Olive Oil Market | Contrive Datum Insights

The Global Olive Oil Market Size Was Valued At USD 13.77 Billion In 2021. The Market Is Projected To Grow From USD 14.19 Billion In 2022 To USD 17.79 Billion By 2030, Exhibiting A CAGR Of 3.28% During The Forecast Period.

Olive Oil Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. Demand for olive oil is lower than expected in all regions compared to levels before the pandemic. Based on our research, the world market fell by 2.78 percent in 2020 compared to 2019.

The main reason for the market's strong growth is that more and more olive fruit oil is being used in restaurants and grocery stores. Olea europaea fruit oil has also become more popular in many parts of the world because people are more interested in trying out new and different foods. Because it is good for your health in many ways, olea europaea fruit oil is an important part of a Mediterranean diet. Because it has omega-3 fatty acids, more and more people are learning about how good it is for their health. This will increase its demand in the coming years. So, in the past few years, olive fruit oil has been used a lot as an ingredient in making dietary supplements and medicines.

Market Dynamics:

Latest Trends:

Adding more nutrient-rich oils to the diet to lower the risk of certain health problems

Mainly, the growth of the market is driven by the trend of staying healthy and well by switching to healthier oils. In recent years, people have become more likely to include healthy vegetable oils in their regular diets. This is because lifestyle-related health problems have become more common. People's stressful and sedentary lifestyles have made it more likely for them to be overweight or have heart problems. The demand for nutrient-rich oils is mostly driven by the fact that more and more people are learning that eating fats and oils is strongly linked to hypertension and coronary heart disease.

When people buy oil products today, they pay more attention to what the labels say. There is an increasing demand for vegetable oils with specific health claims such as high omega-3, MUFA (monounsaturated fatty acids), and vitamin E due to the rising awareness of their positive health attributes. The product has a lot of MUFAs and antioxidants, both of which help the heart work normally. The market is growing because more and more people want healthy oils like these.          

Driving Factors:

Making more people aware of the health benefits of the products will help the market do well.

People are buying more fats and oils with MUFAs because they are becoming more aware of how good they are for their health. Recently, a number of clinical studies have shown that eating foods high in omega-3 fatty acids can help with heart health and other body functions. People are buying more olive fruit oil now that they know how important it is to get enough essential fatty acids for good health. This is because olive fruit oil has a lot of omega-3s. Because it has healthy fatty acids, antioxidants, and vitamins, olive fruit oil has become a very popular healthy oil around the world.

As ethnic Mediterranean foods become more popular around the world, this has helped increase the demand for olive fruit oil in a big way. Its use in many different kinds of food, like Italian, Greek, and Spanish, has also made it more popular. The growth of travel and tourism and the willingness of consumers to try new flavours, textures, and exotic foods have also helped the market do well.

Rise in Demand for Handmade and Minimally Processed Edible Oils Will Help Businesses Grow

People are becoming more interested in raw, natural, and cold-pressed cooking oils because they are thought to be safer and healthier than processed cooking oils. This has helped the market grow. People think that oils that are minimally processed and made under these claims don't have any harmful chemicals. Since there isn't much or any processing, all of the nutrients stay in the food, making it healthier. Also, virgin and extra-virgin olive oils have become more popular in recent years because they aren't changed much and have stable fatty acid profiles. Due to their clean taste and unaltered organoleptic properties, cold-pressed virgin oils have become more popular, which helps drive the market even more. Also, people around the world are becoming more worried about the environment, which is likely to increase the demand for natural, minimally processed edible olive fruit oil in the coming years.

Restraining Factors:

Having low-cost alternatives to edible oil on the market will slow down market performance.

The high price of olive fruit oil is a big reason why it isn't growing as fast as it could. People are looking for cheaper oils that are just as healthy as Olea europaea fruit oil. Edible oils like canola, sunflower, coconut, and others are becoming more popular because they are high in essential fatty acids, which are good for your health as a whole. This has led the companies that make these products to invest in new technologies that help keep the most important parts of them, and very few nutrients are lost when the oils are made. This made more people want to use rice bran and sunflower oils instead of olive fruit oil. Also, making sunflower oil and other vegetable oils requires less money than making olive oil, which makes it harder for the olive oil market to grow.

Segmentation Analysis:

By Type Analysis:

The market is divided into virgin olive oil, pure or refined olive oil, and other types (lampante oil and pomace oil).

Customers are becoming more aware of the health benefits of virgin olive oil, which is making it more popular among consumers. This is expected to lead to strong sales in the virgin olive oil segment. Omega-3 and oleic acid, which are both found in virgin oil, help prevent diseases like obesity and heart disease that can be caused by the way people live. New ways of processing and technological advances that make it easier for manufacturers to process virgin oils that have the most nutrients in an efficient way also help the market grow.

