Newark, June 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 14.6 billion in 2022 olive oil market will reach USD 20.5 billion by 2032. Olive oil is an oil produced from olives that contains beneficial fatty acids such as oleic acid, palmitic acid, and linoleic acid. It is a healthy cooking oil. Because of its worldwide appeal, the market offers a diverse selection of olive oils. Its nutritional profile contains vitamin D, monosaturated fats, and strong antioxidant levels. Apart from being used as a cooking oil, olive oils are also employed in a variety of other uses. Olive oil, for example, has hydrating and exfoliating characteristics, making it ideal for skincare as well as personal care applications.
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Key Insight of the olive oil Market
Asia Pacific is anticipated to expand at the fastest CAGR of 5.3% over the projection period.
Asia Pacific is anticipated to expand at the fastest CAGR of 5.3% over the projection period. The market's expansion can be attributed to rising disposable incomes and greater awareness of its health advantages, which allow customers to spend on healthcare goods that improve wellness. The increased popularity of dining out and testing out Mediterranean food is projected to accelerate the market's growth. The region's growing popularity of functional foods and drinks is leading to an increase in demand for omega-3 fatty acid-fortified foods.
In the olive oil market, the virgin segment dominated the market in 2022 with a market share of 41.3%.
The virgin segment dominated the market in 2022 with a market share of 41.3%. Within the larger olive oil market, the virgin olive oil market is a significant segment. For its superiority, taste, and health advantages, virgin olive oil is extensively valued. Due to its alleged health advantages and distinctive taste profile, customer demand for virgin olive oil is rising. Monounsaturated fatty acids, antioxidants, and other bioactive chemicals found in virgin olive oil are all linked to a number of health benefits, including cardiovascular wellness, anti-inflammatory characteristics, and potential disease prevention.
In the olive oil market, the food service segment is expected to register the fastest CAGR of 4.8% over the projected period.
The food service segment is expected to register the fastest CAGR of 4.8% over the projected period. The market for food services is significant for the olive oil sector. The food service industry, which includes restaurants, hotels, cafés, catering services, and other businesses that produce and serve food, uses olive oil extensively. In the food service sector, olive oil is a versatile component used in a variety of culinary recipes. It is frequently used to enhance the flavored and richness of foods while sautéing, frying, grilling, and baking. The distinct flavor and scent of olive oil enhance the general excellence and appeal of the food provided in restaurants and other food service businesses.
Market Dynamics
Driver
The desire for unique tastes and ingredients is rising as customers become more daring in their culinary preferences. Olive oil satisfies changing customer expectations due to its distinctive flavor and capacity to improve the flavor of many different foods. The market for olive oil has also been increased by the appeal of international cuisine and healthy eating trends.
Opportunity
The manufacturing of flavored and enhanced olive oils offers customers value addition in the olive oil industry. These goods, including olive oils that have been infused with garlic, lemon, or chili, are made to satisfy customer desires for unusual flavors and culinary discovery. Creating unique and appealing product versions could help in gaining new customers and increasing market share. Additionally, the expansion of online retail and e-commerce platforms offers a practical and accessible avenue for the selling of olive oil. Producers may use internet platforms to connect with a wider range of consumers both locally and abroad. Direct-to-consumer e-commerce methods may also help producers build stronger connections with clients and provide customized services.
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Some of the major players operating in the olive oil market are:
• Salov SpA
• Deoleo S.A.
• Conagra Brands, Inc. (U.S.) Sovena Group
• Del Monte Foods, Inc.
• Cargill, Inc.
• California Olive Ranch
• Pompeian
• Modi Natural Ltd.
• Borges International Group
Key Segments cover in the market:
By Type
• Extra Virgin
• Virgin
• Pure/Refined
• Others
By End-user
• Foodservice/HoReCa
• Household/Retail
• Food Manufacturing
• Others
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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