Extra Virgin Olive Oil Market Scope:
The extra virgin olive oil market is bound to obtain a 6.2 percent CAGR from 2020 to 2027, expects Market Research Future (MRFR)). The worldwide market could also touch USD 2.3 billion by the end of 2027.
Extra Virgin Olive Oil Market Growth Boosters and Deterrents:
Olive oil is a highly versatile product that has extensive use in the foodservice sector with applications in ranches & dressings, marinades, shallow frying, baking, and many more. It also finds use in households for cooking purposes, given its health benefits and the huge awareness levels among consumers.
Manufacturers are increasingly offering extra virgin olive oil for a variety of applications, including olive oil spray for use in dressings. But new prospects are coming up, as cosmetics manufacturers are progressively adopting extra virgin olive oil for its anti-inflammatory and antioxidant properties, and as a substitute for chemical-added commercial cosmetic active ingredients.
Mounting competition level in the Extra Virgin Olive Oil Market Analysis throws significant challenges to the established manufacturers when it comes to sustaining their positions. Innovative and creative packaging has a huge role in this case, as it ensures product differentiation and enhances brand awareness as well as sales. Therefore, manufacturers in the extra virgin olive oil industry are making use of attractive and smart packaging for higher sales.
Extra Virgin Olive Oil Market Segmental Review:
The olive oil market has been divided into different major segments, namely category, packaging, and distribution channel.
Top categories studied in the MRFR report are organic as well as conventional. Escalating health awareness among people and their surging demand for natural products with organic ingredients enhances the organic segment’s growth. As a result, more and more developers are infusing organic ingredients into their products to spark the interest of the consumers.
Packaging-wise, the key segments can be jars, cans, and bottles. Bottles are the most preferred packaging among consumers as these are easy to use and there are lesser chances of leakage compared to other forms of packaging.
Major distribution channels in the olive oil market are store-based segment as well as non-store-based segment. The types of store-based segments are hypermarkets as well as supermarkets. Convenience stores are also types of store-based distribution channels.
Olive Oil Business are majorly produced in the Mediterranean region, particularly in Spain, Italy, Greece, Morocco, Egypt, and Turkey. These countries are the top manufacturers of olives, with olive farming being one of the most significant businesses.
Europe stands as the global leader with respect to olive oil production, while the Middle East & Africa accounts for a substantial share of the worldwide market. As a result, these regions have emerged as the most attractive destinations for new players in the extra virgin olive oil market.
The markets in India and China and India can experience significant growth in South Asia and East Asia, respectively. Soaring popularity and the significant adoption rate of healthy extra virgin olive oil for use in an extensive range of applications ensure exponential market growth.
Agro Sevilla Group, TheStar Fine Foods - Borges USA, Miguel Gallego SA, DEOLEO, Nutrinveste SGPS, SA., Carapelli Firenze S.p.A are the renowned brands in the worldwide market for extra virgin olive oil.
Recent Updates: March 2022 Certified Origins, an Italian brand with focus on authentic fresh extra virgin olive oil has invested around USD 25 million to set up its first U.S. manufacturing unit in Newport News, Virginia to cater to the huge demand for private-label and branded products. The brand’s new operation will be based in the Oakland Industrial Park and will be importing high-quality extra virgin olive oils via The Port of Virginia to provide tailored packaging and craft blends solutions for local as well as global markets.
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