Dublin, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The "North America Olive Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The olive industry in North America is witnessing significant growth as new trends emerge and market demands evolve. A recent analysis focusing on the development and forecast of the North America Olive Market reveals substantial growth patterns, with an estimated increase in market size from $6.53 billion in 2023 to $8.63 billion by 2028. This reflects a steady compound annual growth rate (CAGR) of 5.74% during the forecast period.
Increasing Demand for Olive Oil Drives Market Expansion
With health and dietary preferences shifting towards olive oil consumption, the North America Olive Market is experiencing an upward trajectory. Consumers' recognition of the health benefits associated with olive oil, such as its monounsaturated fats and antioxidants, is fuelling demand. The growth is further sustained by the burgeoning popularity of Mediterranean cuisine, which uses olive oil extensively, and rising consumer preference for organic and natural food products.
United States as the Pillar of North American Olive Production
California, acknowledged for sharing a climate similar to key Mediterranean olive oil-producing nations, is the bedrock of U.S. olive production, contributing more than 95% to the total output. With organic farming practices taking center stage, the U.S. olive industry is adapting to cater to the growing demand for organic olives and olive oil. Moreover, the United States, while being a prominent producer, is also a significant importer of olive oil, sourcing a majority from traditional Mediterranean producers such as Spain, Italy, and Greece. The consumption statistics exhibit a shift from pomace olive oil to categories like pure, extra light, and virgin, underpinning the overall market growth.
- The olive industry is witnessing a surge due to an increased focus on health-conscious eating habits.
- With the U.S. being home to the lion's share of North American olive production, the industry leverages favorable climatic conditions and organic farming for market growth.
- Demand for premium, organic olives and olive oil is escalating, pushing local growers to innovate and expand.
- Production in other areas such as Mexico is being explored for potential growth to meet regional demand.
The latest market analysis delves into these trends, offering an incisive look at the factors propelling the North America Olive Market towards significant growth through 2028. This comprehensive overview of the market dynamics provides a valuable tool for stakeholders to navigate the landscape of the olive industry in North America. For organizations looking to understand the intricacies of consumer behavior, production trends, and dynamic market forces, this analysis serves as an indispensable resource, shedding light on the prospects and challenges that lie ahead for the growing olive industry in North America.
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