Olive Oil Market Estimated To Experience A Hike In Growth By 2027

Olive oil is extracted from olives and is considered as one of the healthy oil types, owing to its health benefits such as lowering of blood pressure. Olive oil is offered as extra virgin olive oil, virgin olive oil, and lampante olive oil according to the method of production and composition of fatty acids in the oil. For instance, virgin olive oil is the oil derived from the fruit of olive tree (Olea europaea L.) by mechanical extraction method such as by washing, decantation, centrifugation, and filtration.

Increasing awareness regarding health benefits offered by olive oil is expected to drive the market growth over the forecast period. Olive oil contains monounsaturated fatty acids, which are considered as healthy fats. Monounsaturated fatty acids reduce bad cholesterol that is low-density polysaccharides (LDL) and triglycerides. Therefore, olive oil is considered as an effective solution for patients of coronary heart disease.

Moreover, key players in the market are focused on various strategies such as acquisitions and capacity expansion, in order to cater to increasing demand for olive oil. For instance, in May 2019, Solfrut, a Latin American agricultural company, announced its plans of renovating its existing olive oil production plant in Argentina. The renovation is expected to increase olive oil storage capacity to 4,000 tons. This project is expected to be completed by 2021.

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Increasing demand for olive oil is attributed to rising awareness regarding health benefits of olive oil such as anti-cancer effects. This is expected to boost its consumption and in turn, drive the market growth. For instance, according to data released by International Olive Oil Council in November 2018, the U.S. olive oil consumption increased from 258 thousand tons in 2009-10 to 295 thousand tons in 2014-15. Moreover, according to data released by the U.S. Department of Agricultural, Economic Research Service, in March 2019, world olive oil production was 2.40 million metric tons in 2014-15, which increased to 3.26 million metric tons in 2017-18.

Moreover, olive oil industry waste is being considered as a potential raw material for production of bio-based fuels. Non-renewable energy sources such as crude oil are depleting at high rate. However, energy demand is increasing with rising population. Therefore, there is rising need for development of sustainable resources. For instance, according to a research paper, ‘Production of Biodiesel from an Olive Oil Industry Waste’ released at the RCN Conference on Pan American Biofuel and Bioenergy Sustainability in 2016, ‘Alperujo’ (blend of water, oil, cellulose, lignin, proteins, and carbohydrates) is a waste product obtained from the process of olive oil extraction. The byproduct can be successfully used as feedstock to obtain biodiesel.

Detailed Segmentation:

Global Olive Oil Market, By Product Type:
Extra Virgin Oil
Virgin Oil
Others (Pomace Olive Oil, Lampante Oil etc.)

Global Olive Oil Market, By Distribution Channel:
Business-to-business
Food & Beverages
Pharmaceutical
Beauty & Personal Care

Business-to-consumer
Grocery Stores
Online Channel
Others (Convenience Stores, etc.)

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Key companies covered as a part of this study include Cargill, Inc., SOVENA, DEOLEO, COLAVITAS.p.a., Olivezia, Stone Axe Estate, PORTTABLE Produtos Alimentares ,Lda., Castellodi Albola, Planeta, Empresa Esporão S.A., and Domaine De Marquiliani (Kermit Lynch Wine Merchant)

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