Extra Virgin Olive Oil Market Size Worth $6.5 Billion By 2030: IndustryARC

Global Extra Virgin Olive Oil Market size is predicted to reach $6.5 billion by 2030, growing at a CAGR of 23.8% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Increasing health awareness & dietary shifts and Expanding culinary uses & popularity in gastronomy are poised to propel the market growth, finds IndustryARC in its recent report, 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”

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APAC to Register Highest Growth:

APAC to register highest growth in the Extra Virgin Olive Oil market with a market share of 27% in 2023 and is expected to grow over the forecast period. In March 2023, China’s consumption of extra virgin olive oil is growing rapidly, with Spain being the dominant supplier. This is likely due to increased health awareness and a growing appreciation for Mediterranean cuisine.

Extra Virgin Olive Oil Market 2024-2030: Scope of the Report

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Extra Virgin Olive Oil Market Report – Key Takeaways:

• Food Industry to Register Highest Growth

By Application, Food Industry segment is analyzed to grow at a CAGR of 5.3% over the forecast period 2024-2030. Extra virgin olive oil is renowned for its health benefits, including high levels of monounsaturated fats and antioxidants, which align with the rising trend towards health-conscious eating. This shift is fueling demand from food manufacturers who are incorporating EVOO into a variety of products, such as dressings, sauces, and packaged foods. Additionally, the premium and organic segments of EVOO are gaining traction as consumers seek higher-quality options. The food industry’s growth is further supported by innovations in product formulations and marketing strategies that highlight the health benefits and culinary versatility of EVOO.

• Bottles is Leading the Market

By Packaging, Bottles segment dominated the Extra Virgin Olive Oil market in 2023. This dominance is primarily due to the functionality and consumer preference for bottles over other packaging types. Bottles offer several advantages, they are convenient for both retailers and consumers, protect the oil from light and air, which helps maintain its quality, and are easy to handle and pour. Additionally, the aesthetic appeal of glass bottles, in particular, contributes to their popularity, as they enhance the product’s premium image. Consumers often associate glass bottles with higher quality, which aligns with the positioning of EVOO as a premium product. The widespread use of bottles also supports the brand differentiation strategies of producers, who leverage unique bottle designs and labels to stand out in the competitive market.

• Less Production Capacity Poses a Challenge

This constraint arises due to several factors, including the limited area available for olive cultivation and the high standards required for producing high-quality EVOO. Many key producing regions, such as Spain, Italy, and Greece, face difficulties in scaling up their production capacity due to the time-intensive nature of olive tree cultivation and the stringent requirements for processing olives to meet EVOO standards. Additionally, climate change poses risks to olive yields, affecting overall production capacity. This limitation in production capability not only restricts the ability to meet growing global demand but also contributes to higher prices and market volatility, making it challenging for consumers and businesses alike to secure a stable supply of high-quality EVOO.

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Key Opportunity Analysis:

• Expansion into Health and Wellness Segments

The increasing global focus on health and wellness presents a significant opportunity for the extra virgin olive oil market. Consumers are becoming more aware of the health benefits associated with extra virgin olive oil, including its antioxidant properties, heart health benefits, and anti-inflammatory effects. This trend is expected to drive demand in both the food and nutraceutical sectors. Companies can capitalize on this opportunity by marketing their products as essential for a healthy lifestyle and by developing new product lines that cater to health-conscious consumers, such as fortified olive oils or blends with other healthy ingredients.

• Growth in Emerging Markets

A substantial opportunity lies in the expansion into emerging markets, where the consumption of extra virgin olive oil is still relatively low but growing rapidly. Countries in Asia and Latin America are witnessing increased demand due to rising disposable incomes, urbanization, and the adoption of Western dietary habits. These markets offer a vast potential for growth. Companies can leverage this by establishing local distribution networks, engaging in targeted marketing campaigns, and educating consumers about the benefits of extra virgin olive oil.

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The report also covers the following areas:

• Extra Virgin Olive Oil Market Size and Forecast
• Extra Virgin Olive Oil Market Trends
• Extra Virgin Olive Oil Market Analysis by Source
• Extra Virgin Olive Oil Market Analysis by Application
• Extra Virgin Olive Oil Market Analysis by Packaging
• Extra Virgin Olive Oil Market Analysis by Distribution Channel

Extra Virgin Olive Oil Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Extra Virgin Olive Oil Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Extra Virgin Olive Oil Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic significantly disrupted the extra virgin olive oil market by reducing trade volumes and consumption due to lockdowns and restrictions. The Italian market, a key player in olive oil production, experienced a notable decline in trade and consumption during the lockdown period. However, the demand for olive oil in food service and retail channels showed robust growth, indicating a shift towards home cooking and healthier eating habits during the pandemic. This adaptation in consumer behavior helped mitigate some of the negative impacts on the market.
• The war in Ukraine has exacerbated supply chain disruptions, particularly affecting the global vegetable oil market, including olive oil. The conflict has led to higher prices and instability in supply chains, impacting the availability and cost of olive oil globally. These disruptions are expected to keep prices elevated, affecting market dynamics and consumer prices. The instability caused by the war has necessitated adjustments in supply strategies and has highlighted the importance of diversifying supply sources to maintain market stability.

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List of Key Market Players in the Extra Virgin Olive Oil Market:

The Global Extra Virgin Olive Oil Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Avril SCA
• Borges International Group SLU
• Botticelli Foods
• Bunge Ltd
• California Olive Ranch
• Cargill Inc.
• Deoleo SA
• Grup Pons
• Olivier Pacific Ltd
• Sovena Group

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IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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