Global Olive Oil Market Analysis
The global olive oil market is expected to reach US$ 17.93 billion by 2028, growing at a CAGR of 6.48% from 2022 to 2028. The market is being driven by factors such as rising consumer awareness regarding health benefits, increasing demand in various industries, and challenges related to costs, climate, and economics.
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Market Drivers
- Health Benefits: Rising awareness among consumers regarding the health benefits of olive oil, such as its use in skincare products and its ability to reduce the risk of heart disease and cancer, is driving market growth.
- Demand in Various Industries: Olive oil is in high demand in industries like food & beverages, personal care products, and pharmaceuticals, further fueling market growth.
- Challenges: High costs and challenges related to climate and economics pose significant challenges to the growth of the olive oil market.
Olive Oil Companies News
- Modi Naturals: Plans to launch the Oleev Kitchen sub-brand, offering pasta and peanut butter, aiming to generate a significant portion of its business from this sub-brand in the coming years.
- Cargill Inc.: Announced plans to construct a new USD 200 million palm oil refinery in Indonesia to offer deforestation-free products to customers.
- Bunge Limited: Joint venture with IOI Corporation to acquire a newly constructed, port-based refinery in Louisiana, and acquisition of Argentinian seed company ChacraserviciosSrl.
Consumption Trends
- EU-27: Largest consumer of olive oil due to increasing per capita income and health benefits. Italy and Spain are the largest consumers within the EU.
- Asia-Pacific: Growing consumption of olive oil, with Japan, Korea, and China being the top destination countries.
Production Trends
- EU-27: Largest producer of olive oil, with Spain, Greece, and Italy being the top producers.
- Spain: Largest olive oil producer, accounting for 42% of global production in 2021.
Import Trends
- United States: Largest importer of olive oil, driven by rising consumption, urbanization, and health-conscious consumers.
Export Trends
- EU-27: Largest exporter of olive oil, with Spain, Greece, Italy, Tunisia, and Portugal being the top exporters.
Olive Oil Types
- Virgin Olive Oil: Dominates the market due to increasing demand from health-conscious consumers.
Industry Segmentation
- Food and Beverages: Largest market share due to the popularity of olive oil in various food items.
Key Developments
- Curation Foods, Inc.: Released Olio Nuovo Extra Virgin Olive Oil, a seasonal oil with a fresh and powerful flavor.
Market Segmentation
- Type: Divided into Extra Virgin Olive Oil, Virgin Olive Oil, and Others.
- Industry: Divided into Food and Beverages, Cosmetics, and Pharmaceuticals.
- End-User: Divided into Food Service, Food Processing, and Retail.
- Consumption, Production, Import, Export: Divided into various regions such as EU-27, Turkey, Morocco, etc.
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Key Players
- Cargill Inc., Modi Naturals, Ingredient, Bunge Limited, Conagra Brands, Semapa
The global olive oil market is expected to witness significant growth driven by increasing consumer awareness and demand in various industries.
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