Olive Oil Market Growth Trajectory: Trends, Size, and Projections, 2032

 

Report Overview:

The global olive oil market was worth $15.11 billion in 2024 and is expected to grow steadily, reaching around $19.77 billion by 2032. That’s a growth rate of about 3.44% each year. Europe is currently leading the market, making up nearly half (almost 50%) of global sales in 2024. In the U.S., demand for olive oil is also rising and is expected to hit $2.81 billion by 2032. This growth is largely fueled by more people turning to healthier cooking oils to help prevent lifestyle-related health issues like obesity and diabetes.

List of Key Players Profiled in the Report:

• Salov SpA (Italy)
• Deoleo S.A. (Spain)
• Conagra Brands, Inc. (U.S.)
• Sovena Group (Portugal)
• Del Monte Foods, Inc. (U.S.)
• Cargill, Inc. (U.S.)
• California Olive Ranch (U.S.)
• Pompeian (U.S.)
• Modi Natural Ltd. (India)
• Borges International Group (Spain)

Segments:

Virgin Olive Oil Segment to Dominate Market Due to Rising Demand for High Nutrient Content

By type, the market is trifurcated into virgin olive oil, refined/pure olive oil, and others (lampante oil and pomace oil). The virgin olive oil segment is expected to hold the largest market share due to increasing demand for high nutrient content and rising awareness of nutritious food products.

Increasing Utilization of Olive Fruit Oil in Household to Bolster Segmental Growth

Based on end-user, the market is categorized into households/retail, food service/HoReCa, food manufacturing, and others (animal feed, pharmaceuticals, and dietary supplements). The increasing use of the oil in foodservices and households is projected to bolster the segmental growth in the coming years.

Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Source: https://www.fortunebusinessinsights.com/industry-reports/olive-oil-market-101455

Report Coverage:

The report provides complete information and insights on recent developments and trends in the market. Also, the impact of COVID-19 pandemic on global market development is highlighted further in this report. Furthermore, the drivers and restraints affecting the market growth during the projected period are mentioned further in the report. Regional market insights on segmented market areas are provided further along with a list of key market players in the industry.

Drivers & Restraints:

Rising Adoption of Nutrient-Rich Oils to Augment Growth

The market is projected to grow during the forecast period due to increasing adoption of nutrient-rich oils in the diet. Also, rising awareness regarding the health benefits of these products is anticipated to bolster market growth. Furthermore, the surging popularity of cold-pressed, artisanal edible oils, and raw oils is expected to drive the market.

However, the availability of low-cost alternatives may hinder market growth. 

Regional Insights:

Europe Dominates Global Market Share Due to Rising Demand for Functional Foods

Europe holds a dominant global olive oil market share due to increasing production of oil and rising supplies. Also, the surging popularity of functional foods among the population is projected to fuel the regional market growth. Europe stood at USD 7.55 billion in 2024 and is projected to grow at a substantial CAGR in the coming years.

North America is projected to grow at a fast pace during the forecast period due to rising demand for healthy oils. Also, the increasing adoption of dietary supplements is anticipated to bolster market growth.

Competitive Landscape:

Expanding Manufacturing Capacities Allow Companies to Propel Growth

The leading market players implement various strategies to propel growth and improve their business performance. Also, the companies plan to enhance their product portfolio by introducing products to attract global customers. These strategies allow key market players to globalize their brands.

Key Industry Development:

July 2022 – Spanish company Genosa announced the launch of oil made from olives with soluble phenol-rich hydroxytyrosol, which offers several health benefits and numerous application possibilities.