New York, US, June 23, 2023 (GLOBE NEWSWIRE) -- Extra Virgin Olive Oil Market Overview:
According to Market Research Future (MRFR), the global “extra virgin olive oil market value is poised to escalate from USD 9.5 billion in 2022 to USD 14.41 billion by 2030, growing at a 5.30% CAGR during the assessment period (2023-2030).” The global extra virgin olive oil market is likely to grow rapidly. The rising demand for olive oil in both the food service and retail sectors would drive market growth.
Substantial investments made by manufacturers to improve extraction techniques create significant opportunities for market development, improving the olive oil quality. The rising use of oil in cosmetics & personal care industries and the growing demand for healthy cooking oil boosts the market size. Rising awareness and adoption of healthier lifestyles enhance the extra virgin olive oil market growth.
Due to its significant nutritional value and health benefits, extra virgin olive oil is also used in several medicines. Also, the growing consumption and demand for premium olive oil or cold-pressed olive oil accelerate market shares. The extra virgin olive oil market is garnering exponential traction, witnessing massive consumption and demand across the globe.
The rise in the population and economy worldwide are some of the major factors fostering the growth of the global extra virgin olive oil market. The growing demand for olive oil flavors in the food & beverage and personal care product industries boosts the market's growth. The rising consumption of extra virgin olive oil in nutraceuticals and health supplements is a significant tailwind for the market increase.
Additionally, the growing olive oil production led by the increasing government initiatives to increase yield positively impacts market growth. Also, the massive consumption of extra virgin olive in the manufacturing of Mediterranean foods, gourmet ingredients, and animal feed is expected to lead to market growth in the future.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 14.41 billion |
| CAGR | 5.30% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Category, Packaging, Distribution Channel, and Region |
| Geographies Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Market Drivers | Increasing the use of olive oil in personal/ skincare products and pharmaceutical drugs to boost the market growth |
Competitive Analysis
Leading extra virgin olive oil market players include,
- TheStar Fine Foods - Borges USA
- Agro Sevilla Group
- Miguel Gallego SA
- Nutrinveste SGPS
- S A
- DEOLEO
- Carapelli Firenze SpA
- among others.
Highly competitive, the global extra virgin olive oil market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive share in the market, strategic initiatives such as mergers & acquisitions, partnerships, collaboration, product launches, and expansion remain the key trends of these fervent players.
Extra virgin oil brands are increasingly focusing on their research activities to develop new & innovative products. They make substantial investments to drive RD activities for advanced extraction techniques or improve their technologies. They also invest heavily to expand their global footprints by forming a strategic partnerships or collaboration with distributors.
For instance, on May 17, 2023, Deoleo, a leading global olive oil company, launched new levels of verified sustainability in its products, reaffirming its commitment to raise industry standards. Taking a major step ahead in its sustainability strategy, the olive oil company launched new SKUs of the Bertolli and Carapelli brands offering sustainability assurances to consumers nationwide.
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Segments
The extra virgin olive oil market report is segmented into categories, packaging, distribution channels, and regions. The category segment is sub-segmented into organic and conventional. Of these, the organic segment accounts for the majority of the market shares due to the growing consumer awareness of olive oil health benefits. On the other hand, conventional is the fastest-growing segment, witnessing the increasing use in the manufacturing of high-value, nutrient-enriched animal feed.
The packaging segment is sub-segmented into bottles & jars, cans, and others. Of these, the bottles & jars segment dominates the market, witnessing the increasing demand for beauty products. Simultaneously, cans are the fastest-growing segment over the forecast period. Over recent years, the growing demand for canned food has significantly increased, which boosts the segment's growth.
The distribution channel segment is sub-segmented into non-store-based and store-based. Among these, the non-store-based segment accounts for the largest market share due to the increasing penetration of the Internet. On the other hand, store-based is the fastest-growing segment, witnessing growing demand. By regions, the extra virgin olive oil market is sub-segmented into the Asia-Pacific, Americas, MEA, Europe, and the rest of the world.
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Regional Analysis
North America dominates the global extra virgin olive oil market. The increasing awareness among consumers about the benefits of extra virgin olive oil and the growing demand for natural and highly nutritious ingredients drive market growth. Industry players in the region are increasingly focusing on manufacturing techniques and strengthening distribution channels to make extra virgin olive accessible to customers across the globe. The US and Canada are among the major markets contributing to the regional market growth.
Globally, Asia-Pacific is another lucrative market for extra virgin olive oil. The growing demand from the cosmetics & personal care and food & beverage industry is a key driving force. India is the second-largest market for extra virgin olive oil in this region after China. The nation is also working on increasing the production of extra virgin olive oil by expanding the olive plantation area. The APAC extra virgin olive oil market is expected to register a notable CAGR during the forecast period.
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