Extra Virgin Olive Oil Market Overview:
The Extra Virgin Olive Oil Market size is estimated to reach $6.5 billion by 2030, growing at a CAGR of 6.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Extra Virgin Olive Oil Market – By Source (Organic, Non-Organic), By Application (Pharmaceutical, Food Industry, Cosmetic & Personal Care, Pet Foods, Soaps & Lubricants, Others), By Packaging (Tins, Bottles, Others), By Distribution Channel (Supermarket/Hypermarket, Convenience Store, Online Channel, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Expansion into health & wellness segments and Growth in emerging markets are expected to create growth opportunities in the market during forecast period.
Europe Dominated the Market in 2023:
Europe accounted for the largest share of 39% of the Extra Virgin Olive Oil Market in 2023 followed by APAC and North America. In June 2024, Spaniards use olive oil to cook and to garnish sandwiches, salads, vegetables and other dishes. Last year Spanish households consumed on average 6 liters per person, compared to 0.4 liters for international consumers, according to the agriculture ministry.
Extra Virgin Olive Oil Market: Key Takeaways
Increasing Health Awareness and Dietary Shifts:
The extra virgin olive oil market is the rising health awareness among consumers globally. Extra virgin olive oil is widely recognized for its health benefits, including its high content of monounsaturated fats and antioxidants, which contribute to heart health, anti-inflammatory effects, and overall wellness. The shift towards healthier eating habits has led to a growing preference for natural and organic food products, with extra virgin olive oil being a prime choice due to its perceived purity and nutritional value. This trend has been further accelerated by the COVID-19 pandemic, as more people are cooking at home and opting for healthier ingredients.
Expanding Culinary Uses and Popularity in Gastronomy:
The increasing use of extra virgin olive oil in culinary applications and its growing popularity in gastronomy creating demand. Extra virgin olive oil is favored by chefs and home cooks alike for its rich flavor and versatility in cooking, dressing, and finishing dishes. Its use extends beyond traditional Mediterranean cuisine, finding its way into diverse global culinary practices. The promotion of extra virgin olive oil by culinary professionals and its inclusion in gourmet recipes has elevated its status in the food industry. Additionally, the rise of food-related media and cooking shows has educated consumers on the benefits and uses of high-quality olive oil, driving demand further.
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Scope of the Report:
Recent Developments:
- In December 2023, Brio initiated a partnership with a prominent medical research institute to conduct a study examining the efficacy of olive oil in cholesterol management. This collaboration underscores the growing interest in olive oil's potential health benefits, particularly its role in addressing cholesterol-related concerns.
- In July 2022, Genosa, a Spanish company, launched an innovative olive oil variant infused with soluble hydroxytyrosol, a health-enhancing phenol-rich compound. This product offers diverse health advantages and holds potential applications across various industries, reflecting the growing demand for functional and health-promoting ingredients in the Extra Virgin Olive Oil Market.
- In February 2022, Curation Foods, Inc., under its Olive Oil & Vinegars brand, launched a fresh batch of Olio Nuovo Extra Virgin Olive Oil, renowned for its vibrant and robust flavor profile. This introduction reflects the company's commitment to offering premium quality olive oil products in the market.
Extra Virgin Olive Oil Market: Competitive Landscape
Key companies profiled in the Extra Virgin Olive Oil Market are Avril SCA, Borges International Group SLU, Botticelli Foods, Bunge Ltd, California Olive Ranch, Cargill Inc., Deoleo SA, Grup Pons, Olivier Pacific Ltd, Sovena Group, and Others.
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