The global olive oil market is expected to be valued at USD 13.79 billion in 2023 and reach a valuation of USD 18.35 billion by 2033. The demand for olive oil is estimated to record a steady 2.9% CAGR.
Increasing Nutrient-rich Oil Intake in Diet to Lower the Risk of Health Conditions
The market is expanding primarily due to the trend of maintaining overall health and wellness by switching to healthier oil options. Due to the rise in lifestyle-related illnesses, consumers' propensity to include healthy vegetable oils in their regular diets has increased recently.
Obesity and cardiovascular diseases are now more common due to today's consumers' stressful and sedentary lifestyles. The growing understanding of the strong correlation between dietary fat and oil consumption and hypertension and coronary heart disease primarily drives the demand for nutrient-rich oils.
While buying oil products, consumers pay more attention to the claims made on the label. Vegetable oils with specific health claims, such as high vitamin E, omega-3, and MUFA (monounsaturated fatty acids), are becoming more popular as people become aware of overall health benefits. The product's high MUFA and antioxidant content support the heart's normal operation.
Olive oil is a popular and healthy cooking oil, but its high price is a significant market barrier. Plant-based oils like canola and corn oil have a huge price advantage over olive oil because they are much less expensive. Additionally, many suppliers are vying for market share in the highly competitive global olive oil market. This intense competition further reduces prices and margins.
The Mediterranean Basin is one of the few places where olive oil is primarily produced. This makes the market susceptible to shocks brought on by the weather and other production interruptions. For instance, a protracted drought in Spain, one of the leading producers of olive oil, could increase the cost and cause a shortage of this vital component.
Attribute | Details |
---|---|
Olive Oil Market CAGR (2023 to 2033) | 2.9% |
Olive Oil Market Size (2023) | USD 13.79 billion |
Olive Oil Market Size (2033) | USD 18.35 billion |
The global consumption of olive oil is anticipated to expand at a CAGR of 2.9% between 2023 and 2033. The growth potential of olive oil market could be looked at from short-term, mid-term, and long-term perspectives.
Outlook | Details |
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Short-term Outlook (2023 to 2026): |
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Mid-term Outlook (2026 to 2029): |
Technological advancements in the production and distribution of olive oil have helped to improve the quality and consistency of the product, making it more appealing to consumers |
Long-term Outlook (2029 to 2033): |
Consumers are increasingly seeking out natural and organic products, and olive oil is perceived as a healthier and more natural alternative to other oils. |
With surging small and medium-sized producers, the global olive oil market is highly competitive and fragmented. The top three producers, Spain, Italy, and Greece, account for around 56% of global production.
The European Union is the world's leading producer and consumer of olive oil, accounting for more than 60% of global output. Spain is the leading producer, accounting for nearly 56% of total output, followed by Italy (17%), Greece (15%), and Portugal (9%).
Tunisia and Morocco are Africa's key producers, accounting for roughly 40% and 35% of total production, respectively.
Growing health consciousness among consumers has led to an increased demand for healthier food products, such as olive oil, which is perceived as a healthier alternative to other oils.
The United States has seen a significant increase in olive oil imports in recent years, which indicates the growing demand for the product in the country. Producers have expanded their product offerings to include different grades and varieties of olive oil, which has increased the availability of the product and made it more accessible to a wider range of consumers. The popularity of Mediterranean cuisine and the use of olive oil in cooking and as a finishing oil has contributed to the growth of the olive oil market in the United States.
Factors affecting market position of key players in the United Kingdom:
Despite these uncertainties, the United Kingdom has a well-established reputation for producing high-quality olive oil and has a strong market position. However, producers in the United Kingdom need to remain vigilant and adapt to changes in the market to maintain their dominance in the future.
The rise of the middle class in China has led to an increase in disposable income, which has led to an increase in the demand for high-quality, premium products such as olive oil.
China has seen a significant increase in olive oil imports in recent years, which indicates the growing demand for olive oil in the country. Many olive oil producers have established strategic partnerships with China-based companies to better reach the China market, which has helped to increase the visibility and availability of olive oil in the country.
