(Food-Beverage-News.Com, July 11, 2024 ) Pune, 10, July 2024: The Olive Oil Market size is estimated at 14.19 billion USD in 2023 and is expected to reach 17.11 billion USD by 2032, growing at a CAGR of 2.10% during the forecast period (2024-2032).
Olive oil, a liquid fat obtained by pressing whole olives from the Olea europaea tree, has been a staple in Mediterranean cuisine since the 8th millennium BC. Widely used for cooking, frying, and as a salad dressing, it also features cosmetics, pharmaceuticals, soaps, and traditional oil lamps. The growing demand from the food industry, driven by the health benefits of olive oil, is significantly boosting market growth.
Compared to other cooking oils, olive oil stands out for its potent polyphenol compounds and high levels of monounsaturated fatty acids (MUFAs), especially in extra virgin varieties. These attributes contribute to its antioxidant and anti-inflammatory properties, which are linked to lower risks of cardiovascular disease and some cancers. As awareness of healthy diets increases, the market for olive oil is expected to continue its positive growth trajectory.
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The olive oil market has seen significant growth driven by increasing awareness of its numerous health benefits. Rich in healthy monounsaturated fats, olive oil has been associated with reduced risks of stroke and heart disease, as highlighted by a large review involving 841,000 participants. Its heart health benefits include lowering blood pressure, protecting LDL cholesterol from oxidation, and improving blood vessel function. The COVID-19 pandemic spurred demand in emerging economies like India, as consumers sought healthier cooking oils to replicate gourmet experiences at home. Additionally, the rising interest in raw, natural, and cold-pressed oils has supported market growth. Beyond cooking, olive oil's use in aromatherapy and household products has surged due to its therapeutic properties, further boosting its market demand. The global consumption of olive oil reached nearly 3.15 million metric tons in 2021/22, underscoring its growing popularity and multifaceted applications.
Olive Oil Market Regional Insights
Europe has dominated the Olive Oil Market in 2023 and is expected to continue its dominance over the forecast period. Europe is poised to dominate the olive oil market over the forecast period, driven by a growing consumer interest in healthy oils to mitigate lifestyle-related health issues. Spain, the largest producer and exporter of olive oil globally, produced 1.3 million tonnes in 2021, representing 42% of global production and 49% of exports. Europe also leads in olive oil imports, accounting for 86% of the global import value in 2021, despite a slight 4% decrease from 2020. Most of this trade occurs within Europe, with significant intra-European trade involving bulk olive oil for blending and processing across borders. European consumption stood at 1.46 million tonnes in 2021, with Italy and Spain being the largest consumers, each consuming about 500,000 tonnes annually, while Greece has the highest per capita consumption at approximately 12 kg per person per year.
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Based on the Type, the market is segmented into Virgin, Refined, and others. Virgin is expected to dominate the Olive Oil Market during the forecast period. Virgin olive oil, obtained directly from ripe fruit through mechanical methods without solvents, retains all its properties, including antioxidants like polyphenols and vitamin E. This high-quality oil is commonly used in salad dressings and cold dishes, preserving its strong flavor when not heated, and is also suitable for sautéing. Rich in both polar and non-polar antioxidant phenols and other bioactive components, virgin olive oil offers significant nutritional benefits.
Introspective Market Research, a prominent Food and Beverages research firm, has released the following reports:
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