Olive oil is the liquid extracted from olives, and is primarily used for cooking, frying, or salad dressing. In addition to this, it is used in the manufacturing of beauty and personal care products, as well as pharmaceutical products. Moreover, consumption of olive oil reduces risk of heart disease, and cancers such as breast cancer and colorectal cancer.
Key players operating in the global olive oil market are focused on capacity expansions in order to cater to increasing demand for olive oil, which, in turn, is expected to boost the market growth. For instance, the agricultural company, Solfrut is in the process of expanding its existing olive oil production plant in Argentina in order to increase the storage capacity to 4,000 tons by the end of 2019.
Increasing awareness regarding health benefits offered by olive oil, and growing demand for premium/pure virgin oil is expected to drive the market growth. Increasing awareness regarding health benefits of olive oil is expected to boost its consumption, and facilitate the market growth. Health benefits associated with olive oil such as low saturated fats and presence of antioxidants are expected to drive the market growth. For instance, according to data released by the International Olive Oil Council in November 2018, olive oil consumption in the U.S. increased from 258 thousand tons during 2009-10, to 295 thousand tons in 2014-15.
However, wide availability and preference for alternatives such as corn oil, palm oil, and coconut oil in the manufacturing of food and beverages, and personal care products is expected to restrain growth of the global olive oil market over the forthcoming years.
Based on product type, global olive oil market is categorized into extra virgin oil, virgin oil, and others. Others segment includes pomace olive oil, and lampante oil among others. Among product type, the extra virgin olive oil category is projected to record higher sales and account for a significant share in the global olive oil market over the forecast period. Extra virgin olive oil reduces inflammation which is one of the major health benefits resulting in a higher demand.
Europe accounted for a significant market share in the global olive oil market in 2018, and is expected to maintain its dominance over the forecast period. For instance, according to data released by the International Olive Oil Council in November 2018, Europe olive oil production increased from 1,434.5 KT in 2014, to 2,324 KT in 2015.
Major players operating in the global olive oil market include Cargill, Inc., SOVENA, DEOLEO, COLAVITA S.p.a., Olivezia, Stone Axe Estate, Produtos Alimentares Lda., Castello di Albola, Planeta, Empresa Esporão S.A., and Domaine De Marquiliani (Kermit Lynch Wine Merchant).
On the basis of product type, the global olive oil market is segmented into:
On the basis of distribution channel, the global olive oil market is segmented into:
On the basis of region, the global olive oil market is segmented into:
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