The
global olive oil market is mainly propelled by strong economic
growth, greater awareness about the health benefits of olive oil, and
growing influence of Western lifestyle. Olive oil is extracted from
olive trees that mostly grow in Mediterranean regions such as Italy,
Greece, and Spain. Olives are ground and oil is extracted from them
via mechanical or chemical processes to be sold for commercial
purposes. What makes olive oil a promising product in the global
market is the fact that it has several health benefits as against
other cooking oils.
People
these days are substituting regular cooking oil with olive oil and it
has become an integral dietary component in many countries. The
global olive oil market is currently witnessing surging demand and is
expected to grow robustly in the coming years owing to changing
consumption patterns. Potential opportunities in emerging economies
is another factor that will drive the olive oil market. In fact,
countries such as Brazil and India have undertaken large olive
cultivation projects in order to make the most of the olive oil
market.
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Spain:
Largest producer and exporter of olive oil
The
global olive oil market is segmented on the basis of types,
application, and geography. The different types of olive oils that
dominate the market are virgin olive oil, extra virgin olive oil,
refined olive oil, and others. The technique of extraction determines
the type of olive oil that is produced. Based on application, the
global olive oil market is categorized into cooking, cosmetics,
pharmaceuticals, and soap.
Geographically
speaking, the largest global manufacturers of olive oil are Italy and
Spain. Spain is by far the largest exporter and producer of olive oil
in world, followed by Italy. In terms of consumption, the largest
consumers of olive oil in the world are the BRIC (Brazil, Russia,
India, and China) nations. Furthermore, the level of olive oil
consumption in these markets is expected to increase significantly
over the forecast period.
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Brazil
and India on a market-expansion drive
Geographically,
the global olive oil market is classified into Europe, Asia Pacific,
North America, and Rest of the World. In terms of consumption, it is
anticipated that the olive oil markets in China and India will expand
substantially owing to greater health awareness with regard to the
consumption of olive oil. The demand for high-quality olive oil in
developed areas of North America and Europe is on the rise. In terms
of production, the olive oil markets in India and Brazil are quite
small. These countries are making continuous efforts to enhance their
overall production of olive oil with the help of advanced production
and agriculture technologies. Collaborations between local
distributors and overseas olive oil manufacturing companies are
expected to drive the olive oil markets in these two regions.
Fluctuating
prices hindering the demand
Price
volatility is a major challenge facing the global olive oil market.
Fluctuating prices of olive oil are brought about by cultivation or
production-related issues. Another restraint in the global olive oil
industry is adulteration, wherein producers often tend to sell
low-quality or adulterated olive oil in place of pure olive oil. The
problem of adulteration in this industry can be attributed to the
absence of clear grading parameters.
Ybarra,
Deoleo, Sovena Group, Colavita, Borges, Salov, and Pompeian are few
of the manufacturers operating in the global olive oil market.
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