Market Overview
Extra virgin olive oil is a liquid fat extracted
from olives, a traditional tree crop of the Mediterranean
Basin; the oil is produced by pressing whole olives. Extra virgin olive
oil is made by crushing olives and extracting the juice, made without the use
of chemicals and industrial refining. It is the juice of fresh, healthy olives
which contains, more than any other grade, the health-promoting nutrients that
olive oil is famous for. The extra virgin olive
oil is the highest quality olive oil, consumed mostly by health conscious
people as this oil carries less than 1% acidity thus, increasing its demand
worldwide. It is the main source of dietary fat in the Mediterranean diet which
is increasing the growth of the global extra virgin olive oil market.
Market Forecast
The
global extra virgin olive oil market is expected to be driven by the rising
prevalence of chronic diseases among the consumers both in developed and
developing economies; enforcing consumers to shift towards healthy and
nutritional food consumption. The
global extra virgin olive oil market is projected to propel the increasing
awareness regarding health benefits of this oil such as prevention from
diseases including cardiovascular diseases, strokes, depression, cancer, and
others. Extra virgin olive oil is also expected to increase hair growth and is
used in many hair oils. Major market infiltration is leading to the
introduction of new products based out of extra virgin olive oil and their
retail across various regions. The market players are responding to these new
opportunities by expanding their service offerings and product lines, which has
fueled up the share of extra virgin olive oil in the global market. High
nutritional benefits obtained from extra virgin olive oil are also supporting
the sale of this oil globally. Additionally, the augmentation of the product
development together with research advancements together are other significant
reasons for the increasing growth of global extra virgin olive oil market.
Hence, along with changing consumer preferences, the growth of this market is expected
to significantly increase during the forecast period of 2017-2023.
Downstream Market Analysis
Western
lifestyle adopted by various countries is the major driving factors of this
market. Furthermore, the popularity of extra virgin olive oil and involvement
of nutritional attributes are also encouraging the growth of this market. Rising
demand for natural products is
expected to play a significant role in this market’s growth during the forecast
period. Additionally, the augmentation of the product development
together with research advancements are other significant reasons for the
increasing growth of the global extra virgin olive oil market from 2017-2023.
Competitive analysis
Some of the key players in the
global extra virgin olive oil market are
·
Agro Sevilla
Group (Spain)
·
SALOV NORTH
AMERICA CORP (U.S.)
·
Star Fine Foods -
Borges USA (U.S.)
·
Grupo Ybarra Alimentación (Spain)
·
DEOLEO (Spain)
·
SOVENA (Portugal)
·
Carapelli Firenze
S.p.A (Italy)
The demand for extra virgin
olive oil has pushed manufacturers to innovate and develop new product lines,
which are better in taste and offers various health benefits.
Regional Analysis
The global extra virgin olive oil market is segmented on the
basis of region into North America, Europe, Asia Pacific, and rest of the world
(RoW). Among these, Europe is estimated to retain its dominance, followed by
North America, over the forecast period of 2017-2023. This is attributed to the
increasing awareness about health benefits derived from extra virgin olive oil,
as well as increasing area of cultivation. Also, due to its vast usage in food
and beverages, pharmaceuticals & personal care products, fuel and others is
rising the demand of extra virgin olive oil. Spain is the largest producer of
olive oil, followed by Italy. The new product development by key manufacturers
of extra virgin olive oil is projected to be one of the significant reasons for
the rising growth of extra virgin olive oil products in the North America. However,
Asia Pacific region is estimated to witness a maximum growth in the global
extra virgin olive oil market over the forecast period of 2017-2023.
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