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The Indian Olive Oil Market size is estimated to reach $141.5 million by 2027. Furthermore, it is poised to grow at a CAGR of 9.2% over the forecast period of 2022-2027. Olive oil, as the name suggests, is extracted from the olives. Olive oil has gained traction in the Indian market in the last decade and a half owing to the presence of monounsaturated fatty acid and its overall chemical structure, which makes it a better choice for the already available substitutes in the market. Additionally, Olive Oil has about 75% composition of glycerol ester of oleic acid. The Indian households have readily adapted to the following oil owing to its nutritional value over its counterparts. Mass spectrometry refers to the technique which allows measuring the mass-to-charge ratio of ions, hence at room temperature, a kg of olive oil gets translated into 916 grams. Additionally, gas chromatography is the technique that allows for separating and analyzing compounds that can be vaporized without decomposing the matter. Lastly, the emergence of nuclear magnetic resonance technology would allow the olive oil industry to gain an edge as it allows to certify the contents of the final product and helps in determining the transformational process.
Olive oil’s potential to help in curing cardiovascular diseases and other ailments, along with the rise in the consumption of olive oil owing to its popularity amongst the millennials, are some of the factors driving the Indian olive oil industry forward in the projected period of 2022-2027.
India Olive Oil Market Segmentation Analysis- By Source
The India Olive Oil market based on the source can be further segmented into organic and non-organic or conventional. The non-organic or conventional segment held a dominant market share in the year 2021. It is owing to the cost difference which is present between the former and latter. Additionally, the demography such as India is highly focussed on saving costs post-pandemic, and hence, they wish to take advantage of the nutritional value that too at the cost-effective rate. Moreover, conventional olive oil has been widely accepted in cosmetic and personal care and is now being more so used in confectionery items.
However, the organic segment is estimated to be the fastest-growing, with a CAGR of 9.8% over the forecast period of 2022-2027. It is owing to the region’s position globally in the “areas under organic farming.” India ranks first in Asia and fifth overall when talked about the following. Moreover, India grew at the highest speed in terms of adopting organic farming. The following trends dictate towards a changed outlook, more so, in eating a healthy diet which will substantiate the growth of the market.
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India Olive Oil Market Segmentation Analysis- By Distribution Channel
The Indian olive oil market based on the distribution channel can be further segmented offline and online. The online segment held a dominant market share in the year 2021. It is owing to the cost advantage it offers to the product consumer. As mentioned later, olive oil is predominantly consumed by the middle class within the urban region. More so, the following demographics are involved in jobs, which makes their time more precious than others. Hence, the advent of online giants such as Amazon, Grofers, and various others have helped in better adoption of olive oil across.
Moreover, the online segment is estimated to be the fastest-growing, with a CAGR of 10.1% over the forecast period of 2022-2027. It is owing to the various discounts and membership coupons the following segment offers. For example, a Del Monte olive oil can cost up to INR 850 in offline stores, but in stores such as Amazon, the cost gets to INR 625. The following advantage makes the outlook of the segment positive in the projected period.
India Olive Oil Market Drivers
The Nutra-medicinal benefits provided by olive oil in curing primarily all types of ailments have allowed for the growth of the market
Olive oil has been gaining traction from the west for a while, but in a developing country like India, it only gained traction when the disease overload increased. Olive oil has been considered an excellent substitute for all other cooking vegan oils. Moreover, the marketers have positioned their products as cooking oil, which aids not only in making tastier food but also in magnifying health. For example, olive oil is loaded with anti-oxidants. Anti-oxidants have been associated with reducing the chances of chronic illnesses. They do the following by reducing the LDL or bad cholesterols which in turn saves one’s arteries. Interestingly, the blood pressure gets lowered by the following, and in various studies around 48% of the participants did not need any blood pressure medication. Lastly, in another study around 40% of the participant reduced their risk of developing type-2 diabetes by regular consumption of olive oil. The following Nutra-medicinal benefits have aided in the growth of the Indian Olive Oil industry outlook.
The demographic shift towards the middle class has allowed for the growth of the Indian Olive Oil Market
As per various analysis, it can be said with certainty that most of the consumers for olive oil are focused or based from the middle class. As large as 30% of the Indian population is now termed as middle-class. The middle class’s demand has been attributed to the rising consumption of olive oil. Additionally, around 70% of the population who demand olive oil are now focused on the states of Mumbai and Delhi. Moreover, it has been attributed that the middle class has been the most woke part of the population in cooking gourmet foods and other cooking requirements. Hence, the health attribute is of utmost importance to them, which in turn is raising the consumption of olive oil in the market.
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India Olive Oil Market Challenges
A higher cost composition in comparison with other cooking oils has lowered the market penetration of the market
As mentioned above, most of the demand is focused on two or three states. More so, the following states have a higher proportion of middle-class scale. Hence, in the countries like India, the marketers must state focus on demographics more than in any other country. Additionally, the states such as Bihar or other low-income states have lower market penetration for the use of olive oil. Additionally, the cost can dent a slightly higher price to one’s pocket as well. A 1 lire olive oil can some-what cost around INR 799, however, the cost of substitutes such as refined oil only costs around INR 165. Hence, a difference of around 4x is hindering the market penetration of such products in the Indian context.
India Olive Oil Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the India Olive Oil market. The top 10 India Olive Oil market companies are-
Jivo Extra Light
The Oil Factory
India Olive Oil Market Developments
In June 2021, Abbie’s Extra Virgin Olive Oil is packed in Italy. Additionally, it is suitable for salads, dressings meat, fish, and vegetables, and cooking sauces. Additionally, its net weight can be given in 5 liters and 1 liter. Lastly, it is available in extra virgin olive oil and pomace olive oil. Additionally, the product was conferred as the Economic Times in India for the year 2020.
In January 2021, Del Monte changed its product offering style within India. The company now offers a one-liter pack which is priced at around INR 250. Moreover, it is being deemed as the country’s first Olive Pomace Oil. Additionally, the company felt that the biggest barrier within the region is price competition, which can be readily tackled with the adoption of the following category.
In December 2020, Colavita’s Italian Extra Virgin Olive Oil was launched in India. The item is 100% Authentic Italian extra Virgin Olive Oil. It is a family tradition recipe, and the quality management system which governs it is ISO 9001. It has the perfect balance of fruity and spicy notes that testify to the Italian authenticity and freshness of this product. Moreover, it can be used in preparing salad and others.
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Olive Oil’s medicinal benefits in helping with the rising cases of cardiovascular ailments and others have acted as a key driver for the Indian olive oil market. Additionally, the rise in the middle-class in the concerned country is another growth factor.
However, the additional costs in comparison to other food oils have dampened its market penetration.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the India Olive Oil Market Report.
A. Edible Oil Market
B. Cooking Oils and Fats Market
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