Olive Oil Market to Touch USD 16.64 Billion by 2027; Rising Awareness Regarding the Health Benefits of Oil to Foster Market Growth, Says Fortune Business Insights™
June 15, 2021 at 09:00 AM EDT
Pune, India, June 15, 2021 (GLOBE NEWSWIRE) -- The global olive oil market size is expected to reach USD 16.64 billion by 2027, exhibiting a CAGR of 3.2% during the forecast period. The rising awareness among the consumers regarding the nutritional content provided by consuming olive oil is expected to boost demand for the product, and fuel market growth during the forecast period. Fortune Business Insights™ shares this information in its report titled "Olive Oil Market, 2020-2027."
Olive oil is gaining traction among consumers as it offers omega-3 fatty acids to the body that helps to reduce heart disorders and lower blood pressure in the body. Consumers have adopted healthier oils in their diet because of the hectic schedules and inactive lifestyles. It is a staple ingredient in the diet of Mediterranean consumers, such as fried foods, stews, and desserts. The medical industry utilizes it in health supplements and medicines. For example, Brands such as HealthVit and HealthKart offer supplements and medicines to provide the consumers with omega-3 fatty acids. Therefore, the rising adoption of the oil due to the health benefits offered combined with the incorporation of health supplements is expected to bolster market growth in the foreseeable period.
Impact of COVID-19
Disturbance in Supply to Hamper Market amid the Global Pandemic
This market is among the adversely affected market because of the disturbance in the supply chain because of the COVID-19 pandemic. For example, as per the information provided by the U.S. Census Bureau, the imports of the oil in US experienced a downfall of 13% in the US in 2020. However, there is a rise in demand for the product because of consumer preference for healthier products, resulting in the rise of demand in countries such as Italy. Recently the rise in cases of COVID-19 in countries such as India has resulted in newer government regulations, thereby leaving the olive oil market in a state of frenzy.
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Based on type, the market is segmented into virgin oil, refined/pure oil, olive pomace oil, and others. As per end-user, it is divided into household/retail, foodservice/HORECA, food manufacturing animal feed, pharmaceuticals, dietary supplements, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Highlights of the Report
This report analyzes the top segments and the recent global trends. It comprehensively discusses the impact of COVID-19 on the market and the driving and restraining factors. Additionally, it examines the strategies implemented by the market's key players and the regional development.
Drivers and Restraints
Rising Popularity of Healthy Oils to Boost Product Demand
There is a growth in the popularity of the oil among consumers because of the health benefits and minimal processing of the product. The product's availability at a cheaper price is expected to enhance the expansion of the market during the forecast period. For example, Del Monte announced a 1-liter pouch of olive oil for INR 250 in January 2021. The company aimed the launch at attracting more consumers. It is also used as an essential oil for preparing exotic dishes in the Mediterranean region. In addition, owing to the minimal processing and retention of nutrients in the oil, the consumers opt for virgin & extra virgin olive oils, thereby driving the market growth.
However, the higher cultivation cost and processing of olive as compared to sunflower seeds and other alternative sources acts as a restraining factor for the market.
High Production of Olive Fruit Oil to Foster Growth in Europe
The European region is projected to dominate the market share as it is the leading producer of the olive fruit oil. Italy and Spain are the highest oil producers responsible for supplying the oil to other regions.
The rising per-capita income and awareness among consumers regarding the benefits provided to the human body by consumption of the oil in the Asia Pacific region are expected to boost the market. In addition, the adoption of western cultures has resulted in the oil being utilized in several Mediterranean dishes.
Adoption of healthy lifestyles by consumers in the North American region is anticipated to boost the demand for the product in the region. Additionally, the increasing adoption of food supplements using oil is expected to elevate the market.
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Adoption of Expansion Strategies by Key Players to Fortify Brand Presence
Certain companies in the market have announced product launches aimed at strengthening their brand presence. For example, Deoleo launched a new brand named "Carbonell" in the online market to enhance its brand presence in China. Additionally, companies are heavily investing for expanding their activities to enhance the brand value of their product. For example, Deoleo S.A. increased its capital investment in November 2018 by spending 25 million Euros to aid its worldwide growth and enhance the brand value of its major brands. Further, the key players have focused on other techniques such as mergers and acquisitions, partnerships, and others to tackle the intensely competitive market.
May 2021: Atulya launched a novel range of veg-keratin and wheat protein products comprising hair shampoo, conditioners, oils, and hair masks. The products are composed using olive oil and several other ingredients that provide good hair quality.
List of Key Players Profiled in the Olive Oil Market Report
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