AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
LONDON, GREATER LONDON, UK, August 12, 2024 /EINPresswire.com/ -- The global olive oil market is projected to grow from $12.21 billion in 2023 to $12.86 billion in 2024, at a compound annual growth rate (CAGR) of 5.3%. Despite challenges from fluctuating production levels, the market is anticipated to reach $16.04 billion by 2028 at a compound annual growth rate (CAGR) of 5.7%., driven by increasing health consciousness and innovations in olive oil products.
Increase in Olive Oil Production Drives Market Growth
The increase in olive oil production is a significant factor contributing to the growth of the olive oil market. Olive oil, a liquid fat derived from olives, is integral to various culinary traditions and health-focused diets. According to Oils and Fats International, olive oil output is expected to reach 3.2 million metric tons in 2023–24, a 24% increase over the previous year's record low. This rise in production helps stabilize market supply, prices, and availability, driving the growth of the olive oil market.
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Key Players and Market Trends
Key players such as Cargill Incorporated and Deoleo S.A. are focusing on product innovation to capture market share. For instance, Graza, a US-based manufacturer, launched innovative extra virgin olive oils, Drizzle and Sizzle, in January 2022. These products feature unique packaging and high-quality Picual olives from Andalusia, Spain, aimed at enhancing consumer experience and health benefits.
In a strategic move, Cargill is expanding its product range with essential oils to enhance poultry feed, leveraging its expertise in the olive oil sector to innovate and meet evolving market demands.
Trends Shaping the Market
The major trends in the olive oil market include:
• Shifting Consumer Preferences: A growing demand for premium and extra virgin olive oils.
• Sustainable and Organic Production: Increased focus on eco-friendly and organic production practices.
• Technological Innovations: Advances in olive oil production technology.
• Globalization: Rising international trade and culinary tourism.
• Regulatory Standards: Enhanced quality assurance and regulatory compliance.
Market Segmentation
The olive oil market is segmented as follows:
• By Type: Virgin Olive Oil, Refined Olive Oil, Extra Virgin Olive Oil, Olive Pomace Oil
• By Nature: Conventional, Organic
• By Distribution Channel: B2B Suppliers, Supermarkets or Hypermarkets, Grocery Stores, Online Retail, Other Distribution Channels
• By End User: Food Processing, Food Service, Cosmetics and Personal Care, Pharmaceuticals, Other End Users
Geographical Insights: Europe Leading the Market
Europe led the olive oil market in 2023 and is expected to continue its dominance. However, the Asia-Pacific region is forecasted to be the fastest-growing market during the forecast period, driven by rising health awareness and increasing demand for gourmet foods.
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Olive Oil Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Olive Oil Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on olive oil market size, olive oil market drivers and trends, olive oil market major players, competitors' revenues, market positioning, and market growth across geographies. The olive oil market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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