Global olive oil market projected to reach value of US$18.42B by 2030, growing at a CAGR of 3.3% during 2023-2030 period, driven by growing interest and preference to try out new and exotic cuisines, according to report from Fortune Business Insights

May 8, 2023 (press release) –

The global olive oil market size is projected to display a robust growth by reaching USD 18.42 billion by 2030. Fortune Business Insights™ in its report titled “Olive Oil Market Size, Share & COVID-19 Impact Analysis, By Type (Refined/Pure, Virgin, and Others), By End-user (Household/Retail, Foodservice/HoReCa, Food Manufacturing, and Others), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 14.20 billion and reached USD 14.64 billion in 2023. The market is expected to witness a strong CAGR of 3.33% during 2023-2030. Growing interest and preference to try out new and exotic cuisines is contributing to the market growth for olive growth. The rising awareness regarding its health benefits is surging its demand in the forthcoming years. Thus, in recent years, olive fruit oil has been extensively utilized as an ingredient in the manufacturing of dietary supplements and pharmaceuticals.

Pietro Coricelli joined IBM Food Trust to Use Blockchain Technology to Trace its Extra-Virgin Olive Fruit Oil

In August 2021, Pietro Coricelli, an Umbrian olive fruit oil producer and one of the largest and most widely distributed olive fruit oil brands in the world, announced that it would join IBM Food Trust to use blockchain technology to trace its extra-virgin olive fruit oil.  The expansions through partnerships and new product development are expected to offer beneficial opportunities for the market during the forecast period.  

Increasing Incorporation of Nutrient-Rich Oils in Diets to Propel Market Improvement

Increasing incorporation of nutrient-rich oils in diets is anticipated to drive the olive oil market growth. The trend to maintain overall health and wellness by shifting to healthier oil choices has surged the demand for healthier vegetable oils in regular diets. The modern-day stressful and sedentary lifestyle of consumers led to the prevalence of obesity and cardiovascular conditions. The growing knowledge of the strong association of consumption of fats & oils with hypertension and coronary heart diseases primarily fuels the demand for nutrient-rich oils. In February 2023, Starbucks announced the launch of three new coffee flavors, which have olive oil as their main ingredient. These coffee flavors are only available in Starbucks stores across Italy. 

Demand for Healthy Edible Oils Surged as they Started Gaining the Shelf Spaces 

The demand and sale of olive oil consumption were affected due to nationwide lockdown in various countries, which resulted in slow growth. According to the U.S. Census Bureau, there was 13% decrease in olive oil imports in the U.S. in 2020 compared to 2019. However, increased concerns related to immunity and overall health have re-established the demand for healthy oils, which is expected to continue during and after the pandemic. Furthermore, in developing countries, the demand for healthy edible oils surged as they started gaining the shelf spaces in several households to re-create restaurant-like gourmet experiences at home.

Consumption of Minimally Processed and Manufactured to Create Demand for the Product

Consumption of raw, cold-pressed, and natural cooking oils is safer and healthier in comparison to processed ones. Edible oils that are minimally processed and manufactured under such claimed to be free from any detrimental chemicals. Since there is no processing involved, it helps in retaining all the nutritive value, making it healthier. Cold-pressed virgin oils have witnessed surge in demand due to their clean flavor and unaltered organoleptic properties. Furthermore, the growing environmental sustainability concern is likely to surge the demand for edible olive fruit oil.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/olive-oil-market-101455

A New Collection of Extra Virgin Olive Oils which are Responsibly Harvested by Filippo Berio to Propel Market Share

The market players have been focusing on strategic mergers, acquisitions, new product launches, and partnerships, which contribute to driving the market growth. For example, in November 2022, Filippo Berio unveiled a new collection of extra virgin olive fruit oils, which are made from olives that are responsibly harvested. The product range uses ingredients, which are sourced from sustainably nurtured groves in a fully traceable and certified process. The process can be tracked through the QR code on the bottles, which, when scanned, shows the origins of that bottle, the flavor map of the oil, and unique information.

Notable Industry Development

• June 2022: Certified Origins launched multiple carbon-neutral Italian Evoos under its brand Bellucci. The mission is to bring good and healthy foods to the world. These healthy foods are sourced from Tuscany, Apulia, and Sicily exclusively for international markets.

List of Key Companies Profiled in the Report:

• Salov SpA (Italy)
• Deoleo S.A. (Spain)
• Conagra Brands, Inc. (U.S.)
• Sovena Group (Portugal)
• Del Monte Foods, Inc. (U.S.)
• Cargill, Inc. (U.S.)
• California Olive Ranch (U.S.)
• Pompeian (U.S.)
• Modi Natural Ltd. (India)
• Borges International Group (Spain)

Further Report Findings

• The market in Europe stood at USD 7.17 billion in 2022 and held the largest olive oil market share due to highest number of olive tree cultivation. Italy and Spain are the main countries, which produce and supply Olea europaea fruit oil to other countries.
• North America is expected to have considerable growth due to growing popularity of dietary supplements to maintain overall health and wellness. This has increased the demand for Olea europaea fruit oil in nutraceuticals and pharmaceutical sectors in the region.
• Asia Pacific is set to be the fastest growing region for the market due to rising awareness of the health benefits and increasing levels of incomes that allow consumers to spend on healthcare products that promote wellbeing.

Table of Segmentation

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