The pure/refined olive oil market is expected to grow a lot because it is being used more and more in the pharmaceutical, dietary supplement, and beauty industries. The need for olive fruit oil to make high-value animal feed has gone up a lot because more people want animal feed with more nutrients.

By End-user Analysis:

The market is growing mostly because more people are using olive oil to cook at home. As more people learn about how olive fruit oil can help keep them healthy, the demand for different kinds of olive fruit oil in retail channels has grown dramatically. Cold-pressed virgin olive oils are in high demand because it's becoming more popular to eat natural oils that haven't been changed much.

Olea europaea fruit oil is in high demand in the food service industry because it improves flavour and texture without hurting health. Food service retailers have mostly chosen this oil over other cooking oils because consumers want to eat their favourite foods without sacrificing taste.

Olive fruit oil is used to make a lot of different foods, mostly healthy snacks. Because more and more people want healthy snacks, manufacturers have had to add nutrient-dense ingredients like olive fruit oil to make the final product more valuable. Olea europaea fruit oil has also been used a lot in animal feed and medicine to give them more of the nutrients they need. In the coming years, the market is likely to grow because more and more people are using cosmetics with omega-3 to improve the health of their skin and hair.

Regional Insights:

In 2021, the market in Europe was worth USD 6.98 billion. Europe has the most olive trees and makes the most olive oil, which is why the market there is growing so quickly. Italy and Spain are the main countries that make Olea europaea fruit oil and sell it to other countries in other parts of the world. In Europe, the food manufacturing industry needs more Olea europaea fruit oil because functional foods are becoming more and more popular.

In North America, the market is mostly driven by people's growing interest in healthy oils, which help them avoid health problems caused by their busy lives. Studies that show how eating olive fruit oil is good for your health have led to a lot of progress in the region. The demand for Olea europaea fruit oil in the region has gone up because more people are using dietary supplements to keep their overall health and wellness in good shape.

Asia-Pacific is the fastest-growing region. It has a lot of potential for the olive fruit oil industry and is expected to grow faster than the rest of the world. The market is growing because more people are learning about their health benefits and because people have more money to spend on health products that help them feel better. The market is likely to grow even more because more people are going out to eat and trying Mediterranean food. Omega-3 fatty acid-fortified foods are becoming more popular in the region because functional foods and drinks are becoming more popular.

South America is expected to grow a lot because more people are learning about how good olive fruit oil is for their health. Virgin oils are becoming more popular in all kinds of stores as more people want to cook with healthy oils. More and more people are buying skin-healthy cosmetics with omega-3, which is expected to drive up the demand for other types of olive fruit oil in the area.

The Middle East and Africa are becoming a potential market for Olea europaea fruit oil because it is used in so many different dishes and manufacturers are looking at this area as a possible production hub. This is because the government in the area is helping more people plant olive trees. According to data from the Turkish Ministry of Agriculture and Forestry, the amount of olive fruit oil made in Turkey in 2021 was 32% higher than the year before. So, these important factors should help the area grow in the years to come.

Scope Analysis

Recent Development:

• February 2022 – Curation Foods, Inc., under the brand O Olive Oil & Vinegars, launches a batch of Olio Nuovo Extra Virgin Olive Oil, a fresh, intensely flavored seasonal oil.
• June 2021 - Pietro Coricelli, an Umbrian olive fruit oil producer and one of the world's largest and most widely distributed olive fruit oil brands, will join the IBM Food Trust to track extra virgin olive fruit using blockchain technology. announced that it would. Oil.
• January 2021 – Del Monte Foods, Inc. of India launched 1 liter olive fruit oil pouches at competitive prices to make healthy cooking oil affordable.
• August 2020 – Brazil-based Orfeu announces the launch of a new line of olive fruit oils. The company wants to meet the growing demand for this oil in Brazil and strengthen its presence in markets around the world.
• July 2020 – Greek food producer Odysea launched a new range of premium extra virgin olive oils to capitalize on the growing demand for premium healthy oils.

Market Segmentation

By Type:

• Virgin
• Refined/Pure
• Others

By End-user:

• Households/Retail
• Foodservice/HoReCa
• Food Manufacturing
• Others

By Companies:

• Salov SpA (Italy)
• Deoleo S.A. (Spain)
• Conagra Brands, Inc. (U.S.)
• Sovena Group (Portugal)
• Del Monte Foods, Inc. (U.S.)
• Cargill, Inc. (U.S.)
• California Olive Ranch (U.S.)
• Pompeian (U.S.)
• Modi Natural Ltd. (India)
• Borges International Group (Spain)
• Others