The global olive oil market size is expected to showcase considerable growth by reaching USD 16.64 billion by 2027. This is attributable to the increasing prevalence of heart disease and the growing demand for functional food products across the globe. Fortune Business Insights published this information, in its latest report, titled, “Olive Oil Market Size, Share & COVID-19 Impact Analysis, By Type (Refined Olive Oil, Virgin Olive Oil, Olive Pomace Oil, and Others), End-user (Household/Retail, Food Service/HoReCa, Food Manufacturing, and Others), and Regional Forecast, 2020 - 2027.” The report further observes that the market stood at USD 13.03 billion in 2019 and is projected to exhibit a CAGR of 3.2% between 2020 and 2027.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from the governments, as well as from several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Olive oil is naturally extracted from olives obtained from the olive tree. A major component of the Mediterranean diet, the oil is rich in antioxidants and has a rich source of monounsaturated fatty acids (MUFAs). Undergoing least processing amongst other edible oils, it protects the body from cellular damage that may otherwise lead to several diseases and health conditions
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What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
Increasing Incidence of Heart Disease to Favor Growth
According to the World Health Organization (WHO), around 48% of adults living in the United States suffer from some form of cardiovascular ailments. This is nearly half of the American population. The rising prevalence of heart ailments is propelling the people to turn towards healthy food products that are likely to surge the demand for extra virgin olive oils, which are a rich-source of antioxidants. Additionally, the growing popularity of functional food products owing to the increasing awareness regarding consumption of nutritious foods is expected to drive the global olive oil market in the forthcoming years.
SEGMENTATION
Virgin Olive Oils Segment Held 73.07% Market Share in 2019
The virgin olive oils segment, based on type, held a market share of about 73.07% in 2019 and is projected to showcase a significant growth owing to the presence of oleic acid and Omega-3 in the oil that aid in the prevention of lifestyle-related disorders such as cardiovascular diseases and obesity.
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REGIONAL INSIGHTS
Europe to Remain Dominant; High Production of Edible Oils to Augment Growth
Among all the regions, Europe is expected to remain at the forefront and hold the highest position in the global olive oil market during the forecast period. The dominance is attributable to the large production of this oil in countries such as Italy and Spain. According to the Food and Agriculture Organization of the United Nations (FAO), Spain produces around 1.75 million tons of olive oil out of which about 46% is exported across the globe. The region stood at USD 6.67 billion in 2019.
The market in Asia-Pacific is expected to showcase a considerable growth backed by high disposable income of the population that propels the demand for premium healthy food products in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Major Companies Focus on Facility Expansion to Strengthen Their Market Positions
The global olive oil market is consolidated by the presence of major companies that are striving to maintain their presence by expanding their facility to cater to the growing demand for nutritional extra virgin olive oils. Additionally, adoption of strategies such as merger and acquisition, partnership, and collaboration by key players will bode well for the growth of the global market in the forthcoming years.
INDUSTRY DEVELOPMENT
- August 2020 – Orfeu, a Brazil-based company, announced the production of a new range of olive oils. The company aims to cater to the surging demand for this oil in Brazil and further amplify its market position in the global marketplace.
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List of the Companies Operating in the Market:
- Salov SpA (Tuscany, Italy)
- Deoleo S.A. (Madrid, Spain)
- Aceites Ybarra S.A. (Sevilla, Spain)
- Sovena Group (Alges, Portugal)
- Del Monte Foods, Inc. (California, U.S.)
- Cargill, Inc. (Minnesota, U.S.)
- Bertolli, Inc. (Madrid, Spain)
- Aceites La Masia (Barcelona, Spain)
- Gallo (California, U.S.)
- Nutrinveste SGPS, SA (Alges, Portugal)
