Olive Oil Market Size, Share, Trends, Growth 2032

Olive Oil Industry Prospective:

The global olive oil market size was evaluated at $26.18 billion in 2023 and is slated to hit $35.11 billion by the end of 2032 with a CAGR of nearly 3.31% between 2024 and 2032.

Request Free Sample

Olive Oil Market: Overview

Olive oil is utilized as cooking oil and also has a slew of uses. Moreover, the product is a key component of Mediterranean food which is considered beneficial for the heart. Reportedly, olive oil is rich in antioxidants including polyphenols and fatty acids. Furthermore, the product is extracted from olive tree fruit and is rich in flavor and versatility. In addition to this, the product offers numerous health benefits to individuals.

Key Insights

• As per the analysis shared by our research analyst, the global olive oil market is projected to expand annually at the annual growth rate of around 3.31% over the forecast timespan (2024-2032)
• In terms of revenue, the global olive oil market size was evaluated at nearly $26.18 billion in 2023 and is expected to reach $35.11 billion by 2032.
• The global olive oil market is anticipated to grow rapidly over the forecast timeline owing to the large-scale use of olive oil in marinades, cooking, and salad dressings.
• In terms of type, the refined segment is slated to register the highest CAGR over the forecast period.
• Based on packaging, the bottles segment is predicted to lead the segmental space in the upcoming years.
• Based on application, the food & beverages segment is expected to contribute majorly towards the industry share in the upcoming years.
• Based on distribution channel, the supermarkets & hypermarkets segment is slated to record the highest CAGR over the forecast period
• Region-wise, the North American olive oil industry is projected to register the fastest CAGR during the projected timespan.

Request Free Sample

Olive Oil Market: Growth Factors

Humungous use of products in cooking to boost global market trends

Large-scale use of olive oil in marinades, cooking, and salad dressings is anticipated to steer the growth of the global olive oil market. Additionally, the rise in the focus on health & wellness along with awareness about improving cardiovascular health has translated into a humungous intake of olive oil, thereby driving the global market trends. Furthermore, surging culinary diversity has contributed remarkably to the global market size. Escalating demand for minimally processed edible oils and artisanal to boost the global market demand. New product launches contribute notably towards the growth of the market globally. In May 2023, Pompeian, Inc., a U.S.-based olive oil brand, declared a new easy olive oil collection for mealtime for homes.

Olive Oil Market: Restraints

A surge in olive oil prices due to political upheavals can stagger the growth of the industry globally

The rise in the costs of olive oil and the availability of low-cost substitutes can hinder the growth of the olive oil industry globally. Additionally, oscillations in the product costs owing to seasonal fluctuations as well as irregularities in the supply chain activities can retard the expansion of the industry across the globe. Availing of essential fatty acids contents in sunflower oil, canola oil, and coconut oil can decimate the expansion of the industry worldwide.

Olive Oil Market: Opportunities

Beneficial product features will create new vistas of growth for the global market

Easy access to organic & premium olive oils along with their huge consumer demand is anticipated to open new growth avenues for the global olive oil market. Apart from this, customers are eager to pay a premium price for high-quality of olive oil, thereby driving the growth of the global market. Excellent anti-inflammatory features and a rich source of vitamin-E have made the product popular among the masses across the globe.

Olive Oil Market: Challenges

An increase in the export & import taxes can prove to be a challenging factor for the growth of the global industry

Rise in import & export duties as well as supply chain disruptions as a result of conflicts occurring in the various parts of the globe such as the Middle East, Europe, and the Red Sea will put a big challenge in the path of the global olive oil industry expansion.

Olive Oil Market: Segmentation

The global olive oil market is sectored into type, packaging, distribution channel, application, and region.                                         

In type terms, the olive oil market across the globe is segregated into refined and virgin segments. Furthermore, the refined segment, which acquired nearly 61% of the global market earnings in 2023, is projected to record the highest gains in the upcoming years. The progress of the segment from 2024 to 2032 can be owing to its mild flavor along with its suitability in various kinds of cooking methods & culinary applications. Moreover, the refined olive oil is utilized in frying, sautéing, and baking applications.              

Based on the packaging, the global olive oil industry is sectored into cans, bottles, and pouches segments. Additionally, the bottles segment, which gathered a key chunk of the global industry share in 2023, is anticipated to lead the segmental space in the forecast time interval. The segmental growth from 2024 to 2032 can be due to the massive use of bottles owing to their ease of storing olive oil along with preventing spillage. 

Based on distribution channel, the olive oil market across the globe is segregated into supermarkets & hypermarkets, online stores, and convenience stores segments. Furthermore, the supermarkets & hypermarkets segment, which acquired nearly 52% of the global market revenue in 2023, is expected to register the highest gains in the forecasting years. The progression of the segment from 2024 to 2032 can be owing to the easy availability of olive oils on the shelves of supermarket stores.     

Based on application, the olive oil industry globally is bifurcated into food & beverages, pharmaceuticals, and cosmetics segments. Furthermore, the food & beverages segment, which led the application space in 2023, is expected to contribute majorly towards the global industry size in the assessment period. The expansion of the segment from 2024 to 2032 can be due to the rise in the use of olive oil in routine diets in some cultures across the globe.

Olive Oil Market: Report Scope

Olive Oil Market: Regional Insights

Europe is slated to retain the leading position in the global olive oil market in the coming years

Europe, which contributed about 60% of the global olive oil market earnings in 2023, will be a key region in the years ahead. Moreover, the expansion of the market in Europe over the forecast timeline can be a result of the huge intake of products by people residing in the Mediterranean region of Europe.  Cultural traditions of using olive oil in various cuisines across countries such as Italy, Greece, and Spain will help in increasing the size of the olive oil market in Europe. Furthermore, the surge in olive cultivation in Europe will further scale up the growth of the regional market. 

North American olive oil industry is anticipated to record the fastest CAGR in the forecast timespan. The expansion of the industry in the sub-continent can be due to growing awareness about the health benefits offered by the product. Moreover, demand for the product as a healthy alternative will further prompt industry growth in the sub-continent.

Olive Oil Market: Competitive Space

The global olive oil market profiles key players such as:

• Deoleo
• Conagra Brands
• SOVENA
• GRUPPO SALOV
• California Olive Ranch Inc.
• Del Monte Foods Private Limited
• POMPEIAN
• Cargill Inc.
• Borges INTERNATIONAL GROUP
• S.L.U.
• Modi Naturals Ltd.

The global olive oil market is segmented as follows:

By Type

• Refined
•  Virgin

By Packaging

• Bottles
• Cans
• Pouches

By Distribution Channel

• Supermarkets & Hypermarkets
• Online Stores
• Convenience Stores

By Application

• Supermarkets & Hypermarkets
•  Online Stores
• Convenience Stores

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa