Extra Virgin Olive Oil Market Overview

In 2022, the extra virgin olive oil market was estimated to be worth USD 9.5 billion. According to projections, the extra virgin olive oil market will increase from USD 10.08 billion in 2023 to USD 14.41 billion in 2030, with a compound annual growth rate (CAGR) of 5.30% over the forecast period (2023- 2030). The primary market factors boosting market growth are the increased demand for olive oil in both the food service and retail sectors, as well as rising health awareness and the adoption of better lifestyles.

The sale of oil in Mediterranean nations has increased as a result of expanding consumer interest in home cooking and rising food safety concerns. For instance, sales increased in Italy by 22% in 2020 compared to 2019. During the projection period, it is anticipated that the re-establishment of oil trade networks would drive market expansion. Additionally, as a result of COVID-19, the demand for healthy edible oils increased in emerging nations like India as people began using olive fruit oil to replicate the gastronomic pleasures of restaurants at home. According to the CEO of Field Fresh Foods, sales of the Del Monte and Oleev brands increased by 30% in 2020, while Leonardo, a brand of Cargill, saw growth of close to 15% in the final two quarters of 2020, boosting the market CAGR globally in recent years.

However, consumers’ desire for healthy lifestyles and organic practises is driving the market for extra virgin olive oil. People understand the value of MUFAs. People who are concerned about their diets are a major driving force in the extra virgin olive oil business. Another factor driving demand for extra virgin olive oil is the body’s need for omega-3 fatty acids. The market is expanding in large part due to the increase in consumer interest in Mediterranean cuisine. Mediterranean cuisine makes extensive use of olive oil, and extra virgin olive oil is popular due to its flavour and potency.

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Key Companies in the Extra Virgin Olive Oil market include

Agro Sevilla Group

TheStar Fine Foods – Borges USA

Miguel Gallego SA

DEOLEO

Nutrinveste SGPS, SA.

Carapelli Firenze S.p.A

Segmentation

Organic and conventional extra virgin olive oil are included in the market segmentation for that product type. In 2022, the organic sector represented the majority of the market.

The packaging of extra virgin olive oil, such as bottles and jars, cans, and others, has been segmented in the extra virgin olive oil market data. The market was dominated by the bottles and jars category.

Regional Insights

The analysis provides market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. The market for extra virgin olive oil in North America reached USD 4.35 billion in 2022 and is anticipated to increase at a substantial CAGR over the research period. This is as a result of consumers’ increasing interest in healthy oils to prevent lifestyle-related health concerns brought on by their busy lifestyles. Studies demonstrating the health benefits of olive oil use have considerably accelerated regional development. Additionally, the North American extra virgin olive oil market in the US had the biggest market share, while the market in Canada had the quickest rate of expansion.

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