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
- Virgin olive oil is anticipated to rule the olive oil industry in 2021. The popularity of this product among customers as a result of growing consumer knowledge of its health benefits is one of the main factors driving this market’s expansion.
- In 2021, the market will fundamentally grow due to the expanding household demand for olive oil. Retail demand for different types of olive fruit oil has greatly increased due to the growing understanding of the role that olive fruit oil plays in maintaining good health.
- European market dominates the market position. The main factor driving the market’s explosive growth in Europe is the region’s greatest production and cultivation of olive trees. Demand for Olea europaea fruit oil has risen in European manufacturing as functional foods become increasingly popular.
- Major players operating in the global market include Cargill, Deoleo, Del Monte Foods, Gallo Worldwide, BORGES, and Avenida Rafael Ybarra.
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)
- Others (Lamp ante Oil, Pomace Oil)
Olive Oil, End Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Food Manufacturing
- Others (Animal Feed, Pharmaceuticals, and Dietary Supplements)
Olive Oil, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa