The
global market for olive oil is growing at a significant pace
globally, owing to its rising demand from various sections for
consumers. Olive oil accounts to be a key ingredient of the
Mediterranean cuisine owing to the associated health benefits such as
fighting depression, reducing risk of cancer, preventing
osteoporosis, and minimizing chances of cardiac diseases among
others, which acts as a major driver to the market. An increasing
consumption trend in the Asia Pacific and North America is boosting
the demand for olive oil substantially. The major applications of
olive oil is observed in the soaps, cosmetics and pharmaceuticals,
however, the adoption of olive oil in food and beverage in North
America and Asia Pacific has fuelled the growth of the market to a
large extent. These factors are expected to continue driving the
market for olive oil throughout the forecast period.
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The
market for olive oil also experiences restraints such as limited
production environment. Olive oil is chiefly produced in the
Mediterranean countries such as Spain and Italy among others. Owing
to this the market experiences major fluctuations in prices at the
global level. The market for olive oil can be segmented on the basis
of type and geography. Based on the segmentation by type, the market
can be segmented into virgin olive oil, refined olive oil, extra
virgin olive oil and others. The type of olive oil is graded based on
the extraction methodology and chemical treatment associated with it.
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Based
on the geographical segmentation, the global olive oil market has
been classified into regions such as North America, Europe, Asia
Pacific and the Rest of the world. The demand for olive oil is
presently highest in Europe owing to the major production facilities
in countries such as Spain, Italy, Greece and Turkey among others.
Spain and Italy account for more than 55% of the global market share
of olive oil. In North America region, the U.S. market for olive oil
in food and beverage is growing at a rapid pace owing to the surging
demand from consumers for the nutritional values of olive oil. The
U.S. accounts to be third largest consumer of olive oil in the world
with domestic olive oil production facilities in Arizona, Texas and
California.
However,
the Asia Pacific is estimated to be the fastest growing market over
the period of forecast, owing to the increasing health consciousness
of consumers in countries such as India, China, Japan, Australia and
others. Rest of the world region includes the Middle East, Africa and
South America. The countries in Middle East such as Saudi Arabia, UAE
and Qatar among others are also estimated to be growing markets for
olive oil owing to the growing foreign immigration in the region.
Various developing nations across the world such as Brazil and India
have undertaken initiatives to produce olive oil indigenously to meet
the domestic consumer demands, however, the success of such
initiatives are still limited. Some of the major players in the
global olive oil market include Salov, Deoleo, Borges, Colavita,
Sovena Group, Pompeian and Ybarra among others.
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