Olive Oil Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Olive Oil Market is segmented By Type (Virgin, Refined, Pomace, Others), By Application (Food and Beverage, Pet Foods, Cosmetics & Personal care, Soaps and Lubricants, Others), and By Region (North America, Europe, South America, Asia Pacific,Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Olive Oil Market Size

Global Olive Oil Market is reached USD 13.7  billion in 2022 and is expected to reach USD 17.9 billion by 2031 and is expected to grow with a CAGR of  3.4% during the forecast period 2024-2031.

The market is constantly growing, with a significant increase in demand for olive oil in recent years. Due to the health benefits associated with olive oil consumption, there is a high demand for it in the market. 

The market is segmented into various categories such as extra virgin olive oil, virgin olive oil and refined olive oil. The market is dominated by a few key players, but many smaller players can compete in this market. The market is also highly regulated, with strict quality control measures in place to ensure that the olive oil sold is of high quality.

Olive Oil Market Summary

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Olive Oil Market Trends 

Increasing Nutrient-rich Oil Intake in Diet Drives the Market Growth

The growth of the olive oil market is primarily driven by the trend of maintaining general health and wellness by switching to healthier oil options. Due to the rising prevalence of lifestyle-related health conditions, consumer preference for including healthy vegetable oils in regular diets has increased recently. Obesity and cardiovascular diseases are more common than before as a result of consumers' stressful and sedentary lifestyles. 

The demand for nutrient-rich oils is primarily driven by the growing understanding of the close links between dietary fats and oils and coronary heart disease and hypertension, which are driving the olive oil market growth.

Increasing Awareness of the Health Benefits of the Products to Promote Market Growth 

Consumer demand for MUFA-containing fats and oils has increased as a result of growing consumer preferences for these foods' positive health effects. Consuming foods with omega-3 supplements may help support cardiovascular health and other bodily processes. 

Due to consumers' growing awareness of the value of consuming essential fatty acids in preserving good health, olive oil's high omega-3 content has increased demand among consumers. Olive oil has become incredibly well-known as a healthy oil all over the world because it offers healthy fatty acids, antioxidants and vitamins, which lead to growing the olive oil market.

Olive Oil Market Segmentation Analysis

The global olive oil market is segmented based on type, application and region.

Increased Consumption of Virgin Olive Oil is Expected to Drive the Segment Growth

In 2022, virgin olive oil held the largest revenue share in the global olive oil market. As it contains natural vitamins and minerals and is effective against cardiovascular diseases, osteoporosis, high blood pressure, diabetes and Alzheimer's, demand from health-conscious consumers has contributed to the rise in the market. 

The Mediterranean diet is based on the consumption of healthy fats, such as virgin oil and has been linked to a lower risk of chronic diseases. This has led to an increase in the demand for virgin oil, as consumers are looking to incorporate more healthy fats into their diets.

Global Olive Oil Market Geographical Share

Rising Adoption of Olive Oil in the Pharmaceutical Industry of North America

North America has dominated the global olive oil market because organic olive oil is increasingly being used in pharmaceutical applications. The primary factor driving the market in North America is the rise in consumer interest in healthy oil as a means of preventing lifestyle-related health problems that can result from their busy lifestyles. 

The popularity of nutritional supplements used to maintain overall health and wellness among the pharmaceutical and nutraceutical industries has led to an increase in the demand for olive oil. To meet the demand of consumers manufacturers launching new products with olive oil. 

For instance, on February 22, 2023, in Italy, Starbucks introduced its olive oil coffee drinks. Starbucks is one of the well-known US companies that ran into difficulties when trying to enter the Italian food and beverage market.

Olive Oil Market Companies

The major global olive oil market players include Deoleo, GALLO Worldwide, Lda, Cargill, Incorporated, Broges SA, California Olive Ranch, Fieldfresh Foods Private Limited, Almazaras de la Subbetica, Paolo Bonomelli Boutique Olive Farm, Conagra Brands, Oro del desierto and Sucesores de Hermanos López SA.

COVID-19 Impact on Olive Oil Market 

The COVID-19 pandemic outbreak has caused a sudden drop in both the demand for and the sale of olive oil. Various countries' nationwide curfews caused a disruption in trade, which slowed the industry's expansion. According to the U.S. Census Bureau, American imports of olive oil fell by 13% between 2019 and 2020. 

However, consumers have shifted towards online shopping, increasing e-commerce sales of olive oil. The demand for healthy oils has returned and increased consumption of olive oil.

Artificial Intelligence Impact Analysis

The olive oil market can be analyzed using artificial intelligence to gain insights into various aspects such as consumer behavior, market trends, production and pricing. AI can help analyze consumer behavior by collecting and analyzing data from social media, online reviews and sales data. 

This can help identify key trends and preferences of consumers, such as their preferred flavor profiles, packaging, and price points. AI can be used to analyze weather, soil data and other factors to predict olive yields, which can help farmers and producers plan their production and distribution accordingly.

Key Developments

• In February 2022, Curation Foods, Inc., under the name Olive Oil & Vinegars, introduced Olio Nuovo Extra Virgin Olive Oil, a seasonal oil with a fresh and robust flavor.
• In June 2021, Pietro Coricelli, one of the biggest and best-known brands of extra-virgin olive oil in the world and a producer of olive oil in Umbria, announced that it will join IBM Food Trust in order to track its extra-virgin olive oil using blockchain technology.
• In January 2021, Del Monte Foods, Inc. introduced one-liter pouches of olive fruit oil in India at competitive prices in order to make healthy edible oil more accessible.

Why Purchase the Report?

• To visualize the global olive oil market segmentation based on type, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of benzenoid market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Olive Oil Market Report Would Provide Approximately 53 Tables, 50 Figures and 103 Pages.

Target Audience 2024

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies