PUBLISHER: Grand View Research | PRODUCT CODE: 1404616
PUBLISHER: Grand View Research | PRODUCT CODE: 1404616
Olive Oil Market Growth &Trends
The global olive oil market size is anticipated to reach USD 33.12 billion by 2030, expanding at 5.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The market expansion is anticipated to be fueled by the increasing inclusion of nutrient-rich oils in diets and the rising popularity of artisanal and minimally processed edibles. The market is experiencing growth primarily driven by the trend of maintaining overall health and wellness through healthier oil choices. Consumers are increasingly inclined towards incorporating healthy vegetable oils into their regular diets, motivated by the rising occurrence of lifestyle-related health conditions.
In line with this, Starbucks announced the introduction of three new coffee flavors that feature olive oil as a key ingredient, initially available exclusively in their stores in Italy but with plans for international expansion over the forecast period. The modern-day lifestyle characterized by high-stress levels has led to a higher prevalence of obesity and cardiovascular conditions. It has increased awareness of the strong correlation between fat and oil consumption and hypertension and coronary heart diseases, further fueling the demand for nutrient-rich oils.
Consumers today are becoming more discerning, paying closer attention to label claims when purchasing oil products. There is a growing demand for vegetable oils with specific health claims, such as high levels of omega-3, monounsaturated fatty acids (MUFA), and vitamin E, as awareness of their positive health benefits increases. Olive oil, rich in antioxidants and MUFA, supports normal heart function, and the rising demand for such nutritious oils is expected to contribute to the market's steady growth.
During the pandemic,there was a surge in demand for olive oil as consumers stocked up on essential food items during lockdowns and sought healthier options for cooking at home. It led to increased sales and a short-term boost in the market. Moreover, the impact of COVID-19 on international trade and travel restrictions affected the export and import of olive oil, disrupting global trade flows. Changes in consumer behavior, including a shift towards online shopping and digital platforms, also influenced olive oil producers' and retailers' distribution and marketing strategies.
It is abundantly endowed with antioxidants, notably vitamin E, which protect the skin against oxidative damage. Adding olive oil into a range of pharmaceutical products, such as creams, lotions, and ointments, aims to promote skin health, address dry skin conditions, and facilitate wound healing. Its calming and hydrating attributes render it a preferred constituent in dermatological formulations.