The global olive oil market size is expected to reach USD 18.46 billion by 2030, according to a new study by Polaris Market Research. The report “Olive Oil Market Share, Size, Trends, Industry Analysis Report, By Product (Virgin, Refined, Others); By End Use; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market is predicted to expand as a consequence of increased health awareness and the adoption of healthier lifestyles as a result of an increase in heart disease cases worldwide. According to the World Health Organization, heart and related ailments are the leading cause of death, killing an estimated 17.9 Mn people each year.
For instance, according to a recent study headed by experts from the Harvard T.H. Chan School of Public Health, persons who consume more olive oil may have a lower chance of premature death overall, as well as from particular conditions, including cancer, heart disease, and neurological diseases. A decreased risk of overall and cause-specific mortality was discovered by the researchers in those who used olive oil rather than animal fat.
Global production of olive oils is also increasing as a result of the rising global demand. Global olive oil output for the 2020–21 crop year was estimated at 3 010 000t, 256 500t, or 7.9% less than the previous year. It is anticipated that consumption will be around 3 125 000t (-4.4%), while imports and exports will be 1,122 500t and 1,108 500t, respectively. As people's disposable income increases, the industry is expanding.
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Olive oil is mostly utilized in the restaurant business as a marinade and dressing ingredient and as a cooking oil. Given that hotels and restaurants have closed due to the pandemic, this could be a serious setback for the consumption of olive oil. Due to the slowdown in manufacturing, less olive oil is being used in food production. In the second quarter of 2020, other businesses that use olive oil, like cosmetics and personal care, have also been impacted.
During an outbreak like this, there is likely to be a spike in demand for nutritious and energy-dense snack meals due to the increased need for immunity-boosting food products. The growing interest in health and wellness has contributed to the rise of products with targeted health benefits.
Olive Oil Market Report Highlights
Polaris Market Research has segmented the Olive Oil Market report based on product, end use, and region:
Olive Oil, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Olive Oil, End Use Outlook (Revenue - USD Billion, 2018 - 2030)
Olive Oil, Regional Outlook (Revenue - USD Billion, 2018 - 2030)