According to Renub Research report titled “Europe Olive Oil Market Forecast 2021-2027, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” the Europe Olive Oil Market Size will be US$ 7.35 Billion by 2027. For ages, the majority of world’s olive oil market has revolved around the realms of European boundaries. Hence, Europe has remained the leading market for producing, consuming, importing, and exporting olive oil. In addition, mainly, the Mediterranean countries of Europe are dedicated to the cultivation of olives trees, combining traditional, intensive and super-intensive groves. Remarkably, demand for olive oil in Europe remains stable. However, import quantities sometimes are expected to fluctuate due to variable production in the central supplying countries of the region.
Europe Olive Oil Market Size was US$ 3.86 Billion in 2020
The thriving consumer interest in olive oil in Europe has three main driving forces combined: the ever-increasing popularity of the Mediterranean diet, the increasing awareness of olive oil’s health benefits and the quality of certain types of olive oil. In addition, the promotions of single-origin premium olive oil and sustainable and ethical production methods have been favourable aspects for well-established market culture in recent years. Besides, the best opportunities for the market come from a country like Spain, Italy, Greece and Portugal.
The European market remains the number one producer, exporter and consumer of olive oil in the world. The producing countries account for millions of hectares of olive groves, primarily dedicated to olive oil production. In our report, four producing member states of Europe have been analyzed: Spain, Italy, Greece, and Portugal. As per our analysis, Spain accounts for the most dominant market share in the European region for olive oil. Moreover, in terms of trade, a strong demand spurred by consumer preferences will increase European exports.
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Extra Virgin Olive Oil is anticipated for strong Performance in the Forecast Period:
Eight different categories of olive oils and olive-pomace oils exist extra-virgin olive oil, virgin olive oil, virgin lampante olive oil, refined olive oil, olive oil composed of refined olive oil and pure olive oils, olive pomace oil, crude olive-pomace oil, refined olive pomace oil. However, all categories are unavailable to be sold to consumers. As per our analysis, Extra Virgin Oil, Virgin Oil, Lampante, Pomace are some prominent demanded oil readily demanded by the consumer level.
Further, as per our analysis, virgin olive oils witness strong market share existence. Due to their expanding popularity among customers, Virgin olive oils are associated with spreading awareness concerning their health advantages in Europe. Omega-3 and oleic acid in virgin oil aid prevent lifestyle-related disorders such as obesity and cardiovascular complications.
The extra virgin oil is anticipated to exhibit strong growth in Europe due to its high utilization in pharmaceuticals, cosmetics, and cooking. Additionally, European families use extra virgin oil for cooking; it is extensively used in personal care products like skincare for numerous purposes such as massages, sports injuries, and reducing muscle fatigue.
Expanding Utilization of Olive Oil in European Retail and Foodservice Sector Propels Market Growth:
Additionally, the growing awareness concerning the role of olive oil in maintaining good health has exceptionally boosted the demand for various types of olive oil in pharmaceuticals, cosmetics and cooking industries. On the other side, retail has survived one of the most dynamically advancing realms that enable enterprises in the olive oil market to constantly be on their toes to observe their aim customers and sustain a customized strategy.
In addition, the foodservice sector in Europe utilized olive oil for salad dressing and preparing cold foods. Wherein, olive oil is widely used in the making of various food products, essentially healthy snacks. The expanding demand for healthy snacks amongst users has compelled manufacturers to consolidate nutrient-rich ingredients such as olive fruit oil to enhance the value of the final product.
Key Players in the European Olive Oil Market:
In our report, some of the market’s key players embrace Deoleo, S.A, Del Monte Foods, Unilever Group, Semapa, Bunge Limited. Players in the Olive Oil Market affirm many essential strategies. For instance, in 2020, Deoleo, the world’s leading olive oil producer with Bertolli extra virgin olive oil brands, drives biodiversity.
Europe Olive Oil Industry recovering from Impact of COVID-19:
The demand and sale of olive oil observed a sudden slump with the outbreak of the COVID-19 pandemic. Nationwide lockdown in several countries also resulted in the disruption of trade activities, which has slowed the growth of this industry. However, after months of market imbalance, 2021 marks a year tendering growth in the European Olive Oil Industry, concluding a positive note.
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According to the market study done by Renub Research, the progress in the Covid-19 vaccination campaign in Europe has positively affected the recovery of the Olive Oil Industry. The reopening of the foodservice supply chain, the restaurant and hospitality (Horeca) sector, and easing travel restrictions are the major supporting end-users boosting the market growth.
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