Olive Oil Market by Type, Distribution Channel, Application, and Region 2024-2032

Abstract

The global olive oil market size reached US$ 14.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.02% during 2024-2032. The increasing adoption of healthier dietary choices, growing consumer awareness about the health benefits of olive oil, and rapid expansion of the culinary landscape are some of the major factors propelling the market.

Olive oil is a natural oil derived from the fruit of the olive tree (Olea europaea). It is known for its rich flavor, versatility, and numerous health benefits. Extracted through the process of pressing and refining olives, olive oil comes in various grades, including extra virgin, virgin, and regular. Extra virgin olive oil, considered the highest quality, is obtained through cold pressing and maintains the highest level of flavor and nutritional value. At present, olive oil is widely used in cooking, salad dressings, and marinades, and its high content of monounsaturated fats has been linked to good heart health and other potential wellness benefits.

The increasing product adoption as a cooking oil due to the rising consumer awareness about the cardiovascular benefits associated with olive oil consumption will stimulate the market growth during the forecast period. Moreover, the shifting trend toward Mediterranean and plant-based diets has accelerated the adoption of olive oil owing to its key role in these culinary traditions. Apart from this, the escalating demand for high-quality extra virgin olive oil, known for its rich flavor and minimal processing as consumers seek premium and authentic ingredients, is propelling the market growth. Moreover, the rapid diversification of global culinary landscape and the increasing emphasis on gourmet and international cuisines are other major growth-inducing factors. Furthermore, the rising focus of the olive oil industry on sustainable and organic production practices that resonate with environmentally conscious consumers is contributing to market growth.

Olive Oil Market Trends/Drivers:

Rising health and wellness trends

The growing emphasis on health and wellness among the masses has significantly influenced the olive oil industry. Olive oil, particularly extra virgin olive oil, is recognized for its composition of monounsaturated fats and antioxidants, which have been linked to various health benefits, including reduced risk of heart disease and inflammation. As consumers increasingly prioritize healthier dietary choices, the reputation of olive oil as a heart-healthy cooking oil makes it a highly sought-after option for health-conscious individuals. This trend is further driven by the rising number of medical professionals and nutritional experts who recommend olive oil as an ideal substitute for less healthy fats in cooking and food preparation, thereby augmenting the market growth.

Increasing culinary diversity and authenticity

The global culinary landscape has expanded to incorporate a wide range of international and gourmet cuisines, many of which rely on olive oil for its distinct flavor and versatility. Olive oil is a fundamental ingredient in Mediterranean cooking, recognized for its role in enhancing flavors and textures. Moreover, the escalating demand for authenticity and genuine flavors has led to a surge in the use of high-quality extra virgin olive oil in traditional and innovative recipes alike, thereby propelling the market growth. As consumers seek culinary experiences that align with cultural and gourmet trends, the market is responding by offering diverse products that cater to an array of culinary preferences.

Sustainability and Organic Preferences

With the growing environmental awareness, consumers are increasingly drawn to products that align with sustainable and eco-friendly practices. Moreover, the rising focus of the olive oil industry on sustainable cultivation and production methods, such as organic farming and reduced chemical use, resonates with environmentally conscious consumers, thus propelling the market growth. The appeal of responsibly sourced olive oil extends beyond its nutritional benefits, influencing purchasing decisions and contributing to a broader movement toward conscious consumption. Furthermore, the increasing emphasis on sustainability that satisfies consumer demand and promotes ethical and environmentally friendly practices within the olive oil market is driving the market further.

Olive Oil Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global olive oil market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, distribution channel, and application.

Breakup by Type:

Virgin Olive Oil

Refined Olive Oil

Extra Virgin Olive Oil

Olive Pomace Oil

Others

Virgin olive oil dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes virgin olive oil, refined olive oil, extra virgin olive oil, olive pomace oil, and others. According to the report, virgin olive oil represented the largest segment.

Virgin olive oil possesses superior quality and diverse applications. As the highest grade of olive oil, virgin olive oil is commonly extracted using mechanical methods without chemicals or excessive heat, preserving its natural flavor, aroma, and nutritional content. Consumers seeking premium and healthier cooking options are drawn to the health benefits and rich taste of virgin olive oil, making it a preferred choice for sauteing, drizzling, and salad dressings. Its distinct attributes, such as varying flavor profiles based on olive cultivars and regional origins, cater to the evolving culinary preferences and the demand for authentic, high-quality ingredients. This has led to the growing popularity of virgin olive oil, propelling its prominence in the global market for olive oil.

Breakup by Distribution Channel:

Supermarkets and Hypermarkets

Convenience Stores

Online Stores

Others

Supermarkets and hypermarkets hold the largest share in the market

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, online stores, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Supermarkets and hypermarkets play a pivotal role in driving the olive oil market due to their extensive reach, convenience, and diverse product offerings. These retail outlets provide consumers with easy access to a wide range of olive oil options, catering to various preferences and budgets. The shelf space dedicated to olive oil in supermarkets facilitates effective product visibility and comparison, aiding consumer decision-making. Additionally, the widespread availability of different olive oil grades, brands, and packaging sizes in these retail stores ensures a comprehensive shopping experience.

