Extra Virgin Olive Oil Market

• Increasing the use of olive oil in personal/ skincare products and pharmaceutical drugs to boost the market growth

Olive oil has antioxidant and anti-inflammatory properties, which benefit skin care. When used on the skin, olive oil removes dead skin cells and other impurities and cleanses, hydrates, and nourishes the hair. Olive oil can decrease acne by killing off the bacteria that cause acne. At the same time, olive oil also moisturizes skin by locking in moisture and hydrating skin, which is expected to increase the demand for olive oil in personal/skincare products, driving the growth of the extra virgin olive oil market revenue.

The increasing interest in home cooking due to rising concerns related to food safety has enhanced the oil sale in Mediterranean countries. For instance, sales in Italy raised by 22% in 2020 compared to the previous year. The re-establishment of oil trade networks is anticipated to fuel the market growth during the forecast period. Furthermore, in emerging economies, such as India, the demand for healthy edible oils surged amidst COVID-19 as olive fruit oil started gaining shelf space in Indian households for re-creating restaurant-like gourmet experiences at home.

According to the CEO of Field Fresh Foods, Del Monte and Oleev brands experienced a 30% increase in their sales during 2020, while Cargill's brand Leonardo grew by nearly 15-20% in the last two quarters of 2020, enhancing the market CAGR across the globe in recent years.

However, the market for extra virgin olive oil is growing because people want to live healthier lives and organically do things. People know that MUFAs are good for your health. The extra virgin olive oil market is largely driven by people who care about what they eat. Omega-3 fatty acids are important for the body, which is another reason people want extra virgin olive oil. A big reason why the market is growing is that people are becoming more interested in Mediterranean food.

Olive oil is used a lot in Mediterranean food, and people like extra virgin olive oil because of its taste and strength.

Culinary trends play a pivotal role in shaping the Global Extra Virgin Olive Oil Market Industry. The rise of gourmet cooking and the increasing popularity of Mediterranean cuisine have led to a heightened demand for high-quality extra virgin olive oil. Chefs and home cooks alike are increasingly incorporating this versatile ingredient into their dishes, enhancing flavors and promoting healthier cooking methods. As a result, the market is expected to witness substantial growth, with projections indicating a value of 16.8 USD Billion by 2035. This trend not only reflects changing consumer preferences but also underscores the importance of olive oil in contemporary culinary practices.

The Global Extra Virgin Olive Oil Market Industry is projected to experience robust growth over the coming years. With a market value anticipated to reach 10.1 USD Billion in 2024 and further expand to 16.8 USD Billion by 2035, the industry is poised for a compound annual growth rate of 4.77% from 2025 to 2035. This growth is indicative of evolving consumer preferences, increased health awareness, and the rising popularity of Mediterranean diets. As the market continues to develop, various factors such as sustainability, culinary trends, and distribution channel expansion will likely play pivotal roles in shaping its future.

The Global Extra Virgin Olive Oil Market Industry is experiencing a surge in demand driven by increasing health consciousness among consumers. As individuals become more aware of the health benefits associated with olive oil, such as its high antioxidant content and heart-healthy fats, the market is projected to reach 10.1 USD Billion in 2024. This trend is particularly evident in regions where Mediterranean diets are gaining popularity, leading to a broader acceptance of olive oil as a staple in cooking and food preparation. The emphasis on natural and organic products further enhances the appeal of extra virgin olive oil, positioning it as a preferred choice for health-oriented consumers.

Consumer education and awareness initiatives are playing an essential role in the Global Extra Virgin Olive Oil Market Industry. As consumers become more informed about the differences between various types of olive oil, including extra virgin, the demand for high-quality products is increasing. Educational campaigns that highlight the health benefits and culinary uses of extra virgin olive oil are fostering a more discerning consumer base. This heightened awareness is likely to contribute to the market's growth trajectory, with expectations of reaching 16.8 USD Billion by 2035. As consumers prioritize quality over price, the market is expected to witness a shift towards premium offerings.

The expansion of distribution channels is a crucial driver for the Global Extra Virgin Olive Oil Market Industry. With the rise of e-commerce and online grocery shopping, consumers have greater access to a variety of olive oil products. Retailers are increasingly offering premium extra virgin olive oil brands, enhancing visibility and availability. This trend is particularly significant in emerging markets, where traditional distribution methods are evolving. As a result, the market is poised for growth, with projections indicating a value of 10.1 USD Billion in 2024. The diversification of distribution channels not only facilitates consumer access but also encourages brand competition and innovation.

Sustainability initiatives and the shift towards organic farming are significantly influencing the Global Extra Virgin Olive Oil Market Industry. Consumers are increasingly seeking products that align with their values, particularly those that emphasize environmentally friendly practices. The demand for organic extra virgin olive oil is on the rise, as it is perceived as a healthier and more sustainable option. This trend is likely to contribute to a compound annual growth rate of 4.77% from 2025 to 2035. As producers adopt sustainable farming methods and certifications, the market is expected to expand, catering to the preferences of eco-conscious consumers.

By Region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America extra virgin olive oil market accounted for USD 4.35 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is due to the growing interest in healthy oils to prevent lifestyle-related health conditions arising due to the hectic lifestyles of consumers. Studies to prove the beneficial effects of olive fruit oil consumption on health have significantly increased the advancements in the region.

Further, the US extra virgin olive oil market held the largest market share, and the Canada extra virgin olive oil market was the fastest-growing market in the North America region.

Further, the prominent countries studied in the market report are: The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: EXTRA VIRGIN OLIVE OIL MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's extra virgin olive oil market accounts for the second-largest market share owing to the region's highest olive tree cultivation and production. Italy and Spain are the primary countries producing and supplying Olea European fruit oil to various countries in other regions. Further, the UK extra virgin olive oil marketheld the largest market share, and the Germany extra virgin olive oil market was the fastest-growing market in the Europe region.

The Asia-Pacific extra virgin olive oil market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the rising awareness of their health benefits and increasing discretionary incomes that enable consumers to spend on healthcare products that promote wellbeing. The rising trend of dining out and trying out Mediterranean cuisine is expected to drive market growth further. Moreover, China extra virgin olive oil marketheld the largest market share, and the India extra virgin olive oil market was the fastest-growing market in the Asia-Pacific region.

Major market players are spending a huge amount of money on R&D to increase their product lines, which will help the extra virgin olive oil marketgrow even more. Market players are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, increased investments, mergers and acquisitions, and collaboration with other organizations. Competitors in the extra virgin olive oil industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the extra virgin olive oil industry to benefit clients and expand the market sector. In the extra virgin olive oil market, major players such as Agro Sevilla Group, TheStar Fine Foods - Borges USA, Miguel Gallego SA, and others are working on enhancing the market demand by investing in research and development activities.

PietroCoricelli SpA was founded in 1977. The Company's line of business includes manufacturing vegetable oils. In June 2021, PietroCoricelli, an Umbrian olive fruit oil producer and one of the world's largest and most widely distributed olive fruit oil brands, announced that it would join IBM Food Trust to use blockchain technology to trace its extra-virgin olive fruit oil.

Del Monte Foods, Inc. manufactures and distributes packaged food products. The Company provides canned fruits and vegetables and a wide range of snacks. Del Monte Foods serves customers worldwide. In January 2021, Del Monte Foods, Inc., in India, launched one-liter olive fruit pouches at a competitive price for making healthy edible oil affordable.