India has the potential to become a lucrative market for olive oil due to several factors, such as a growing middle class, increasing health consciousness among consumers, and the rise of western-style food habits. The demand for olive oil has been growing steadily in India as consumers are becoming more aware of its health benefits and the oil's versatility in cooking. However, the olive oil market in India is still in its nascent stages and faces several challenges, such as limited availability, high costs of olive oil, and lack of awareness about health.
The domestic production of olive oil in India is also limited, where the substantial supply comes from imports. This makes the market heavily dependent on imports, which can impact the price and availability of oil.
Despite these challenges, the potential for growth in the Indian olive oil market is significant, and many companies are looking to tap into this growing market. As the demand for olive oil continues to grow and production increases, India has the potential to become a lucrative market for olive oil producers. However, much is likely to depend on how the market evolves over the coming years.
The virgin olive oil segment is expected to perform well in terms of sales due to its growing popularity among consumers as a result of increased awareness about its health benefits. Virgin oil contains omega-3 and oleic acid, which help to prevent lifestyle-related disorders such as obesity and cardiovascular disease.
Emerging processing techniques and technological advancements that allow manufacturers to efficiently process virgin oils with the highest nutrient content drive market growth even further.
Due to its increasing use in pharmaceuticals, dietary supplements, and cosmetics, the pure/refined olive oil segment is expected to grow significantly. The growing demand for nutrient-rich animal feed has significantly increased the demand for olive fruit oil in the production of high-value animal feed.
Colavita: Colavita is a United States-based company that imports and distributes olive oil from Italy. The company was founded in 1979 and has since become a leading producer of olive oil in the United States. Colavita produces not just blended olive oils, but also other oil products such as balsamic vinegar.
Pompeian: Pompeian is one of the significant producers of olive oil in the United States. The company was founded in 1906.
California Olive Ranch: California Olive Ranch is a leading producer of extra-virgin olive oil in the United States. The company was founded in 1998 and is known for its commitment to quality and sustainability. California Olive Ranch produces a range of high-quality extra-virgin olive oils, as well as other oil products such as avocado oil.
Olitalia: Olitalia is an Italian company that produces and exports premium-quality olive oils. The company was founded in 1950 and has since become a leading producer of olive oil in Italy. Olitalia produces a range of high-quality extra-virgin and blended olive oils, as well as other oil products such as truffle oil.
Gaea: Gaea is a Greek company that produces and exports premium quality olive oils. The company was founded in 1994 and is known for its commitment to traditional production methods. Gaea produces blended olive oils, as well as other oil products such as sesame oil.
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
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Figure 1: Global Market Value (US$ Million) by Product, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by End Use, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Distribution Channel, 2023 to 2033
Figure 4: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 5: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 6: Global Market Volume (Litre) Analysis by Region, 2018 to 2033
Figure 7: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 8: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 9: Global Market Value (US$ Million) Analysis by Product, 2018 to 2033
Figure 10: Global Market Volume (Litre) Analysis by Product, 2018 to 2033
Figure 11: Global Market Value Share (%) and BPS Analysis by Product, 2023 to 2033
Figure 12: Global Market Y-o-Y Growth (%) Projections by Product, 2023 to 2033
Figure 13: Global Market Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 14: Global Market Volume (Litre) Analysis by End Use, 2018 to 2033
Figure 15: Global Market Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 16: Global Market Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 17: Global Market Value (US$ Million) Analysis by Distribution Channel, 2018 to 2033
Figure 18: Global Market Volume (Litre) Analysis by Distribution Channel, 2018 to 2033
Figure 19: Global Market Value Share (%) and BPS Analysis by Distribution Channel, 2023 to 2033
Figure 20: Global Market Y-o-Y Growth (%) Projections by Distribution Channel, 2023 to 2033
