Driven by health awareness and new opportunities in the industry, according to Market Research Future (MRFR), the global extra virgin olive oil market value will reach $9.5 billion in 2022 and $14.41 billion in 2030, growing at a CAGR of 5.30% during the assessment period (2023-2030).
The global extra virgin olive oil market is expected to experience rapid growth. Increasing demand for olive oil in both the food service and retail sectors would drive market growth.
Significant investments by manufacturers to improve extraction techniques create important opportunities for market development and improve the quality of olive oil. The increasing use of oil in the cosmetics and personal care industry and the growing demand for healthy cooking oil are expanding the market. Increasing awareness and the adoption of a healthier lifestyle are driving the growth of the extra virgin olive oil market.
Due to its important nutritional value and health benefits, extra virgin olive oil is also used in several medicinal products. Likewise, the growing consumption and demand for premium olive oil or cold-pressed olive oil is accelerating market share. The extra virgin olive oil market is gaining exponentially in importance, witnessing enormous consumption and demand worldwide.
The growing population and economy across the globe are some of the major factors further boosting the growth of the global extra virgin olive oil market. The rising demand for olive oil flavors in the food and beverage and personal care product industries is driving market growth. The growing consumption of extra virgin olive oil in nutraceuticals and dietary supplements is a significant tailwind for market growth.
Furthermore, the increasing production of olive oil, fueled by increasing government initiatives to increase yield, is positively impacting market growth. Furthermore, the massive consumption of extra virgin olives in the production of Mediterranean foods, gourmet ingredients, and animal feed is expected to lead to market growth in the future.
The global extra virgin olive oil market is highly competitive and appears to be fragmented, with several established players forming a competitive landscape. To gain a larger competitive share of the market, strategic initiatives such as mergers and acquisitions, partnerships, collaborations, product launches, and expansion remain the key trends of these passionate players.
Extra virgin oil brands are increasingly focusing their research activities on developing new and innovative products. They are making significant investments to boost DR activities for advanced extraction techniques or to improve their technologies. In addition, they invest heavily in expanding their global presence by entering into strategic partnerships or collaborating with distributors.
For example, on May 17, 2023, Deoleo, a leading global olive oil company, introduced new levels of sustainability verification in its products, reaffirming its commitment to raising industry standards. The olive oil company took a major step forward in its sustainability strategy, launching new SKUs under the Bertolli and Carapelli brands, offering sustainability assurances to consumers across the country.
The extra virgin olive oil market report is segmented by category, packaging, distribution channel, and region. The category segment is divided into organic and conventional. Of these, the organic segment accounts for the largest share of the market, as consumer awareness of the health benefits of olive oil is growing. On the other hand, the conventional segment is the fastest-growing segment, with te being the increasing use in the production of high-quality, nutrient-enriched animal feed.
The packaging segment is bottledand jars, cans, and others. Of these, the bottles and jars segment dominates the market, reflecting the growing demand for beauty products. At the same time, cans are the fastest-growing segment during the forecast period. In recent years, the growing demand for canned goods has increased significantly, driving the segment’s growth.
The distribution channel segment is divided into non-store-based and store-based subsegments. Among these, the non-store-based segment accounts for the largest market share due to increasing internet penetration. On the other hand, brick-and-mortar retail is the fastest-growing segment and is experiencing increasing demand. By region, the extra virgin olive oil market is segmented into Asia-Pacific, the Americas, MEA, Europe, and the Rest of the World.
North America dominates the global extra virgin olive oil market. Growing consumer awareness of the benefits of extra virgin olive oil and the rising demand for natural and nutrient-rich ingredients are driving market growth.
Industry players in the region are increasingly focusing on manufacturing techniques and strengthening distribution channels to make extra virgin olive oil accessible to customers around the world. The United States and Canada are among the major markets contributing to the growth of the regional market.
Globally, Asia-Pacific is another lucrative market for extra virgin olive oil. Growing industry demand for cosmetics and personal care products, as well as food and beverages, is a key driver. India is the second-largest market for extra virgin olive oil in this region after China. The country is also working to increase extra virgin olive oil production by expanding the area under olive trees. The APAC extra virgin olive oil market is expected to experience a remarkable CAGR during the forecast period.
Important Note: aceitedelcampo.com promotes the consumption of extra virgin olive oil for its culinary qualities and health benefits. However, no medication or current treatment should be replaced without the guidance of a healthcare professional.
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