Olive Market Size, Share, Growth
The global olive market, valued at USD 13.6 million in 2021, is projected to grow at a compound annual growth rate (CAGR) of 3.0% during the forecast period. The market is experiencing robust growth due to the increasing demand for olive fruit oil across food service and retail channels. The heightened interest in exotic cuisines has significantly contributed to the popularity of Olea europaea fruit oil worldwide. This oil is an essential component of the Mediterranean diet, renowned for its numerous health benefits, including its rich omega-3 fatty acid content, driving its demand in the coming years. Olive fruit oil is increasingly used in dietary supplements and pharmaceuticals, reflecting its growing acceptance and utilization.
Know More:https://www.fairfieldmarketresearch.com/report/olive-market
Health Benefits Fueling Market Expansion
The growing awareness of the health benefits associated with olive oil is a primary driver of market growth. Recent clinical studies have highlighted the positive effects of monounsaturated fatty acids (MUFAs) on cardiovascular health and other bodily functions. The high omega-3 content in olive fruit oil has increased its demand among health-conscious consumers. The oil's popularity as a healthy option supplying antioxidants, beneficial fatty acids, and vitamins has surged in recent years. Additionally, the rising popularity of ethnic Mediterranean cuisines, such as Italian, Greek, and Spanish, which heavily incorporate olive fruit oil, further boosts market growth. The trend of consuming raw, cold-pressed, and artisanal edible oils is also contributing to market expansion.
Impact of COVID-19 on the Olive Market
The COVID-19 pandemic caused a temporary decline in the demand and sale of olive oil. Nationwide lockdowns disrupted trade activities, slowing industry growth. According to the U.S. Census Bureau, olive oil imports in 2020 decreased by 13% in the U.S. compared to 2019. However, concerns about immunity and overall health have revived the demand for healthy oils, a trend expected to continue post-pandemic. Increased interest in home cooking due to food safety concerns has also boosted olive oil sales in Mediterranean countries. Re-establishing oil trade networks is anticipated to drive market growth during the forecast period. In emerging economies like India, the demand for healthy edible oils increased during the pandemic, with olive fruit oil gaining popularity for home cooking and gourmet experiences.
Drivers of Market Growth
Popularity of Artisanal and Minimally Processed Edible
Oils
The market is witnessing a growing interest in raw, natural, and cold-pressed cooking oils perceived as safer and healthier than processed counterparts. Minimally processed oils, including virgin and extra-virgin olive oils, retain their nutritional value and have a solid fatty acid profile, driving their demand. The clean flavor and unaltered properties of cold-pressed virgin oils are particularly appealing to health-conscious consumers. Additionally, environmental sustainability concerns are likely to enhance the demand for natural and minimally processed olive fruit oil.
Increasing Awareness of Health Benefits
The rising appreciation for MUFAs due to their health benefits has fueled consumer demand. Clinical studies suggest that omega-3 enriched products support cardiovascular health and other functions. The high omega-3 content in olive fruit oil boosts its demand among health-conscious consumers. The popularity of ethnic Mediterranean cuisines and the trend of experimenting with new flavors and exotic cuisines also contribute to market growth.
Restraints on Market Growth
Presence of Low-cost Edible Oil Alternatives
The high cost of olive fruit oil is a significant hindrance to market growth, leading consumers to seek cheaper alternatives like sunflower, coconut, and canola oils. These alternatives are gaining traction due to their essential fatty acid content and health benefits. Manufacturers are investing in advanced technologies to retain essential properties in these oils, further challenging the olive oil market. The lower production costs of vegetable oils also restrain the growth of the olive oil market.
Regional Insights
Europe: Leading the Market
Europe dominates the global olive market, being the largest consumer, producer, and exporter of olives. The region's harvested area of olives and consumption volume of table olives have significantly increased. Countries like Italy, Spain, Greece, and France account for over 80% of Europe's consumption. The market in North America is driven by the rising interest in healthy oils to prevent lifestyle-related health conditions. The increasing popularity of dietary supplements and nutraceuticals also boosts the demand for olive fruit oil in this region.
Competitive Landscape
Key players in the global olive market include Pietro Coricelli, Orfeu, Eugene Brunel, Two Brothers Organic Farms, Adamakis Olives, Servicentral Agrosevilla SL, Bell-Carter Foods, LLC., OliveOilsLand, Aceituna Verde SL, Mantziolive Hellas, Olive Line International, S.L., and OLIVES ESCAMILLA.
Regional Classification
• North America: U.S., Canada
• Europe: Germany, France, Spain, U.K., Italy, Russia, Rest of Europe
• Asia Pacific: China, Japan, India, Southeast Asia, Rest of Asia Pacific
• Latin America: Brazil, Mexico, Rest of Latin America
• Middle East and Africa: GCC, South Africa, Rest of Middle East & Africa