Olive Oil Market to Reach $30,196.4 million, Globally, by 2032 at 5.2% CAGR: Allied Market Research

The surge in the Mediterranean diet trend boosts the demand for olive oil. This renowned dietary pattern, inspired by the traditional eating habits of Mediterranean countries, places a strong emphasis on the consumption of olive oil as a primary source of dietary fat

PORTLAND, Ore., March 12, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Olive Oil Market by Type (Refined, Virgin, Extra Virgin, and Others), Application (Food and Beverage, Personal Care and Cosmetics, Pharmaceuticals, and Others), and Distribution Channel (Hypermarkets/Supermarkets, Departmental Stores, Online Retail Stores, and Medical Stores): Global Opportunity Analysis and Industry Forecast, 2023-2032″.  According to the report, the global olive oil market was valued at $18,552.6 million in 2022, and is projected to reach $30,196.4 million by 2032, registering a CAGR of 5.2% from 2023 to 2032.

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Prime determinants of growth

The olive oil market has experienced significant growth driven by several prime determinants. The increase in awareness and adoption of healthier lifestyles have led consumers to seek alternatives to traditional cooking oils, with olive oil being recognized for its numerous health benefits. The growing emphasis on heart-healthy fats, antioxidants, and anti-inflammatory properties in diets has fueled the demand for olive oil, as it is rich in monounsaturated fats and other essential nutrients.

Moreover, the expanding culinary landscape and a rising interest in diverse and international cuisines have played a pivotal role in the growth of the olive oil market. As consumers become more adventurous in their food choices, the use of olive oil as a staple in Mediterranean, Middle Eastern, and other global cuisines has surged. Additionally, the popularity of gourmet and specialty cooking, coupled with the influence of celebrity chefs, has elevated olive oil to a premium ingredient, further driving its market growth.

The virgin segment to maintain its leadership status throughout the forecast period

Based on type, the virgin segment held the highest market share in 2022, accounting for more than one-third of the global olive oil market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the others segment is projected to attain the highest CAGR of 6.6% from 2023 to 2032.

The others segment to maintain its leadership status throughout the forecast period

Based on application, the others segment held the highest market share in 2022, accounting for more than one-third of the global olive oil market revenue, and is estimated to maintain its leadership status throughout the forecast period. Additionally, the personal care and cosmetics segment is projected to attain the highest CAGR of 7.1% from 2023 to 2032.

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The hypermarkets/supermarkets segment to maintain its leadership status throughout the forecast period.

Based on the distribution channel, the hypermarkets/supermarkets segment held the highest market share in 2022, accounting for more than one-third of the global olive oil market revenue, and is estimated to maintain its leadership status throughout the forecast period. Additionally, the online retail stores segment is projected to attain the highest CAGR of 6.7% from 2023 to 2032. 

Europe to maintain its dominance by 2032

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than half of the global olive oil market revenue. In addition, the North America region is also expected to witness the fastest CAGR of 8.1% from 2023 to 2032 and is likely to dominate the market during the forecast period.

Leading Market Players: –

Deoleo, SOVENAGRUPPO SALOVDel Monte Foods Private LimitedCalifornia Olive Ranch, Inc.Borges INTERNATIONAL GROUPS.L.U.POMPEIANCargillConagra BrandsModi Naturals Ltd.

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The report provides a detailed analysis of these key players in the global olive oil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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