The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Olive Oil Global Market Report 2024 offers crucial insights into the olive oil market help businesses analyse and build stronger strategies.

The olive oil market has experienced robust growth in recent years, driven by increasing health consciousness and a surge in demand from both food service and retail sectors. This blog explores the current state of the market, key drivers of growth, emerging trends, and notable innovations shaping the future of the olive oil industry.

Market Growth and Projections

Current Market Status

• The olive oil market was valued at $12.21 billion in 2023.
• Expected to grow to $12.86 billion in 2024, with a CAGR of 5.3%.

Future Growth Projections

• By 2028, the market is anticipated to reach $16.04 billion, with an improved CAGR of 5.7%.

Drivers of Historical Growth

• Cultural shifts towards healthier diets and the rising demand for gourmet and specialty foods.
• Increased recognition of olive oil’s health benefits.
• Expansion of olive oil production regions.
• Aggressive marketing and promotional efforts.

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Key Growth Drivers in the Coming Years

Increasing Global Health Consciousness

• Rising awareness of the health benefits associated with olive oil consumption.
• Enhanced focus on premium and specialty olive oil products.

Innovations and Sustainability

• Continuous innovation in olive oil products, including new packaging and processing techniques.
• Adoption of sustainable and organic production practices.

Culinary Tourism and Global Trade

• Growth in global culinary tourism, which promotes the use of olive oil.
• Expansion of international trade, making olive oil more accessible worldwide.

Trends Shaping the Future of Olive Oil Market

Shift to Premium and Extra Virgin Olive Oils

• Increasing consumer preference for high-quality olive oils, particularly extra virgin variants.

Sustainable and Organic Production

• Growing demand for sustainably produced and organic olive oils.
• Regulatory standards and quality assurance are becoming more stringent.

Technological Innovations

• Advances in olive oil production technology, improving both yield and quality.
• Use of AI and machine learning to enhance production and distribution efficiency.

Rising Demand in Food Service and Retail Sectors

Food Service Sector

• Includes restaurants, fast food outlets, and other dining establishments.
• Growing use of olive oil in diverse cuisines and dishes.

Retail Sector

• Direct sales to consumers through supermarkets, grocery stores, and online platforms.
• Increased household use of olive oil for cooking and dressing.

Market Impact

• According to the International Olive Council, global consumption of olive oil increased by 2.9% in the 2021/22 harvest year.
• This demand surge from both sectors significantly propels the market.

Major Players and Market Innovations

Leading Companies

• Prominent players include Cargill Incorporated, Deoleo S.A., Del Monte Food Inc., and Gallo Worldwide, among others.
• These companies are focusing on expanding their product lines and global reach.

Innovative Product Launches

• In January 2022, Graza launched Drizzle and Sizzle, innovative extra virgin olive oils in squeeze bottles.
• These products highlight the importance of fresh, high-quality olive oil, utilizing Picual olives from Andalusia, Spain.

Strategic Acquisitions

• In April 2023, Colavita S.p.A. acquired O Olive Oil & Vinegar to expand its footprint and leverage the brand’s heritage and innovation.
• This acquisition aims to elevate the brand to a global level while maintaining its originality.

Regional Insights and Market Segmentation

Geographical Distribution

• Europe was the largest region in the olive oil market in 2023, driven by high production and consumption levels.
• Asia-Pacific is expected to be the fastest-growing region, fueled by rising health awareness and culinary trends.

Market Segmentation

• By Type: Virgin Olive Oil, Refined Olive Oil, Extra Virgin Olive Oil, Olive Pomace Oil.
• By Nature: Conventional, Organic.
• By Distribution Channel: B2B Suppliers, Supermarkets or Hypermarkets, Grocery Stores, Online Retail, Other Distribution Channels.
• By End User: Food Processing, Food Service, Cosmetics and Personal Care, Pharmaceuticals, Other End Users.

Conclusion: The Future of Olive Oil Market
The olive oil market is set for continued growth, driven by increasing health consciousness, culinary trends, and innovative product offerings. As consumers become more aware of the benefits of high-quality olive oils, and as technology and sustainability practices improve, the market is poised for a bright future. Key players will need to focus on quality, innovation, and expanding their reach to stay competitive in this thriving industry.

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The Olive Oil Global Market Report 2024  provides a comprehensive outlook of the olive oil market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The olive oil market forecast offers a thorough analysis on olive oil market size, olive oil market share, prominent players and their strategies.

The Table Of Content For The Olive Oil Market Include:
1. Olive Oil Market Executive Summary
2. Olive Oil Market Segments
3. Olive Oil Market Size And Olive Oil Market Growth Rate
4. Key Olive Oil Market Trends
5. Major Olive Oil Market Drivers
……
25. Key Mergers And Acquisitions In The Olive Oil Market
26. Top Olive Oil Companies
27. Olive Oil Market Opportunities And Strategies
28. Olive Oil Market, Conclusions And Recommendations
29. Appendix

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