Olive Oil Market: Nutritional Value Attracting Health-conscious Consumers

The nutritional value and enhanced taste of olive oil is gaining popularity across the globe and as a result, the global market for the same is expanding, finds a new study by Transparency Market Research (TMR). The report, titled “Olive Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024,” observes that while most types of oil have witnessed a reduction in price in the recent past, the olive oil market has recorded steady growth and is projected for a healthy CAGR during the forecast period of 2016 to 2024.

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Several types of olive oils are available in the market, including extra virgin olive oil, virgin olive oil, light olive oil, pure olive oil, olive pomace oil, and refined olive oil. The TMR report detects that currently, extra virgin oil offers the best quality and is consumed by a majority of health-conscious people owing to the fact that extra virgin oil contains less than 1% acidity. However, these oils come at a premium price, which restricts its widespread reach into vast populations with financial limitations, especially in Asia Pacific.

Olive oil also finds application in the food and beverages industry, pharmaceutical industry, and beauty care and cosmetics industry. Consistent growth in these industries, especially the exponentially growing food and beverage sector, is expected to push the demand for olive oil during the forecast period. Moreover, the increasing adoption of a Western lifestyle in developing countries augurs well for the global market for olive oil.

The report observes that there was a steep rise in the unit price of olive oil recently, which was a result of a significant fall in production during the 2014-2015 season. The International Olive Council estimated that the drop in the production was nearly three times lower than the previous season and the lowest since 2000.

Geographically, the global olive oil market can be divided into North America, Europe, Asia Pacific, and Rest of the World. The report observes that the U.S. and Australia are on the verge of standardizing olive oil, which as a result, will further drive the demand. Currently, Brazil and India are falling behind in the production of olive oil due to low awareness and lack of disposable income. However, increasing healthcare awareness is expected to steadily boost the market in these countries.

Some of the prominent companies operating in the global olive oil market are Borges, Salov, Ybarra, Deoleo, and Sovena Group.