Olive oil is a liquid fat extracted from olives, a traditional tree crop of the Mediterranean Basin. The oil is produced by squeezing whole olives. Extra virgin olive oil is made by crushing olives and extracting the juice. It is the only cooking oil that is 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 by a majority of health-conscious people, as the extra virgin olive oil is less than 1% acidic, thus increasing its demand worldwide. It is the main source of dietary fat in the Mediterranean diet which is helping to increase the growth of the 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 the developed and developing economies which is 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 available health benefits such as prevention from diseases including cardiovascular diseases, heart diseases, strokes, depression, cancer, and others. Extra virgin olive oil is also expected to increase the 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.
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High nutritional benefits obtained from this product are also supporting the sale of extra virgin olive oil globally. Additionally, the augmentation of the product development together with research advancements is other significant reasons for the increasing growth of extra virgin olive oil market. Hence, along with changing consumer preferences, the growth of global extra virgin olive oil market is significantly increasing during the forecast period of 2017-2023.
Major Key Players:
Some of the key players in the extra virgin olive oil market: Agro Sevilla Group (Spain), SALOV NORTH AMERICA CORP (U.S.), Star Fine Foods – Borges USA (U.S.), Grupo Ybarra Alimentación (Spain), DEOLEO (Spain), SOVENA (Portugal), Carapelli Firenze S.p.A (Italy)
Latest Industry Updates:
Oct 2017 To suffice the rising demand for extra virgin olive oil and to promote the consumption of healthy oils, Agriculture Minister Khaled Hneifat, Olive Presses Association President Inad Fayez (Amman, Jordan) signed a memorandum to launch the 6th national campaign to market local olive oil to public and private sector employees for the season.
Jan 2017 To meet the rising demand for healthy oil from consumers’ end, Clover acquired Olive Pride business from Southern Canned Products (SCP). The strategy will help the company to strengthen their product portfolio and generate high revenue.
Sep 2016 To enter into the olive oil business and gain consumers attention towards the offerings, Filippo Berio announced the launch of ‘robustly flavoured’ 100% Italian extra virgin olive oil.
Mar 2016 To reduce the chances of counterfeit products in the global oil market, Italy launched olive oil certification label. The certification label will help in combating fraud and will allow product traceability.
The global extra virgin olive oil market has been divided into packaging material, application, distribution channel and region.
On The Basis Of Packaging Material: Glass, Plastic, Metal, Others
On The Basis Of Application: Culinary, Cosmetics, Pharmaceuticals, and Others
On The Basis Of Distribution Channel: Store Based, and Non-Store Based
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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The global extra virgin olive oil market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global dietary market is highly dominated by North America and Europe due to high awareness and adoption of healthy lifestyle by the consumers. APAC is fastest growing region due to changing lifestyle and improved disposable income in the region. The consumption extra virgin olive oil in developing countries is anticipated to grow at a high rate in the upcoming years.