At 3.15% CAGR, Olive Oil Market size is Expected to Cross USD 1661 Mn by 2027, Brandessence Market Research
LONDON, Oct. 11, 2021 /PRNewswire/ -- Brandessence Market Research & Consulting Pvt ltd. has published a new report on Olive Oil Market, According to Study Global Worth of Olive Oil Market is Counted USD 1336.9 Million in 2020 and anticipated to reach USD 1661.1 Million by 2027 at CAGR of 3.15% over the forecast period, Increasing adoption of healthier lifestyle & rising awareness regarding health benefits of olive oil, rising disposable income and increasing production are contributing to the growth of Global Olive Oil Market.
Top Companies on Olive oil Industry: Nutrinveste SGPS, Fieldfresh Foods Private Ltd., HACIENDA EL PALO SL, lmazaras de la Subbetica, Azienda Agricola Leone, Broges SA, Cargill Inc., Deoleo S.A., Knolive Oils, MONINI, SA., Sovena Group
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Olive Oil Market Size, Share & Trends Analysis Report Based On By Product Type (Virgin Olive Oil, Refined Olive Oil, Pomace Olive Oil, Others), By Source (Organic, Conventional), By Application (Food Industry, Pharmaceutical, Personal Care & Cosmetics, Others), By Distribution Channel (Supermarket/Hypermarket, Convenience Store, Online Channel, Others), Region, And Segment Forecasts, 2021 - 2027
Olive Oil Market Resurges as Consumer Demand Peaks Globally
In 2017, the global supply, and distribution of Olive oil hit its peak at 3.29 million metric ton. The coronavirus dampened the market spirit with an all-time low supply at 2.92 million metric ton in 2020. As per the 2021 September estimates, the supply of olive oil has resurged amidst a growing global demand, and hit another peak at 3.28 million metric ton.
Olive Oil Market: Key Trends
The global demand for olive oil has increased by 1.8-fold during 1995-2020. Olive oil is increasingly used in a wide range of applications including as fillers in pharmaceutical tablets. In recent years, the olive stone powder, a byproduct of Olive oil is found to be well-binding, and heavy-capacity filler for capsules, and tablets. Furthermore, olive stones are also nutrient rich, and offer anti-oxidant properties. These properties are ideal for food supplements. These food supplements offer great commercial application as low-cost farm feeds, and are marketed as a type of super food for human consumption as well. As commercial applications for olive oil grow, the demand in new regions like the Mediterranean remains promising. The growing demand for olive oil in new regions is due to its health, and environmental benefits.
As Olive Oil reaches new shores, people around the world are becoming more familiar with the core product meant for human consumption. For example, outside the EU, the US remains the biggest importer of Olive Oil. The country imported on average, 306,000 tons during 2015-2020. Furthermore, since the 90s, the olive oil imports in the US have tripled. This has resulted in more consumers, retail food stores differentiating the quality of products. Today, the high-quality Olive oil remains the top priority of US consumers. In 1993-94, the US imported 30% virgin olive oil of the total stock. This has increased to a share of 70% in 2019-2020.
Rising healthy eating habits in key countries like the United States remain key to driving increased demand for olive oil. The olive oil reduces fat intake considerably. Recently, the Food Drug Administration of the United States also allowed a claim on olive oil labeling stating that "eating two tablespoons of olive oil may reduce the risk of heart disease". This has resulted in unprecedented growth for the olive oil commodity. For example, in 2017-18, the ending stocks for olive oil remained at 0.69 million metric tons. During the pandemic, the demand fell considerably short, and in 2019-2020, the ending stocks in the US were at 0.76 million metric tons. On the other hand, in August 2021, the ending stocks of Olive oil remained at an all-time low at 0.49 million metric tons, signaling a major rise in demand, outpacing demand even before the pandemic.
The olive oil market remains susceptible to major price changes, and differentiation across the globe. For example, in 2020-21, extra virgin oil in Spain was priced at €218.5 per 100kg. However, this price peaked at €423 and remained at its lowest at €174.3 per 100kg. In order to ensure successful entry of high-quality olive oil products, it is important for people to ensure understanding of the global pricing of the olive oil market. For example, in the absence of an official global price benchmark, most of the pricing is decided by suppliers in Italy, Spain, and Greece, where 70% of the global olive oil is traded. In regions of Italy, extra- virgin olive oil, and virgin oil categories also make rounds.
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Olive Oil Market: Expert Analysis of Covid-19 Impact
According to Brandessence Market Research lead analyst, "The covid-19 period is just a temporary slowdown as far as the olive oil market is concerned. Major importers including Europe, US, Turkey, and China have resurged. China's domestic consumption stood at 62 thousand metric ton in 2019-2020. This has increased to its normal levels to 68 thousand metric ton. Similarly, the domestic consumption in Europe stood at 1,445 thousand ton in 2019-2020. This has resurged to 1,495 thousand metric ton in October 2021. Moreover, this growth follows a long-established historical pattern of growth. For example, in 2013, Europe imported 376,425,586 Euro worth olive oil commodity. This took off significantly by 2018, and Europe imported 557,902,627 Euros worth imports. This reflects a key change in demand for olive oil in Europe. In 2013, 1,516,395 Olive oil in a 100 kg unit were imported in Europe. In 2018, this number reached 1,745,234 in 100 kg units. Turkey remains a key importer of Olive oil globally. The country imported 185 thousand metric ton in 2019-2020. Its demand has peaked once again at 220 thousand metric ton in 2020".
Olive Oil Market: Regional Analysis
Olive oil is increasingly used in a wide range of applications including as fillers in pharmaceutical tablets. In recent years, the olive stone powder, a byproduct of Olive oil is found to be well-binding, and heavy-capacity filler for capsules, and tablets. Furthermore, these olive stones are also nutrient rich, and offer anti-oxidant properties. These properties are ideal for food supplements. These food supplements are also ideal as low-cost farm feeds. On the other hand, olive oil seeds are finding increased acceptability among a group of super food for human consumption. As commercial applications for olive oil grow, the demand in new regions like the Mediterranean region remains promising. The growing demand for olive oil in new regions is due to its health, and environmental benefits. The demand for olive oil globally has increased by 1.8-fold during 1995-2020.
However, in order to invest wisely in the olive oil market, one must also take into changing supply equation. Europe remained the key supplier of olive oil during 2005-2019, amounting for over 70% of the world's supply. However, the equation has quickly changed in favor of new producers including countries in the Mediterranean region. The growing investment in harvesting, and irrigation method has changed the supply equation, with countries outside the Mediterranean region such as Argentina, Chile, and Australia benefitting from efficient production methods. Despite major changes in supply of Olive oil, Europe region remains the key importer and exporter of Olive oil. More than half of the olive oil trade globally took place Amongst European nations. Spain remained the world's top olive oil importing nation, with 880,000 tons during 2011-2020 period.
North America
- U.S.
- Canada
Europe
- U.K.
- France
- Germany
- Italy
Asia Pacific
- China
- Japan
- India
- Southeast Asia
Latin America
- Brazil
- Mexico
The Middle East and Africa
- GCC
- Africa
- Rest of the Middle East and Africa
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