The growing awareness regarding health benefits associated with its consumption increases the demand for olive oil among consumers. As per the findings of a newly published market research report by IndustryARC, the global olive oil market valued at $7.6 billion as of 2018. The demand is anticipated to grow at a compound annual growth rate (CAGR) of 5.10% during the forecast period of 2019 to 2025.
The report titled “Olive Oil Market: By Type (Virgin Olive Oils, Refined Olive Oil, Olive Oil); By Pack Type (Tins, Bottles); By Category (Organic, Non-Organic); By Application & By Geography – Forecast (2019-2025),” states that the consumption of olive oil has apparently increased in developing countries such as China, Japan, and India due to its domestic production. Furthermore, the stringent government norms have propelled the production in Brazil and are anticipated to boost the olive oil market.
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Global Olive Oil Market: Market Trends and Growth Drivers
· Packaging innovations in olive oil
The olive oil packaging provides the reduction of oxygen in the packaging is the key factors in lowering lipid oxidation and off-flavor development, which helps in maintaining the quality of the oil for long. The attractive designs of the bottles is another factor that attracts consumers.
· Ultrasound Technology for Oil Extraction
Ultrasound is one of the main emerging technology widely used to enhance oil extraction. This method induces to release oil easily from vacuoles with a considerably lower malaxation time, higher oil quality, and yield.
· Health Benefits of Olive Oil
The major reason for growing olive oil demand is the consumption of it due to increasing health concerns. It is one of the best alternatives for conventional edible oil in terms of taste and its unique properties. Furthermore, olive oil is gluten-free in nature that is a value-added advantage and it is propelling in the market.
· Increased Production of Extra Virgin Olive Oil
More of extra virgin olive oil is being produced in the Mediterranean countries. The producers of it is now shifting to bottled branded products which have increased the competition for retail shelf-space. The large supermarket chains are launching private label and house label brands. Hence, this has increased the demand for virgin olive oil in the market.
Global Olive Oil Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global olive oil market are Lamasia, Sovena Group, Gallo, Grup Pons, Maeva Group, Ybarra, Jaencoop, Deoleo, Carbonell, Hojiblanca, Mueloliva, Borges, Olivoila, BETIS, and Minerva.
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