Olive oil market size was valued at $12.3 billion in 2022, and is projected to reach $17.7 billion by 2030, registering a CAGR of 5.3% during the forecast period (2023-2030). The market is experiencing robust growth primarily due to increasing demand for olive fruit oil across the food service and retail channels. In addition, the growing interest in trying out exotic cuisines has mainly contributed to the increased popularity of Olea europaea fruit oil across various regions of the world. Olea europaea fruit oil is an integral part of a Mediterranean diet owing to its several health benefits. In addition, the growing consumer preference for immunity-boosting food products is likely to fuel demand for healthy and energy-efficient snack items. The growing concern over health and well-being has propelled the rising trend of items with function-specific health advantages.

The trend of maintaining overall health and wellness by shifting to healthier oil choices mainly drives the growth of the market. In recent years, consumer inclination toward including healthy vegetable oils in their regular diets has surged owing to the increasing occurrence of lifestyle-related health conditions. The modern-day stressful and sedentary lifestyle of consumers has resulted in an increased prevalence of obesity and cardiovascular conditions. The growing knowledge of the strong association between the consumption of fats & oils with hypertension and coronary heart diseases primarily fuels the demand for nutrient-rich oils.

Segmental Outlook 

The global olive oil market is segmented based on the type and end-user. Based on the type, the market is segmented into refined/ pure, virgin, and others. Further, on the basis of end-user, the market is sub-segmented into household/ retail, foodservice/ HoReCa, food manufacturing, and others. Among the type segment, the virgin oil sub-segment is expected to cater to a prominent market share over the forecast period.

The Virgin Oil Sub-Segment is Anticipated to Hold a Prominent Share in the Global Olive Oil Market

The virgin olive oil sub-segment is expected to witness strong sales performance owing to its rising popularity among consumers attributed to the growing awareness regarding their health benefits. Omega-3 and oleic acid present in the virgin oil help to prevent lifestyle-related disorders such as obesity and cardiovascular diseases. Emerging processing techniques and technological advancements that enable manufacturers to efficiently process virgin oils that have the highest amount of nutrients further drive market growth.

Regional Outlooks

The global Olive Oil market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. Among these, the Asia-Pacific regional market is expected to cater to prominent growth over the forecast period.

Global Olive Oil Market Growth, by Region 2023-2030

The Asia-Pacific Region is Expected to Hold a Prominent Share in the Global Olive Oil Market

Among all regions, the Asia-Pacific is the fastest-growing region with immense potential for the olive fruit oil industry and is expected to showcase the fastest growth rate as compared to the global average. The growth of the market is attributed to the rising awareness of their health benefits and increasing discretionary incomes that enable consumers to spend on healthcare products that promote well-being. The rising trend of dining out and trying out Mediterranean cuisine is expected to further drive market growth. The growing popularity of functional food & beverages in the region is contributing to the rising demand for omega-3 fatty acid-fortified foods.

Market Players Outlook

The major companies serving the global olive oil market include Borges Agricultural Cooperative, Italian Food Corp. (IFC), Koster Keunen BV, California Olive Ranch, Filippo Berio PLC., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, Curation Foods, Inc., under its brand O Olive Oil & Vinegars, launched a batch of Olio Nuovo Extra Virgin Olive Oil, which is a seasonal oil that has a fresh and robust flavor.

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global olive oil market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.