Market Overview:
Olive oil is highly versatile and finds application in numerous purposes. The global olive oil market has greatly evolved since the last few years as olive oil has gained massive popularity among consumers. As per the analysis of Market Research Future (MRFR), the global olive oil market is expected to expand exponentially and reach a significant valuation over the forecast period of 2018-2023.
Growing health awareness and adoption of a healthy lifestyle has favorably catalyzed the growth of the olive oil market. Olive oil is loaded with health benefits. It has a high content of monounsaturated fats, antioxidants, vitamin E, Vitamin K, and others make them highly desirable among consumers. Olive oil has demonstrated its efficacy in the treatment of various medical conditions such as diabetes, cardiac disorders, arthritis, and problems associated with cholesterol. Consumption of olive oil provides a bevy of health advantages due to the presence of biologically active compounds. They are used in the treatment of oncological disorders too. Other applications include its usage in personal care as well as pharmaceutical products.
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Market Scenario And Growth Factors:
Olive oil is extensively used for culinary purposes as they have excellent efficacy in diabetes management and weight reduction. To capitalize on the massive growth opportunity provided by olive oil market, various new entrants are foraying into the market, due to which the olive oil market has become highly competitive. Introduction of various new products and rigorous marketing and promotional activities are other contributing factors.
Introduction of new varieties and development in irrigation methods have increased the productivity of olive plantations. Additionally, cultivation of super-intensive olive groves along with modernization of oil mills is fueling the growth of the olive oil market. Organic agricultural practices are on the rise and have benefitted the oil market to a great extent. Organic cultivation of olive has been steadily increasing across the globe which is expected to boost the olive oil market growth.
Pricing remains a major impediment to the growth of the global olive oil market. It is still considered a premium product which is not affordable by the masses. Moreover, heavy duties levied on olive oil and increasing production costs have added to the price of oil which is likely to constrain the growth of the market. Fluctuations in olive production yields are likely to impede the market growth since it can increase the price of olive oil substantially. Moreover, the market growth is at threat from the availability of alternative oils such as flaxseed oil, avocado oil, and others.
Competitive Landscape:
DEOLEO S.A.(Spain), Grupo Ybarra Alimentación, SL (Spain), Borges Branded Foods SLU (Spain),
Cargill, Incorporated (US), Jindal Retail India Pvt. Ltd. (India), The Unilever Group (UK), Salov S.p.A (Italy), GALLO Worldwide, Lda. (Portugal), Sovena Group (Portugal), and Del Monte Pacific Limited (Singapore) are the distinguished players in the global olive oil market.
Segmentation:
The global Olive Oil Market has been segmented based on type, category, and distribution channel.
By type, the olive oil market has been segmented into extra virgin, virgin, refined and others.
By category, the olive oil market has been segmented into organic, and conventional.
By distribution channel, the olive oil market has been divided into store-based and non-store-based. The store-based segment has been further segmented into hypermarket & supermarket, convenience store, and others. The non-store-based segment has been further segmented into e-commerce.
Regional Analysis:
By region, the global olive oil market has been segmented into Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW).
Major players in the global olive oil market are based in Europe which gives the market leverage. Factors such as high awareness among consumers regarding the health benefits of olive oil and favorable investment environment support make Europe well positioned to lead the global olive oil market.
North America too is an important revenue pocket and is anticipated to account for a significant share of the market. Growing demand for the product from the cosmetics industry and high consumption of olive oil in the region due to high health awareness among consumers is catalyzing the growth of the market.
The APAC market is expected to grow at a relatively faster rate over the forecast period. Growing consumer affinity towards olive oil due to a surge in the level of awareness regarding the health benefits of olive oil has acted as a plus for the market growth.
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