Furthermore, the presence of attractive promotions, discounts, and bundled offerings encourage purchasing, making olive oil a staple in households. The convenience of finding olive oil alongside other grocery items consolidates shopping trips and encourages regular consumption. Overall, the widespread presence, accessibility, and product diversity offered by supermarkets and hypermarkets significantly contribute to the segment growth.

Breakup by Application:

Food and Beverage

Pharmaceuticals

Cosmetics

Others

Food and beverage accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes food and beverage, pharmaceuticals, cosmetics, and others. According to the report, food and beverage represented the largest segment.

The food and beverage industry relies on olive oil for versatile applications across various cuisines and products. Olive oil's distinctive flavor and health benefits make it a highly sought-after ingredient in cooking, salad dressings, marinades, and baked goods, enhancing both taste and nutritional value. The rising demand for Mediterranean and health-conscious diets further amplifies the prominence of olive oil in numerous culinary creations.

Furthermore, restaurants, cafes, and food manufacturers extensively incorporate olive oil to diversify their menu offerings and cater to consumer preferences for natural, premium ingredients. Moreover, the shifting trend toward gourmet and artisanal products fuels the demand for high-quality extra virgin olive oil in specialty foods and luxury brands. The symbiotic relationship between olive oil and the food and beverage industry drives its continuous growth, shaping culinary trends and enhancing consumer experiences worldwide.

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Europe exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share.

Europe held the biggest share in the market since the region boasts a rich history, traditional consumption patterns, and robust production capabilities. The region is also home to countries like Spain, Italy, and Greece, which are renowned for producing high-quality olive oils that have become an integral part of their culinary heritage. Europe's cultural affinity for olive oil, combined with its increased emphasis on healthy eating and authentic flavors, sustains a strong domestic demand.

Furthermore, Europe's exports of olive oil contribute to global supply chains, influencing international trade dynamics. The region's stringent quality standards and geographic indications enhance consumer confidence in European olive oils, fostering a global reputation for excellence. Europe's historical connection to olive oil, coupled with its impact on taste preferences, market trends, and trade, positions it as a leading regional market for olive oil.

Competitive Landscape:

The market is experiencing moderate growth as various key players in the industry are introducing innovative approaches to cater to evolving consumer preferences and enhance product quality. These innovations encompass sustainable and traceable supply chains and leveraging blockchain technology to provide transparent information about the origin and production process of olive oil. Additionally, advancements in packaging have led to the development of eco-friendly and UV-protected bottles, ensuring the preservation of olive oil's flavor and nutritional value. Some producers are also embracing precision agriculture techniques, utilizing data-driven insights to optimize cultivation practices and yield. Such innovations collectively contribute to product differentiation, sustainability, and improved consumer experiences. We also expect the market to witness new entrants, consolidation of product portfolios, and a rise in strategic partnerships and collaborations amongst key players to drive healthy competition within the olive oil domain during the forecast period.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

Artajo Oil

Borges International Group

S.L.U.

California Olive Ranch Inc.

Cargill Incorporated

Colavita SpA

Conagra Brands Inc.

Del Monte Foods Inc. (Del Monte Pacific Ltd.)

Deoleo

Domenico Manca S.p.a.

EU Olive Oil Ltd.

Gallo Worldwide

Gruppo Salov

Sovena Group

Recent Developments:

In April 2022, Borges International Group renewed the Environmental Product Declaration (EPD) for their Olive Oil range, specifically for Extra Virgin Olive Oil that is packaged in glass bottles. This renewal showcases their commitment to environmental sustainability by delving beyond the mere carbon footprint measurement. Instead, the company employs a comprehensive approach that centers on analyzing the entire life cycle of the product.

In Jan 2021, Del Monte Foods, Inc. made a significant move in the Indian market by introducing one-liter olive fruit oil pouches. This strategic launch aimed to provide consumers with an accessible and affordable option for incorporating healthy edible oil into their diets. By offering olive oil in convenient and cost-effective packaging, the company addressed the growing demand for healthier cooking alternatives among health-conscious Indian consumers.

In May 2023, Salov S.p.A, a leading player in the oil sector, achieved a remarkable triumph alongside the distinguished Filippo Berio brand's extra virgin olive oils. Together, they emerged victorious at the Olive Oil Awards 2023 presented by the University of Applied Sciences - Institute for Food and Beverage Innovation ZHAW in Zurich, securing two awards that epitomize absolute prestige. This accomplishment stands as a testament to the exceptional expertise and dedication embodied by Salov S.p.A and the historic Filippo Berio brand. Their joint success underscores their commitment to excellence within the olive oil industry.

Key Questions Answered in This Report

• 1. How big is the global olive oil market?
• 2. What is the expected growth rate of the global olive oil market during 2024-2032?
• 3. What are the key factors driving the global olive oil market?
• 4. What has been the impact of COVID-19 on the global olive oil market?
• 5. What is the breakup of the global olive oil market based on the type?
• 6. What is the breakup of the global olive oil market based on the distribution channel?
• 7. What is the breakup of the global olive oil market based on the application?
• 8. What are the key regions in the global olive oil market?
• 9. Who are the key players/companies in the global olive oil market?