The Europe Olive Oil Market was valued at US$ XX billion in 2022 and is predicted to grow at US$ XX billion by 2028 with an increasing CAGR of XX% during 2023 - 2028.
Olive oil is becoming increasingly used as a cooking oil around the world. Olive oil is consumed by a substantial portion of the world's population due to its nutritional properties and flavour. Extra virgin olive oil, light olive oil, pure olive oil, virgin olive oil, olive residue oil, and refined olive oil are all available on the market. Most health-conscious people now consume extra virgin olive oil, which is the highest quality olive oil available. Extra virgin olive oil has a low acidity of less than 1%, making it popular all over the world. Olive oil is a viscous liquid obtained by pressing whole olives from the fruits of the olive tree. It has a low smoke point of 240 degrees Celsius, making it suitable for use as a raw material.
Olive oil use is typically seen as healthful since it lowers the incidence of heart disease and is linked to cancers such as colorectal and breast cancer. Polyphenols, vitamin E and K, chlorophyll, and carotenoids are all good sources of monounsaturated fatty acids and antioxidants.
Olive oil has grown in popularity as a result of its nutritional properties and flavor. Furthermore, the health benefits of olive oil have increased market demand, which is expected to continue to rise in the coming years. Due to its chemical additive-free manufacturing technology and better nutritional value, virgin olive oil has garnered a lot of traction. In addition, as the use of olive oil for cooking becomes more popular, market demand in the food and beverage industry is likely to rise. Throughout the forecast period, the global market is expected to be driven by steady demand for olive oil in the end-use industry. Olive oil is used in a variety of industries, including food and beverage, cosmetics and beauty care, and pharmaceuticals.
The demand for olive oil is projected to rise as these industries continue to flourish. People in industrialized countries are rapidly adopting Western lifestyles. One of the primary drivers of the Europe olive oil market is this. The rising use of olive oil in a number of applications in numerous industries throughout the world, such as cosmetics, pharmaceuticals, food, and beverage, is expected to fuel the expansion of the Europe olive oil market. Furthermore, as people's perceptions of various health benefits improve, European demand for olive oil would develop in the target market over the forecast period. Increased olive oil output, per capita income, and interpersonal health awareness are expected to accelerate Europe market growth during the forecast period. Furthermore, personal care products containing olive oil extracts are well-known on the market for their skin-beneficial properties. Growing demand for olive oil worldwide, as well as increased awareness of many health benefits, such as stroke prevention, rheumatoid arthritis therapy, a healthy heart, depression, and stress, is another driver driving market expansion.
It is also expected to help the target market's growth as the popularity of various varieties of olive oil, such as extra virgin, refined, virgin, and so on, grows. The introduction of new, high-end olive oil products from top producers is another significant element expected to fuel Europe olive oil market growth in the near future. Cooking olive oil demand is expected to rise, creating a favorable market opportunity.
The high cost, combined with the availability of olive oil alternatives on the market such as mustard oil, coconut oil, palm oil, and so on, is a key hindrance to the Europe's market's growth. The olive oil market's largest difficulty right now is a drop in sales volume due to bad harvest conditions. Olive oil cultivation is becoming more difficult as the planet heats and the climate remains warm throughout the year. Greeks, on the other hand, are looking for alternative employment prospects to replace olive oil production. Greece, a significant olive oil producing country, is unable to profit due to a lack of a viable packaging market.
Based on type, the market is segmented in to virgin olive oil, extra virgin olive oil and processed olive oil. Virgin olive oils are predicted to perform well in the market due to their growing popularity among consumers as a result of increased awareness of their health advantages. The omega-3 fatty acids and oleic acid in virgin oil aid to avoid lifestyle problems including obesity and cardiovascular disease. Market growth is being fueled by new processing techniques and technological advancements that allow producers to efficiently process virgin oils while retaining the maximum quantity of nutrients.
The food and beverages sector has dominated the Europe olive oil market, with the highest market share, and is expected to rise at a high CAGR throughout the projection period. Consumers' desire to live a healthy lifestyle has expanded the use of vegetable oil in a variety of food products as a cost-effective substitute. Vegetable oil is also used to season salads in order to preserve the antioxidants and phenols in the vegetables and legumes. In addition, the product has become an essential part of diabetic patients' diets because it is the primary source of healthy fats for diabetics.
Based on distribution channel, online stores attributes for the larges Europe olive oil market share during 2023-2028 because of the changing lifestyles of the customers. Through online stores, the products are being delivered to the customer’s door step, which propels the European population to purchase the things by means of online stores.
The Europe Olive Oil Market Report includes the segmentation of countries:
Europe is the world's largest importer of olive oil, accounting for more than half of all imports. In the period 2015–2019, European imports of olive oil grew at a steady pace. Almost all imports from outside of Europe come from developing countries, despite the fact that the majority of olive oil traded is produced in Europe. The demand for olive oil in Europe is steady, although import volumes fluctuate due to erratic production in the primary producing countries. Rather than changes in demand, regular oscillations in imports will continue to be affected by olive crop and price swings.
In 2020, European olive oil consumption is expected to exceed 1.52 million tonnes, accounting for over half of global consumption. Industry accounts for a steady portion of global consumption, with the top producing and processing countries consuming nearly 90% of total volume. Italy and Spain have the highest retail sales volumes in Europe, followed by France, Germany, the United Kingdom, Portugal, Switzerland, and Greece.
Concerns concerning COVID infections are widespread, and they include both financial and health-related issues. The advent of the COVID-19 pandemic has resulted in a sharp drop in demand and sales of olive oil. The disruption of commercial activity caused by nationwide lockdown in various nations has hampered the expansion of this industry. However, now that the situation has eased, the European Olive Oil market is likely to rebound in the next years.
Key Players listed in the Europe Olive Oil Market:
The companies covered in the report:
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