The European Union is the leading producer, consumer, and exporter of olive oil across the globe. Europe is also the leading producer of olives, which makes it the most lucrative region for manufacturers in the global olive oil market. Additionally, the Asia Pacific region is expected to offer promising opportunities for market players over the coming years. The global olive oil market has witnessed substantial growth in the past few years, and this trend is anticipated to continue in 2020 and beyond, mainly on the back of increasing investments in the market in Europe. The global olive oil market is projected to cross a valuation of US$ 20 Bn in the year 2030.
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Key Takeaways from Global Olive Oil Market Study
- Europe and the Middle East & Africa collectively account for more than 75% share in the global olive oil market, as countries in these regions are among the leading producers of olives and olive oil.
- The foodservice industry contributes significantly to the demand for olive oil, attributable to the wide range of application of olive oil in this industry.
- Increasing popularity of extra virgin olive oil in emerging markets and its varied health benefits are boosting the market share of extra virgin olive oil in the global market. Extra virgin olive oil accounts for 70% market share in the global olive oil market.
- The COVID-19 disease outbreak has disrupted both, the production and sales of olive oil. This has compelled manufacturers to adapt and innovate their strategies, which will have a long-term impact on the olive oil market space.
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Global Olive Oil Market: Competitive Landscape
Participants in the global olive oil market are focusing on increasing the market penetration of their products. Manufacturers of olive oil are increasing their product offerings by introducing new varieties of olive oil with added ingredients to gain a competitive advantage in the global market.
- Gallo Worldwide launched Piri-Piri extra-strong sauce made from organic olive oil and intense spicy chilies. This product is used in barbecues, snacks, and slow-cooked dishes.
Manufacturers also strive to increase their market share in high-growth markets. They are investing in emerging economies in Asia Pacific to increase their geographical reach and market share.
- Cargill Incorporated is increasing its investments in emerging economies in South Asia and East Asia such as India and China.
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