The global olive market has witnessed remarkable growth in recent years, and it is poised to continue its upward trajectory in the coming years. A recently released market overview reveals key insights into the olive markets size, drivers, and challenges, offering a comprehensive view of this dynamic industry.
Market Overview
The olive market was valued at USD 13.6 million in 2021 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.0 percent during the forecast period. This robust growth is primarily attributed to the surging demand for olive fruit oil across food service and retail channels. The rising interest in exotic cuisines has significantly contributed to the popularity of Olea europaea fruit oil worldwide. Olea europaea fruit oil is a cornerstone of the Mediterranean diet, known for its numerous health benefits, including its omega-3 fatty acid content. In recent years, olive fruit oil has become a sought-after ingredient in dietary supplements and pharmaceuticals.
Driving Factors
- Health Benefits Awareness: The recognition of the health benefits of olive oil, particularly its monounsaturated fatty acids (MUFAs), has driven demand. Omega-3, found in olive fruit oil, supports cardiovascular health and various bodily functions, leading to increased consumption.
- Popularity of Mediterranean Cuisines: Ethnic Mediterranean cuisines such as Italian, Greek, and Spanish have embraced olive fruit oil, and the growing interest in these cuisines globally has boosted market growth.
- Healthy Cooking Oil: Olive oils acceptance as a multi-purpose culinary oil has led to its demand in food and beverage applications, driven by health-conscious consumers.
- COVID-19 Impact: The pandemic initially disrupted the olive oil market but subsequently led to increased demand for healthy oils, driven by concerns about immunity and food safety.
Market Restraints
- Competition from Low-cost Alternatives: The high cost of olive fruit oil has led consumers to seek lower-cost alternatives with similar nutritional properties, such as sunflower and coconut oils.
Segment Highlights
- Dried Olives: The demand for dried olives for household cooking and foodservice has driven market growth. Dried olives are recognized for enhancing flavor and texture without compromising health.
- Organic Olives: The use of organic olives in pickles has gained momentum, aligning with the growing preference for organic products in the food industry.
Regional Landscape
- Europe: The European Union dominates the olive market, with Italy, Spain, Greece, and France accounting for over 80% of consumption. The region has seen steady growth in olive production and consumption.
- North America: The North American market is driven by the increasing interest in healthy oils, with olive fruit oil being used in dietary supplements and pharmaceuticals to maintain overall health.
Competitive Landscape
Leading players in the olive market include Eugene Brunel, Two Brothers Organic Farms, Adamakis Olives, Servicentral Agrosevilla SL, Bell-Carter Foods, LLC., OliveOilsLand, Aceituna Verde SL, Mantziolive Hellas, Olive Line International, S.L., and OLIVES ESCAMILLA. Notable developments include Pietro Coricellis adoption of blockchain technology for olive oil tracing and Orfeus launch of a new line of olive fruit oils in Brazil.
The global olive market continues to evolve, driven by health awareness, culinary trends, and consumer preferences. As demand for healthy and natural products rises, the olive market is poised for sustained growth in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/olive-market
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