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Outlook on the Olive Oil Global Market to 2028 - United States is the Largest Olive Oil Importer
Olive Oil Market
Dublin, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The "Olive Oil Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Olive Oil Market will reach US$ 17.93 Billion by 2028, at a CAGR of 6.48% from 2022 to 2028.
Olive Oil is a leading crop worldwide; on an average, millions of Tons are produced yearly. It is the natural Oil extracted from olives, the fruit of the olive tree, and made by grinding and removing the Oil by mechanical or chemical means.
Moreover, rising awareness among consumers regarding health benefits and massive demand for olive Oil in different industries like food & beverages, personal care products, and the pharmaceutical industry has significantly driven the market. However, High costs and climate and economic problems create the biggest challenges for the olive oil market's growth.
Olive oil consumption has changed significantly in the EU 27
By Consumption, the Olive oil industry has been classified into eleven parts EU-27, Turkey, Morocco, Tunisia, Syrian Arab Republic, Algeria, Argentina, Lebanon, Jordan, Chile, and Others. EU-27 captured the largest market share due to increasing per capita income; useful in skin care products, helps reduce the risk of heart disease and cancer like breast and colorectal cancer, and mainly drives the market.
In the EU, Italy and Spain are the largest consumers of olive oil, with annual consumptions of around 500,000 tons each. At the same time, Greece has the most extensive EU most significant pitta consumption, with about 14/per person per year.
Furthermore, Olive oil consumption is also growing in the Asia-Pacific region. However, Japan, Korea, and China are still the top destination countries with more consumption rate in 2022. According to this research report, Worldwide Olive Oil Market was US$ 12.30 Billion in 2022.
Based on Production, the Olive Oil market globally was segmented into eleven such EU-27, Turkey, Morocco, Tunisia, Syrian Arab Republic, Algeria, Argentina, Lebanon, Jordan, Chile, and Others. In the Production list of the top 10 largest olive oil countries in the world, four are European, with Spain, Greece, and Italy sitting at the top.
The cultivation of olive trees mainly drives the growth and demand of high-quality oil farmers' awareness and socio-economic culture. According to the Food Information and Control Agency, Spain produced 1.3 million Tunes of olive Oil in 2021, accounting for 42% of global olive oil production. All of them are countries belonging to the Mediterranean basin. Therefore, the Production of these countries accounts for about 80% of world production.
United States is the Largest Olive Oil Importer
By Import, the Olive Oil industry is divided into eleven types: United States, EU-27, Brazil, Japan, Canada, China, Australia, Turkey, Russian Federation, Saudi Arabia, and Others. Eight markets represent around 81% of the imports of olive and virgin olive oils worldwide, the United States, the European Union, Brazil, Japan, Canada, China, Australia, and Russia.
The United States captured the largest market share due to the rising Consumption of olives oil, less Production, rising urbanization and Globalization, Government favorable regulation in production techniques, and health-conscious consumers driving the growth of the United State Market.
Spain represented the major Exporting Country
By Export, Eu-27 holds the largest market share during the forecast period. The market has been segmented into eleven types such as EU-27, Tunisia, Turkey, Syrian Arab Republic, Morocco, Argentina, Chile, United States, Lebanon, Jordan, and Others.
Spain is the largest olive oil exporter, followed by Greece, Italy, Tunisia, and Portugal in the EU. However, European countries import most of their olive oil from other European countries because the most significant share of intra-European trade consists of bulk olive oil blended by the largest olive oil companies before bottling.
Virgin Olive Oil will continue to grow in the Forecast Period
Based on Type, Worldwide Olive Oil Market is ked-up into Extra Virgin Olive Oil, Virgin Olive Oil, and Others. Virgin Olive Oil will dominate the market share due to increasing demand from health-aware consumers, as it is fruity but has some sensory defects. In addition, its acidity shall not exceed 2%. Furthermore, through advanced technology process methods, producers produce more virgin olive oil in the market. As a result, the largest producers of virgin olive oil are China, U.S., Brazil, Germany, and Mexico.
