Olive Oil Market Size, Share, COVID-19 Impact, New Developments, Segmentation, Revenue and Forecast by 2029
The global olive oil market size was 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 2029 at a CAGR of 3.28% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, “Olive Oil Market, 2022-2029″. As per the report, the market is likely to grow during the projected period due to increasing awareness about the health benefits of incorporating the oil in the diet.
Disrupted Supply Chain and Halted Manufacturing Amid Pandemic Hampered the Market Growth
The COVID-19 pandemic greatly impacted the olive oil market growth due to disrupted supply chains. Also, governments imposed strict restrictions on import/export policies, due to which raw material supply was hampered during the pandemic. Furthermore, the manufacturing and production units were halted to restrict virus spread and maintain social distancing norms. These factors hampered the global market expansion and development during the pandemic period.
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Virgin Olive Oil Segment to Dominate Market Due to Rising Demand for High Nutrient Content
By type, the market is trifurcated into virgin olive oil, refined/pure olive oil, and others (lampante oil and pomace oil). The virgin olive oil segment is expected to hold the largest market share due to increasing demand for high nutrient content and rising awareness of nutritious food products.
Increasing Utilization of Olive Fruit Oil in Household to Bolster Segmental Growth
Based on end-user, the market is categorized into households/retail, food service/HoReCa, food manufacturing, and others (animal feed, pharmaceuticals, and dietary supplements). The increasing use of the oil in foodservices and households is projected to bolster the segmental growth in the coming years.
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides complete information and insights on recent developments and trends in the market. Also, the impact of COVID-19 pandemic on global market development is highlighted further in this report. Furthermore, the drivers and restraints affecting the market growth during the projected period are mentioned further in the report. Regional market insights on segmented market areas are provided further along with a list of key market players in the industry.
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Drivers & Restraints:
Rising Adoption of Nutrient-Rich Oils to Augment Growth
The market is projected to grow during the forecast period due to increasing adoption of nutrient-rich oils in the diet. Also, rising awareness regarding the health benefits of these products is anticipated to bolster market growth. Furthermore, the surging popularity of cold-pressed, artisanal edible oils, and raw oils is expected to drive the market.
However, the availability of low-cost alternatives may hinder market growth.
Europe Dominates Global Market Share Due to Rising Demand for Functional Foods
Europe holds a dominant global olive oil market share due to increasing production of oil and rising supplies. Also, the surging popularity of functional foods among the population is projected to fuel the regional market growth. Europe stood at USD 6.98 in 2021 and is projected to grow at a substantial CAGR in the coming years.
North America is projected to grow at a fast pace during the forecast period due to rising demand for healthy oils. Also, the increasing adoption of dietary supplements is anticipated to bolster market growth.
Expanding Manufacturing Capacities Allow Companies to Propel Growth
The leading market players implement various strategies to propel growth and improve their business performance. Also, the companies plan to enhance their product portfolio by introducing products to attract global customers. These strategies allow key market players to globalize their brands.
Key Industry Development:
- December 2020: Conde de Benala, a Spanish olive fruit oil cooperative, and Rolar de Cuyo, an Argentinian olive fruit oil supplier, have joined the IBM Food Trust’s blockchain network. The IBM Food Trust platform intends to track the product’s supply chain to ensure quality and authenticity for consumers.
List of Key Players Profiled in the Report:
- 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)
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