Farmington, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The global Extra Virgin Olive Oil market was valued at 1451.1 Million in 2022 and is projected to reach US$ 1842.8 Million by 2030 at a CAGR of 3.5% during the forecast period. Extra virgin olive oil is a great thing to have in your kitchen because it can be used for many things, has a rich flavour, and is great for your health. It is the olive oil that has been processed the least and is often thought to be the healthiest. Extra virgin olive oil has monounsaturated fatty acids that are good for your heart. This oil is great for cooking because it has just the right amount of omega-3 and omega-6 fatty acids.
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Anti-inflammatory oleocanthal and oleuropein are two of the most important antioxidants in olive oil. In some studies, 10 g of fresh olives with the pits taken out were used. Each olive had almost 20 mg of oleuropein. So, the rise in earnings from extra virgin olive oil around the world is driving the growth of the extra virgin olive oil industry and helping to shape the outlook for the global extra virgin olive oil industry.
Extra Virgin Olive Oil Market Recent Developments:
- Deoleo SA has invested in the olive fruit business to ensure future supplies are not interrupted. The key player recently saw a capital increase of €25 million.
- In March 2021, Esporão introduced a novel organic extra virgin olive oil in Portugal. It was manufactured in the Olive Mill of Herdade do Esporão.
Extra Virgin Olive Oil Market Segmentation Analysis:
Extra virgin olive oil is mostly used for cooking, which accounts for more than two-thirds of the market. The demand for Extra Virgin Olive Oil in this sector is likely to be driven by the rising popularity of Mediterranean food. Extra Virgin Olive Oil is used in cosmetics more than one-third of the time, making it the second-largest market segment. This sector is likely to grow because more and more people want natural and organic products. The cosmetics application is expected to grow faster than other applications because people want skin care products and other beauty products a lot. Fuel is the third biggest use for Extra Virgin Olive Oil, making up more than a tenth of the market. Electric cars are becoming more popular, which is likely to increase the need for Extra Virgin Olive Oil in this sector. Because more people are learning about the health benefits of olive oil and how it can be used in different medical treatments, the pharmaceutical application is expected to grow the fastest.
Regional Outlook:
In North America, the market is expected to grow at a moderate CAGR because more people are becoming aware of how important healthy food is. Over the past few years, the number of big players like Corto Olive Oil Co., California Olive Ranch, Lucini Italia Group, Cobram Estate, and Bertolli has grown a lot.
Europe is one of the biggest markets for extra virgin olive oil, both around the world and in Europe. It can be made there or brought in from other places. Countries with high rates of consumption, like Spain, Portugal, and Italy, which is a major producer, will drive the market over the next few years.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 3.5% from 2023 to 2030 |
| Market Size in 2022 | USD 1451.1 Million |
| Revenue Forecast by 2030 | USD 1842.8 Million |
| By Type | First Grade, Second Grade, Others |
| By Packaging | Bottles, Jars, Cans |
| By Applications | Cooking, Cosmetics, Pharmaceuticals, Others |
| By Companies | Lamasia, Sovena Group, Gallo, Grup Pons, Maeva Group, Ybarra, Jaencoop, Deoleo, Carbonell, Hojiblanca, Mueloliva, Borges, Olivoila, Betis, Poulina, Minerva, And Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Extra Virgin Olive Oil Market dynamics:
Drivers
The market for extra virgin olive oil is growing because people want to live healthier lives and do things in an organic way. People know that MUFAs are good for your health. The market for extra virgin olive oil is driven in large part by people who care about what they eat. Omega-3 fatty acids are important for the body, which is another reason why people want extra virgin olive oil. A big reason why the market is growing is that people are becoming more interested in Mediterranean food. Olive oil is used a lot in Mediterranean food, and people like extra virgin olive oil because of how good it tastes and how strong it is.
Opportunities
People's growing interest in cooking with unusual ingredients is a big chance for the extra virgin olive oil market to grow. Extra virgin olive oil can sell even better if people are interested in Greek and Mediterranean food. The extra virgin olive oil market has a chance to grow even if people use unusual ingredients in their homes. People's renewed interest in raw cold-pressed oils as food and for other uses is also a golden chance. If market leaders see these chances, they can drive growth over the next few years.
Restraints
The prices of extra virgin olive oil are going up quickly, which is a market problem that key players still have to figure out how to deal with. The olive fruit is a strange fruit that only grows in a few places on Earth. It costs a lot to get it. Due to the pandemic, it has become more expensive. So, the price of extra virgin olive oil will go up right after the pandemic. Key players need to figure out how to work with this limitation without losing more money.
Extra Virgin Olive Oil Market Key Segments Covered:
Top Market Players:
Lamasia, Sovena Group, Gallo, Grup Pons, Maeva Group, Ybarra, Jaencoop, Deoleo, Carbonell, Hojiblanca, Mueloliva, Borges, Olivoila, Betis, Poulina, Minerva, And Others.
Extra Virgin Olive Oil Market by Types:
- First Grade
- Second Grade
- Others
By Category
- conventional
- Organic
By Packaging
- Bottles
- Jars
- Cans
By distribution channels
- Store-based
- Non-store-based
Extra Virgin Olive Oil Market by Applications:
- Cooking
- Cosmetics
- Pharmaceuticals
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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