MRFR Press Release- Market Research Future published a half cooked research report on the global extra virgin olive oil market, which is estimated to grow at the CAGR of 6.3 % during the forecast period of 2017-2023.
Extra virgin olive oil is a liquid fat extracted from olives, a traditional tree crop of the Mediterranean Basin; the oil is produced by pressing whole olives. Extra virgin olive oil is made by crushing olives and extracting the juice, made without the use of chemicals and industrial refining. It is the juice of fresh, healthy olives which contains, more than any other grade, the health-promoting nutrients that olive oil is famous for. The extra virgin olive oil is the highest quality olive oil, consumed mostly by health conscious people as this oil carries less than 1% acidity thus, increasing its demand worldwide. It is the main source of dietary fat in the Mediterranean diet which is increasing the growth of the global extra virgin olive oil market.
The global extra virgin olive oil market is expected to be driven by the rising prevalence of chronic diseases among the consumers both in developed and developing economies; enforcing consumers to shift towards healthy and nutritional food consumption. The global extra virgin olive oil market is projected to propel the increasing awareness regarding health benefits of this oil such as prevention from diseases including cardiovascular diseases, strokes, depression, cancer, and others. Extra virgin olive oil is also expected to increase hair growth and is used in many hair oils. Major market infiltration is leading to the introduction of new products based out of extra virgin olive oil and their retail across various regions. The market players are responding to these new opportunities by expanding their service offerings and product lines, which has fueled up the share of extra virgin olive oil in the global market. High nutritional benefits obtained from extra virgin olive oil are also supporting the sale of this oil globally. Additionally, the augmentation of the product development together with research advancements together are other significant reasons for the increasing growth of global extra virgin olive oil market. Hence, along with changing consumer preferences, the growth of this market is expected to significantly increase during the forecast period of 2017-2023.
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Downstream Market Analysis
Western lifestyle adopted by various countries is the major driving factors of this market. Furthermore, the popularity of extra virgin olive oil and involvement of nutritional attributes are also encouraging the growth of this market. Rising demand for natural products is expected to play a significant role in this market’s growth during the forecast period. Additionally, the augmentation of the product development together with research advancements are other significant reasons for the increasing growth of the global extra virgin olive oil market from 2017-2023.
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Some of the key players in the global extra virgin olive oil market are
Agro Sevilla Group (Spain)
SALOV NORTH AMERICA CORP (U.S.)
Star Fine Foods – Borges USA (U.S.)
Grupo Ybarra Alimentación (Spain)
Carapelli Firenze S.p.A (Italy)
The demand for extra virgin olive oil has pushed manufacturers to innovate and develop new product lines, which are better in taste and offers various health benefits.
The global extra virgin olive oil market is segmented on the basis of region into North America, Europe, Asia Pacific, and rest of the world (RoW). Among these, Europe is estimated to retain its dominance, followed by North America, over the forecast period of 2017-2023. This is attributed to the increasing awareness about health benefits derived from extra virgin olive oil, as well as increasing area of cultivation. Also, due to its vast usage in food and beverages, pharmaceuticals & personal care products, fuel and others is rising the demand of extra virgin olive oil. Spain is the largest producer of olive oil, followed by Italy. The new product development by key manufacturers of extra virgin olive oil is projected to be one of the significant reasons for the rising growth of extra virgin olive oil products in the North America. However, Asia Pacific region is estimated to witness a maximum growth in the global extra virgin olive oil market over the forecast period of 2017-2023.
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