Figure 21: Global Market Attractiveness by Product, 2023 to 2033
Figure 22: Global Market Attractiveness by End Use, 2023 to 2033
Figure 23: Global Market Attractiveness by Distribution Channel, 2023 to 2033
Figure 24: Global Market Attractiveness by Region, 2023 to 2033
Figure 25: North America Market Value (US$ Million) by Product, 2023 to 2033
Figure 26: North America Market Value (US$ Million) by End Use, 2023 to 2033
Figure 27: North America Market Value (US$ Million) by Distribution Channel, 2023 to 2033
Figure 28: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 29: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 30: North America Market Volume (Litre) Analysis by Country, 2018 to 2033
Figure 31: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 32: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 33: North America Market Value (US$ Million) Analysis by Product, 2018 to 2033
Figure 34: North America Market Volume (Litre) Analysis by Product, 2018 to 2033
Figure 35: North America Market Value Share (%) and BPS Analysis by Product, 2023 to 2033
Figure 36: North America Market Y-o-Y Growth (%) Projections by Product, 2023 to 2033
Figure 37: North America Market Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 38: North America Market Volume (Litre) Analysis by End Use, 2018 to 2033
Figure 39: North America Market Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 40: North America Market Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 41: North America Market Value (US$ Million) Analysis by Distribution Channel, 2018 to 2033
Figure 42: North America Market Volume (Litre) Analysis by Distribution Channel, 2018 to 2033
Figure 43: North America Market Value Share (%) and BPS Analysis by Distribution Channel, 2023 to 2033
Figure 44: North America Market Y-o-Y Growth (%) Projections by Distribution Channel, 2023 to 2033
Figure 45: North America Market Attractiveness by Product, 2023 to 2033
Figure 46: North America Market Attractiveness by End Use, 2023 to 2033
Figure 47: North America Market Attractiveness by Distribution Channel, 2023 to 2033
Figure 48: North America Market Attractiveness by Country, 2023 to 2033
Figure 49: Latin America Market Value (US$ Million) by Product, 2023 to 2033
Figure 50: Latin America Market Value (US$ Million) by End Use, 2023 to 2033
Figure 51: Latin America Market Value (US$ Million) by Distribution Channel, 2023 to 2033
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Figure 53: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 54: Latin America Market Volume (Litre) Analysis by Country, 2018 to 2033
Figure 55: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 57: Latin America Market Value (US$ Million) Analysis by Product, 2018 to 2033
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Figure 59: Latin America Market Value Share (%) and BPS Analysis by Product, 2023 to 2033
Figure 60: Latin America Market Y-o-Y Growth (%) Projections by Product, 2023 to 2033
Figure 61: Latin America Market Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 62: Latin America Market Volume (Litre) Analysis by End Use, 2018 to 2033
Figure 63: Latin America Market Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 64: Latin America Market Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 65: Latin America Market Value (US$ Million) Analysis by Distribution Channel, 2018 to 2033
Figure 66: Latin America Market Volume (Litre) Analysis by Distribution Channel, 2018 to 2033
Figure 67: Latin America Market Value Share (%) and BPS Analysis by Distribution Channel, 2023 to 2033
Figure 68: Latin America Market Y-o-Y Growth (%) Projections by Distribution Channel, 2023 to 2033
Figure 69: Latin America Market Attractiveness by Product, 2023 to 2033
Figure 70: Latin America Market Attractiveness by End Use, 2023 to 2033
Figure 71: Latin America Market Attractiveness by Distribution Channel, 2023 to 2033
Figure 72: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 73: Europe Market Value (US$ Million) by Product, 2023 to 2033
Figure 74: Europe Market Value (US$ Million) by End Use, 2023 to 2033
Figure 75: Europe Market Value (US$ Million) by Distribution Channel, 2023 to 2033
Figure 76: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 77: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 78: Europe Market Volume (Litre) Analysis by Country, 2018 to 2033
Figure 79: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 80: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 81: Europe Market Value (US$ Million) Analysis by Product, 2018 to 2033
Figure 82: Europe Market Volume (Litre) Analysis by Product, 2018 to 2033
Figure 83: Europe Market Value Share (%) and BPS Analysis by Product, 2023 to 2033
Figure 84: Europe Market Y-o-Y Growth (%) Projections by Product, 2023 to 2033
