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Extra Virgin Olive Oil Market Overview
In 2022, the extra virgin olive oil market was estimated to be worth USD 9.5 billion. According to projections, the extra virgin olive oil market will increase from USD 10.08 billion in 2023 to USD 14.41 billion in 2030, with a compound annual growth rate (CAGR) of 5.30% over the forecast period (2023- 2030). The main drivers of market expansion include the growing demand for olive oil in the retail and food service industries, as well as the adoption of healthier lifestyles and increased health consciousness.
The growing popularity of home cooking among consumers and growing worries about food safety have led to an increase in the sale of oil in Mediterranean countries. For example, sales in Italy rose by 22% in 2020 over 2019. It is projected that the revival of oil trade networks would propel market growth during the projection period. Furthermore, the COVID-19 pandemic led to a surge in the demand for healthy edible oils in developing countries such as India, where individuals started utilising olive fruit oil to duplicate restaurant-quality food at home. According to the CEO of Field Fresh Foods, sales of the Del Monte and Oleev brands increased by 30% in 2020, while Leonardo, a brand of Cargill, saw growth of close to 15% in the final two quarters of 2020, boosting the market CAGR globally in recent years.
However, consumers’ desire for healthy lifestyles and organic practises is driving the market for extra virgin olive oil. People understand the value of MUFAs. People who are concerned about their diets are a major driving force in the extra virgin olive oil business. Another factor driving demand for extra virgin olive oil is the body’s need for omega-3 fatty acids. The market is expanding in large part due to the increase in consumer interest in Mediterranean cuisine. Mediterranean cuisine makes extensive use of olive oil, and extra virgin olive oil is popular due to its flavour and potency.
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Key Companies in the Extra Virgin Olive Oil market include
Agro Sevilla Group
TheStar Fine Foods – Borges USA
Miguel Gallego SA
DEOLEO
Nutrinveste SGPS, SA.
Carapelli Firenze S.p.A
Segmentation
Organic and conventional extra virgin olive oil are included in the market segmentation for that product type. In 2022, the organic sector represented the majority of the market.
The packaging of extra virgin olive oil, such as bottles and jars, cans, and others, has been segmented in the extra virgin olive oil market data. The market was dominated by the bottles and jars category.
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Regional Insights
The analysis provides market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. The market for extra virgin olive oil in North America reached USD 4.35 billion in 2022 and is anticipated to increase at a substantial CAGR over the research period. This is as a result of consumers’ increasing interest in healthy oils to prevent lifestyle-related health concerns brought on by their busy lifestyles. Studies demonstrating the health benefits of olive oil use have considerably accelerated regional development. Additionally, the North American extra virgin olive oil market in the US had the biggest market share, while the market in Canada had the quickest rate of expansion.
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