Global Olive Oil Market to Surpass 3,299.9 KT by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Nov 26, 2019--
The global olive oil market was valued at 3,026.6 KT in 2018 and is projected to exhibit a CAGR of 1% over the forecast period (2019–2027).
Key Trends and Analysis of the OLIVE OIL Market:
The demand for virgin olive oil is expected to increase over the forecast period, owing to the deployment of processing techniques, which do not include any kind of chemicals and possess high nutritional content. In 2013, a survey was conducted by UC Davis Olive Center – ‘Customer Attitudes on Olive Oil’, which concluded that around 86% of the olive oil customers purchased extra virgin olive oil amongst all the types of olive oil.
The global olive oil market is also expected to create opportunities for manufacturers in the market with the development of novel packaging methods for olive oil. For instance, according to the report ‘Packaging influences on olive oil quality’, published by UC Davis Olive Center in 2014, extra virgin oil is the purest form of olive oil and its freshness and the quality of flavor diminishes over the course of time. The use of enhanced packaging materials such as stainless steel, dark glass, and bag-in-box helps in maintaining shelf life of the product. Thus, development of innovative packaging materials and techniques help in retaining the quality of oil and also attracts the customers thereby, driving growth of the market.
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Key players in the market are focused on adopting various business strategies such as mergers and acquisitions for enhancing their footprint within the market. For instance, in February 2014, Cargill Inc. entered into an agreement with Dalmia Continental Private Limited for acquiring its Leonardo Oil business. Leonardo is a major olive oil brand with major presence in countries such as India. Therefore, this acquisition would enable Cargill Inc. to enhance its footprint in India.
Key Market Takeaways:
- The global olive oil market is expected to exhibit a CAGR of 1% during the forecast period (2019–2027)
- Among distribution channel, business-to-business segment is expected to exhibit high growth, owing to increasing demand for olive oil in the food and beverages industry. The growth of this segment is attributed to inclination of consumers towards healthy lifestyle and increasing use of olive oil in various food products as a replacement of other oils.
- Among regions, Europe is expected to witness major market share over the forecast period. This is attributed to growth of the food services sector within the region. In the European region, majority of the population adopts Mediterranean diet, which generally makes extensive use of olive oil. Within the European region, countries such as Spain and Italy are the major exporters and producers of olive oil. In addition to this, Asia Pacific region is expected to be the fastest growing region, as potential customers are increasingly becoming health conscious and also prefer healthy food, which have lower fat content. The per capita expenditure of consumers on healthy food is also increasing, thereby, driving growth of the olive oil market in Asia Pacific.
Some of the major players operating in the global olive oil market include-
Cargill, Inc., SOVENA, DEOLEO, COLAVITA S.p.a., Olivezia, Stone Axe Estate, PORTTABLE Produtos Alimentares, Lda., Castello di Albola, Planeta, Empresa Esporão S.A., and Domaine De Marquiliani (Kermit Lynch Wine Merchant).
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- Global Olive Oil Market, By Product Type:
- Extra Virgin Oil
- Virgin Oil
- Others (Pomace Olive Oil, Lampante Oil etc.)
- Global Olive Oil Market, By Distribution Channel:
- Food & Beverages
- Beauty & Personal Care
- Grocery Stores
- Online Channel
- Others (Convenience Stores, etc.)
- Global Olive Oil Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East
- Rest of Middle East
- Northern Africa
- Central Africa
- South Africa
- North America
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PUB: 11/26/2019 11:31 AM/DISC: 11/26/2019 11:31 AM