NEW YORK, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The IndexBox report on the global olive oil market just released some interesting data. Check out some of their findings below.
Market Size
The global olive oil market size was valued at USD 10.5 billion in 2022 and is expected to reach USD 14.9 billion by 2030, growing at a CAGR of 4.2% over the forecast period (2022-2030). The increase in demand for healthy and natural food products is the major factor driving the growth of the market.
Olive oil is a healthy, natural product that has been used for centuries. Its popularity has grown in recent years as people have become more health conscious and looking for ways to improve their diets. The global olive oil market is expected to grow in the coming years as more people learn about the benefits of this healthy oil.
The main drivers of the global olive oil market are health consciousness and the desire for healthier diets. As people become more aware of the importance of eating healthy, they are increasingly turning to olive oil as a healthier alternative to other oils. Additionally, the growing trend of clean eating and health food trends are also driving demand for olive oil.
Other factors that are contributing to the growth of the global olive oil market include population growth and the rise in disposable incomes. As populations grow, there is an increased demand for all types of food products, including olive oil. Additionally, as incomes rise, people are able to spend more on premium products like olive oil.
The olive oil market is segmented by type, application, and geography. The type segment includes extra virgin olive oil, virgin olive oil, and refined olive oil. The application segment includes culinary, cosmetics, and pharmaceuticals.
Market Trends
The global olive oil market is growing at a rapid pace. The main drivers of this growth are the health benefits associated with olive oil consumption and the increasing popularity of Mediterranean cuisine.
There are several trends that are impacting the olive oil market. First, consumers are becoming more aware of the health benefits of olive oil. This has led to an increase in demand for high-quality olive oils. Second, the popularity of Mediterranean cuisine is on the rise. This is driving up demand for olive oil as a key ingredient in this type of cooking.
Finally, there is a trend towards buying organic and/or Fair Trade certified olive oils. This is due to concerns about the sustainability of the olive oil industry and the impact it has on the environment and local communities.
Market Restraints
Olive oil is a healthy and popular cooking oil, but its high cost is a major market restraint. Other plant-based oils such as canola oil and corn oil are much cheaper than olive oil, so they have a significant price advantage. Additionally, the global olive oil market is highly competitive, with many suppliers vying for market share. This fierce competition further drives down prices and margins.
Finally, the production of olive oil is geographically concentrated in a few regions of the world, namely the Mediterranean Basin. This leaves the market vulnerable to weather-related shocks and other production disruptions. For example, a prolonged drought in Spain – one of the biggest producers of olive oil – could lead to higher prices and shortages of this essential ingredient.
Competitive Landscape
The global olive oil market is highly competitive and fragmented, with a large number of small and medium-sized producers. The top three producers – Spain, Italy and Greece – account for around 56% of the world production.
The European Union is the largest producer and consumer of olive oil, accounting for more than 60% of the world production. Spain is the leading producer with a share of around 56%, followed by Italy (17%), Greece (15%), and Portugal (9%).
Tunisia and Morocco are the largest producers in Africa with a share of around 40% and 35%, respectively.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Borges Agricultural Cooperative, Caroli Olive Oil, Deoleo S.A., Familia Castaño Oleicola SCCL, Hojiblanca SAU, Italian Food Corporation (IFC), Koster Keunen BV, Nudo Adeptio Ltd., Sovena Group, California Olive Ranch, Filippo Berio PLC., Gaea Products S.A., Grupo SOS, Leonardo Alimentare SpA, Lifestyles Inc., Salov SpA Group, Zaytoun - Fair Trade Palestine
Sources
World - Olive Oil - Market Analysis, Forecast, Size, Trends and Insights
EU - Olive Oil - Market Analysis, Forecast, Size, Trends and Insights
Asia - Olive Oil - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Olive Oil - Market Analysis, Forecast, Size, Trends and Insights