Figure 85: Europe Market Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 86: Europe Market Volume (Litre) Analysis by End Use, 2018 to 2033
Figure 87: Europe Market Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 88: Europe Market Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 89: Europe Market Value (US$ Million) Analysis by Distribution Channel, 2018 to 2033
Figure 90: Europe Market Volume (Litre) Analysis by Distribution Channel, 2018 to 2033
Figure 91: Europe Market Value Share (%) and BPS Analysis by Distribution Channel, 2023 to 2033
Figure 92: Europe Market Y-o-Y Growth (%) Projections by Distribution Channel, 2023 to 2033
Figure 93: Europe Market Attractiveness by Product, 2023 to 2033
Figure 94: Europe Market Attractiveness by End Use, 2023 to 2033
Figure 95: Europe Market Attractiveness by Distribution Channel, 2023 to 2033
Figure 96: Europe Market Attractiveness by Country, 2023 to 2033
Figure 97: Asia Pacific Market Value (US$ Million) by Product, 2023 to 2033
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Figure 99: Asia Pacific Market Value (US$ Million) by Distribution Channel, 2023 to 2033
Figure 100: Asia Pacific Market Value (US$ Million) by Country, 2023 to 2033
Figure 101: Asia Pacific Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 102: Asia Pacific Market Volume (Litre) Analysis by Country, 2018 to 2033
Figure 103: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 104: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 105: Asia Pacific Market Value (US$ Million) Analysis by Product, 2018 to 2033
Figure 106: Asia Pacific Market Volume (Litre) Analysis by Product, 2018 to 2033
Figure 107: Asia Pacific Market Value Share (%) and BPS Analysis by Product, 2023 to 2033
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Figure 109: Asia Pacific Market Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 110: Asia Pacific Market Volume (Litre) Analysis by End Use, 2018 to 2033
Figure 111: Asia Pacific Market Value Share (%) and BPS Analysis by End Use, 2023 to 2033
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Figure 113: Asia Pacific Market Value (US$ Million) Analysis by Distribution Channel, 2018 to 2033
Figure 114: Asia Pacific Market Volume (Litre) Analysis by Distribution Channel, 2018 to 2033
Figure 115: Asia Pacific Market Value Share (%) and BPS Analysis by Distribution Channel, 2023 to 2033
Figure 116: Asia Pacific Market Y-o-Y Growth (%) Projections by Distribution Channel, 2023 to 2033
Figure 117: Asia Pacific Market Attractiveness by Product, 2023 to 2033
Figure 118: Asia Pacific Market Attractiveness by End Use, 2023 to 2033
Figure 119: Asia Pacific Market Attractiveness by Distribution Channel, 2023 to 2033
Figure 120: Asia Pacific Market Attractiveness by Country, 2023 to 2033
Figure 121: MEA Market Value (US$ Million) by Product, 2023 to 2033
Figure 122: MEA Market Value (US$ Million) by End Use, 2023 to 2033
Figure 123: MEA Market Value (US$ Million) by Distribution Channel, 2023 to 2033
Figure 124: MEA Market Value (US$ Million) by Country, 2023 to 2033
Figure 125: MEA Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 126: MEA Market Volume (Litre) Analysis by Country, 2018 to 2033
Figure 127: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 128: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 129: MEA Market Value (US$ Million) Analysis by Product, 2018 to 2033
Figure 130: MEA Market Volume (Litre) Analysis by Product, 2018 to 2033
Figure 131: MEA Market Value Share (%) and BPS Analysis by Product, 2023 to 2033
Figure 132: MEA Market Y-o-Y Growth (%) Projections by Product, 2023 to 2033
Figure 133: MEA Market Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 134: MEA Market Volume (Litre) Analysis by End Use, 2018 to 2033
Figure 135: MEA Market Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 136: MEA Market Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 137: MEA Market Value (US$ Million) Analysis by Distribution Channel, 2018 to 2033
Figure 138: MEA Market Volume (Litre) Analysis by Distribution Channel, 2018 to 2033
Figure 139: MEA Market Value Share (%) and BPS Analysis by Distribution Channel, 2023 to 2033
Figure 140: MEA Market Y-o-Y Growth (%) Projections by Distribution Channel, 2023 to 2033
Figure 141: MEA Market Attractiveness by Product, 2023 to 2033
Figure 142: MEA Market Attractiveness by End Use, 2023 to 2033
Figure 143: MEA Market Attractiveness by Distribution Channel, 2023 to 2033
Figure 144: MEA Market Attractiveness by Country, 2023 to 2033
The market is valued at USD 13.7 billion in 2023.
The market will grow at a 2.9% CAGR from 2023 to 2033.
Key players include Colavita, Pompeian, and California Olive Ranch.
Increasing health consciousness among consumers will boost market prospects.
The virgin olive oil segment is expected to remain preferred through 2033.
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