Food & Beverage Industry will capture more Share in Upcoming Years
Based on Industry, Food and Beverages dominated the largest market share during the forecast period because of the wide range of brand popularity of olive oil available in the market, creating more demand for consumers in the food and beverages industry. In addition, consumers' desire for a healthy lifestyle has increased the demand for olive oil in various food items. Therefore, the market is bifurcated into Food and Beverages, cosmetics, and Pharmaceuticals. Pharmaceuticals segment also holds a significant share as medicine. People commonly use olive oil for heart disease, diabetes, and high blood pressure.
Report Metrics
Report Attribute | Details |
No. of Pages | 320 |
Forecast Period | 2022 - 2028 |
Estimated Market Value (USD) in 2022 | $12.3 Billion |
Forecasted Market Value (USD) by 2028 | $17.93 Billion |
Compound Annual Growth Rate | 6.4% |
Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenge
5. Global Olive Oil Market
6. Volume Analysis - Global Olive Oil Market
6.1 By Consumption
6.2 By Production
6.3 By Import
6.4 By Export
7. Market Share - Global Olive Oil Market
7.1 By Type
7.2 By Industry
8. Consuming countries- Global Olive Oil Market and Volume
8.1 EU-27
8.1.1 Market
8.1.2 Volume
8.2 United States
8.2.1 Market
8.2.2 Volume
8.3 Turkey
8.3.1 Market
8.3.2 Volume
8.4 Morocco
8.4.1 Market
8.4.2 Volume
8.5 Algeria
8.5.1 Market
8.5.2 Volume
8.6 United Kingdom
8.6.1 Market
8.6.2 Volume
8.7 Brazil
8.7.1 Market
8.7.2 Volume
8.8 Japan
8.8.1 Market
8.8.2 Volume
8.9 Syrian Arab
8.9.1 Market
8.9.2 Volume
8.10 Australia
8.10.1 Market
8.10.2 Volume
8.11 Others
8.11.1 Market
8.11.2 Volume
9. Producing Countries - Global Olive Oil Volume
9.1 EU-27
9.2 Turkey
9.3 Tunisia
9.4 Morocco
9.5 Syrian Arab
9.6 Algeria
9.7 Argentina
9.8 Lebanon
9.9 Jordan
9.10 Chile
9.11 Others
10. Importing countries - Global Olive Oil Volume
10.1 United States
10.2 EU-27
10.3 United Kingdom
10.4 Brazil
10.5 Japan
10.6 China
10.7 Canada
10.8 Australia
10.9 Saudi Arabia
10.10 Turkey
10.11 Others
11. Exporting countries- Global Olive Oil Volume
11.1 EU-27
11.2 Tunisia
11.3 Syrian Arab
11.4 Turkey
11.5 Morocco
11.6 Argentina
11.7 Chile
11.8 United States
11.9 Lebanon
11.10 Australia
11.11 Others
12. Type- Global Olive Oil Market
12.1 Extra Virgin Olive Oil
12.2 Virgin Olive Oil
12.3 Others
13. Industry- Global Olive Oil Market
13.1 Food and beverages
13.2 Cosmetics
13.3 Pharmaceuticals
14. Key Players Analysis
14.1 Cargill Inc.
14.1.1 Business Overview
14.1.2 Sales Analysis
14.1.3 Recent Development
14.2 Modi Naturals
14.2.1 Business Overview
14.2.2 Sales Analysis
14.2.3 Recent Development
14.3 Bunge Limited
14.3.1 Business Overview
14.3.2 Sales Analysis
14.3.3 Recent Development
14.4 Conagra Brands (Bertolli)
14.4.1 Business Overview
14.4.2 Sales Analysis
14.4.3 Recent Development
14.5 Semapa
14.5.1 Business Overview
14.5.2 Sales Analysis
14.5.3 Recent Development
For more information about this report visit https://www.researchandmarkets.com/r/g5mclt-oil-market?w=12
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