Olive Oil Market Size Worth $ 20.03 Billion By 2032 | CAGR: 3.6%

The global Olive Oil market size is expected to reach USD 20.03 billion by 2032, according to a new study by Polaris Market Research. The report “Olive Oil Market Share, Size, Trends, Industry Analysis Report, By Packaging (Pouches, Cans, Bottles); By Type; By Application; By Distribution Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The market's growth is primarily propelled by the trend of prioritizing overall health and wellness through a shift to healthier oil options. In recent years, there has been a notable increase in consumer preference for incorporating healthy vegetable oils into their daily diets, driven by the rising incidence of lifestyle-related health conditions. The contemporary, stressful, and sedentary lifestyle of consumers has contributed to a higher prevalence of obesity and cardiovascular issues.

The increasing awareness of the significant link between the consumption of fats and oils and conditions such as hypertension and coronary heart diseases plays a key role in driving the demand for nutrient-rich oils.

In contemporary times, consumers prioritize label claims when selecting oil products. The demand for vegetable oils with particular health claims, including MUFA (monounsaturated fatty acids), high omega-3, and vitamin E, is on the rise due to increased awareness of their positive health attributes. The product, characterized by elevated antioxidant and MUFA content, supports the normal functioning of the heart. This escalating demand for nutritious oils is anticipated to play a role in the sustained growth of the market.

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The consumption of olive fruit oil saw an abrupt decrease at the commencement of the COVID-19 pandemic. Nationwide lockdowns implemented in various countries disrupted trade activities, impeding the industry's growth. As per the U.S. Census Bureau, olive oil imports by the U.S. declined by 13% in 2020 compared to 2019. However, increased concerns about immunity and overall health have revitalized the demand for healthy oils, a trend anticipated to persist both during and after the pandemic.

Olive Oil Market Report Highlights

• In 2022, the Refined segment claimed the largest share of revenue. Refined olive oil, characterized by a milder flavor than extra virgin olive oil, is well-suited for diverse cooking techniques and culinary applications. Its subtle taste complements the natural flavors of other ingredients, making it suitable for sautéing, frying, baking, as well as in salad dressings or marinades.
• During the forecast period, the Food & Beverage segment captured the largest market share. Olive oil is rich in heart-healthy monounsaturated fats, and its regular consumption has been associated with numerous health benefits, including a reduced risk of heart disease, improved cholesterol levels, and decreased inflammation. The inclusion of olive oil in food and beverage items aligns with consumers' preferences for nutritious ingredients as they prioritize healthier food choices.
• In 2022, Europe emerged as the leading market. For centuries, olive oil has been a cornerstone of the Mediterranean diet, particularly in countries like Italy, Greece, and Spain. The culinary traditions and cultural heritage of the region have fostered a deep-seated preference for olive oil in both cooking and gastronomy, contributing to its sustained popularity. European nations are renowned for producing high-quality olive oil, often marked by stringent quality standards and certifications.
• The global key market players include Borges INTERNATIONAL GROUP, S.L.U., California Olive Ranch, Inc., Cargill, Conagra Brands, Del Monte Foods Private Limited, Deoleo, GRUPPO SALOV, Modi Naturals Ltd., POMPEIAN, and SOVENA are notable companies in the olive oil industry.

Polaris Market Research has segmented the Olive Oil market report based on packaging, type, application, distribution channel, and region:

Olive Oil, Packaging Outlook (Revenue - USD Billion, 2019 - 2032)

• Pouches
• Cans
• Bottles

Olive Oil, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Extra Virgin
• Refined
• Virgin

Olive Oil, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Personal Care And Cosmetics
• Pharmaceuticals
• Food & Beverage
• Others

Olive Oil, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Convenience Stores
• Online
• Supermarkets & Hypermarkets
• Others

Olive Oil, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Olive Oil Market Report Scope