The global olive oil market is expected to reach USD 11.04 billion by 2025. The increasing health consciousness among consumers is driving the market as they look for a healthier alternative to fatty oils. Olive oil is known for lowering the risk of heart disease, diabetes, high blood pressure, cholesterol, obesity, stroke, and depression.
Italy, Spain, Greece, Germany, UK, Portugal, Morocco, the U.S., and Japan are among the key producers as the climate in these countries is apt for cultivating the plant. Demand is expected to remain strong in countries such as Australia, Japan, India, and the U.S. where millennials are expected to drive consumption.
Since 2014, the dry climate in the Mediterranean region has affected the production, which in turn has resulted in a price rise. The increase in price slowed down the demand with consumers increasingly opting for alternative oils. According to the International Olive Council (IOC), there was a decline of 6.0% in global olive oil consumption during 2016–2017. The council stated that in Europe alone, consumption declined by 12.0%, as consumers in key countries such as Spain switched to other oils such as sunflower oil.
Demand from Asia Pacific region is expected to grow at a sedate pace over the coming years. Countries such as India and China are expected to be the key growth markets. Over the past few years, India has witnessed significant growth in the import of oil. The growth is accelerated by the changing lifestyle and inclining consumer preferences towards healthier products.
As of 2017, the Indian market had more than 80 brands including Del Monte, Borges, Leonardo, and Figaro. Apart from retail consumption, demand from food service providers is expected to remain strong in the near future. The changing preference of consumers is expected to spur service providers increasingly use low-fat oils at large.
The market is marked by the presence of many domestic and international brands at the global level. Competition is expected to increase in the coming years, where companies are expected to consolidate their presence. For instance, in 2017, Pompeian Group, one of the key manufacturers collaborated with DCOOP Group of Spain to strengthen their respective positions in the U.S. market.
Expansion to key growth countries is expected, more so in the Asia Pacific region, where the increasing focus on healthy living will drive demand for a healthier alternative to fatty oils. For instance, in 2014, Cargill Foods, the food major from the U.S. acquired Leonardo olive oil brand from Dalmia Continental Pvt. Ltd. The acquisition helped Cargill Foods strengthen its position in the growing Indian food market.
Some of the key companies in the market DEOLEO, GRUPPO SALOV, BORGES INTERNATIONAL GROUP, Ybarra, SOVENA, Del Monte Food, Inc, and Cargill, Incorporated.
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Hexa Research has segmented the global olive oil market report based on product, application and region:-
Segmentation by product
• Processed olive oil
• Virgin olive oil
Segmentation by application
• Food & beverage
• Personal care
Segmentation by region
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Key players analyzed:
• GRUPPO SALOV
• BORGES INTERNATIONAL GROUP, S.L.
• Pompeian, Inc
• Del Monte Food, Inc
• Colavita USA
• Cargill, Incorporated