their type. They come in squeeze bottles and employ Picual olives, which originated from Andalusia, Spain, a flourishing agricultural region that produces extra virgin olive oil that is always fresh, exceptionally healthy, and never mixed. Drizzle is extracted from olives that are picked during the first week of October, which yields an extremely delicious, aromatic oil that is rich in polyphenols and antioxidants. Sizzle is collected in December, during its prime growing period, when the olives start to turn from green to a stunning purple and green hue and produce more oil.
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Major Key Players of the Market:
Cargill Incorporated; Deoleo S.A.; Del Monte Food Inc.; Gallo Worldwide; Borges International Group; Avenida Rafael Ybarra; Sovena Group; California Olive Ranch Inc.; Salov S.p.A.; Jaencoop Grupo; Colavita S.p.A; EU Olive Oil Ltd.; Sun Grove Foods Inc.; Oil Artajo SL; Aceites Sandua; Tucan Olive Oil Company Ltd.; Domenico Manca S.p.A.; Grampians Olive Co.; Victoria Olive Oil Co.; Les huiles d'olive Lahmar; Minerva Olive Oil; Castillo de Canena; Gaea Products S.A.; Pompeian Inc.; Lucini Italia Co.; Agro Sevilla Group; Bellucci Premium; Costa d'Oro; Grupo Ybarra Alimentación; Monini S.p.A.
Olive Oil Market 2024 Key Insights:
• The olive oil market will grow to $16.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Surging Demand For Olive Oil In Food Service And Retail Sectors Drives Market Expansion
• Graza Redefines Olive Oil Market With Launch Of Drizzle And Sizzle, Pioneering Squeeze Bottle Offerings
• Europe was the largest region in the olive oil market in 2023
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