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Worldwide Olive Oil Market is Anticipated to Reach US$ 20 billion by 2033

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The global olive oil market is projected to grow at a CAGR of 5.2% from 2023 to 2033. Valued at $12 billion in 2023, the market is expected to reach $20 billion by the end of 2033. The demand for virgin olive oil is anticipated to increase rapidly due to its effectiveness in preventing cardiovascular illnesses.

Olive oil, derived from olives, contains fatty acids such as oleic, palmitic, and linoleic acids. Known for its numerous health benefits, it serves as a versatile cooking oil. Its nutritional profile includes a high content of antioxidants, vitamins D and K, and monounsaturated fats. The market offers a wide variety of olive oils due to their popularity. Beyond culinary uses, olive oil has many other applications.

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Market Trends
The olive oil market has experienced robust growth due to several factors. Health awareness is a primary driver, with numerous studies highlighting the benefits of olive oil, particularly extra virgin olive oil, in reducing the risk of chronic diseases like heart disease and diabetes. This has led to its increased adoption in everyday diets.

Culinary trends have also significantly influenced the market. The rise of global cuisine and the popularity of Mediterranean diets have propelled olive oil into mainstream cooking. Chefs and home cooks alike prefer olive oil for its flavor profile and nutritional value, boosting its demand.

Furthermore, the organic and sustainable food movement has positively impacted the olive oil market. Consumers are increasingly seeking organic and sustainably produced olive oil, contributing to the growth of premium product segments. This trend is supported by the growing availability of certifications and labels that assure quality and sustainability.

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Competitive Landscape
Top olive oil suppliers are expanding their geographic reach to attract a wider consumer base, which helps drive the market. Major competitors have focused on product development, expansions, and alliances. Key olive oil producers are concentrating on creating new goods and forming alliances with regional businesses to broaden their worldwide reach and make it possible to supply new products to shift consumer demands.

For instance,

  • In 2019, to improve its position in the Chinese market, Deoleo, the leading manufacturer, announced the launch of a new olive oil brand, Carbonell.
  • In 2022, Olio Nuovo Extra Virgin Olive Oil is a seasonal oil with a flavor that is both fresh and strong that was introduced by Curation Foods, Inc. under the moniker Of Olive Oil & Vinegars.

Market Segmentations:
By Type :
Processed Olive Oil
Virgin Olive Oil

By Application :
Food Service
Cosmetics
Pharmaceuticals
Households

By Distribution Channel :
Supermarkets/Hypermarkets
Franchise Outlets
Specialty Stores
Online Stores

By Region :
North America
Europe
Asia Pacific
Latin America
Middle East & Africa