Global Extra Virgin olive oil market, which is estimated to grow at the CAGR of 6.3 %.
Market Research Future published a half cooked research report on the global extra virgin olive oil market, which is estimated to grow at the CAGR of 6.3 % during the forecast period of 2017-2023.
The global extra virgin olive oil market is projected to grow at the CAGR of 6.3 % as it is backed by the growing demand for extra virgin olive oil and increasing varieties of olive oil products. Extra virgin olive oil is made by crushing olives and extracting the juice. It is the only cooking oil that is made without using chemicals and industrial refining. It is made from juice of fresh and healthy olives which contains more than any other grade, the health-promoting nutrients that olive oil is famous for. Aggregated awareness regarding health benefits of olive such as prevention from diseases including cardiovascular diseases, strokes, depression, cancer, and others drives the growth of this market. Growing demand of dietary products, nutritious food and beverages are also joining hands in the growth of this market.
The global extra virgin olive oil market is segmented on the basis of processing type, such as cold pressed, flavored, virgin, blended, and others. Virgin segment from this market is increasing the demand of the extra virgin olive oils.
- On the basis of application, the market is segmented into cooking, cosmetics, pharmaceutical, fuel. Increasing demand for food products is helping to drive the growth of this market.
- On the basis of distribution channel, the market is segmented into store based such as supermarkets & hypermarkets, specialty stores, food processing industries, and others, and non-store based.
The global market of extra virgin olive oil is expected to continue its growth over the forecast period due to rising demand, increasing health awareness as well as health benefits that olive oil gives in recent years. Since extra virgin olive oil market’s growth is directly proportional to the scope of innovation due to the highly competitive market and key players investing in R&D for innovating product lines. Moreover, leading players are also investing in partnership with various food chains and beverage companies along with pharmaceutical companies and the personal care products industry. All these together is the primary focus area to increase the consumer base.
Increasing number of health conscious consumers in developed as well as developing economies is one of the driving forces for the growth of this market. Key players are also investing in R&D for development of new product line with improved formulations. Many consumers use extra virgin olive oil products in food & beverages, personal care and pharmaceuticals products. They also use this oil as fuel to light traditional lamps.
Chief competitors in this market are persuaded to upsurge their footprints across the globe by acquiring local and regional players. Apart from this, companies are introducing their products in developing economies such as in India and Brazil to penetrate the untapped market. Major players are also spending in R&D especially to develop superior quality products by including organic and natural ingredients. This factor is likely to help them to penetrate the emerging global extra virgin olive oil market and fulfill the growing demand. Changing consumer preferences for natural and fresh products will support the sale of extra virgin olive oil.
Some of the key players in the global extra virgin olive oil market are
- Agro Sevilla Group (Spain)
- SALOV NORTH AMERICA CORP (U.S.)
- Star Fine Foods – Borges USA (U.S.)
- Grupo Ybarra Alimentación (Spain)
- DEOLEO (Spain)
- SOVENA (Portugal)
- Carapelli Firenze S.p.A (Italy)
The demand for extra virgin olive oil has pushed manufacturers to innovate and develop new product lines, which are better in taste and offers various health benefits.
The global extra virgin olive oil market is segmented on the basis of region into North America, Europe, Asia Pacific, and rest of the world (RoW). Among these, Europe is estimated to retain its dominance, followed by North America, over the forecast period of 2017-2023. This is attributed to the increasing awareness about health benefits derived from extra virgin olive oil, as well as increasing area of cultivation. Also, due to its vast usage in food and beverages, pharmaceuticals & personal care products, fuel and others is rising the demand of extra virgin olive oil. Spain is the largest producer of olive oil, followed by Italy. The new product development by key manufacturers of extra virgin olive oil is projected to be one of the significant reasons for the rising growth of extra virgin olive oil products in the North America. However, Asia Pacific region is estimated to witness a maximum growth in the global extra virgin olive oil market over the forecast period of 2017-2023.