New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Olive Oil Global Market Report 2023" - https://www.reportlinker.com/p06466571/?utm_source=GNW
, Salov S.p.A., Jaencoop Grupo, Colavita S.p.A, EU Olive Oil Ltd., Sun Grove Foods Inc., Oil Artajo SL, Aceites Sandua, Tucan Olive Oil Company Ltd., Domenico Manca S.p.A., Grampians Olive Co., Victoria Olive Oil Co. and Les huiles d’olive Lahmar.
The global olive oil market is expected to grow from $11.64 billion in 2022 to $12.21 billion in 2023 at a compound annual growth rate (CAGR) of 4.93%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The olive oil market is expected to reach $15.07 billion in 2027 at a CAGR of 5.39%.
The olive oil market consists of sales of extra light olive oil, pure olive oil, lampante olive oil, and cold pressed olive oil.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Olive oil is a non-drying, light yellow to green or yellowish oil derived from olives which has more monounsaturated fat content and is typically employed for salad dressing and cooking.
Europe was the largest region in the olive oil market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of olive oil are virgin olive oil, refined olive oil, extra virgin olive oil, and olive pomace oil.Virgin olive oil is olive oil that has not been processed and was obtained by cold pressing.
It is of conventional and organic nature distributed by b2b suppliers, supermarkets or hypermarkets, grocery stores, online retail, and other channels used by food processing, food service, cosmetics, and personal care, pharmaceuticals, and other end users.
The growing demand in the food service and retail industries is expected to propel the growth of the olive oil market in the coming future.The food service sector includes all of the services, activities, and business operations associated with cooking and delivering meals to persons eating away from home like restaurants and fast foods.
The retail industry refers to the duties and actions involved in selling commodities directly to customers.The increasing demand for olive oil in food service and retail sectors boosts the olive oil market as it is used in the cooking of various dishes and cuisines in restaurants and household cooking.
For instance, in March 2022, according to the International Olive Council, a Spain-based global intergovernmental organization that deals with table olives and olive oil, in the harvest year 2021/22, global consumption of olive oil might grow by 2.9% from the crop year 2020/21 to 3214 500t. Therefore, the growing demand in the food service and retail industries is driving the market.
Product innovation is the key trend gaining popularity in the olive oil market.Major companies operating in the olive oil market are focused on developing innovative products to strengthen their position in the market.
For instance, in January 2022, Graza, a US-based manufacturer of extra virgin olive oil, launched two products, Drizzle and Sizzle, the first of their type.They come in squeeze bottles and employ Picual olives, which originated from Andalusia, Spain, a flourishing agricultural region that produces extra virgin olive oil that is always fresh, exceptionally healthy, and never mixed.
Drizzle is extracted from olives that are picked during the first week of October, which yields an extremely delicious, aromatic oil that is rich in polyphenols and antioxidants. Sizzle is collected in December, during its prime growing period, when the olives start to turn from green to a stunning purple and green hue and produce more oil.
In April 2023, Colavita S.p.A., an Italy-based manufacturer of olive oil, acquired O Olive Oil & Vinegar for an undisclosed amount. Through the acquisition, Colavita’s objective is to maintain the O Olive Oil & Vinegar brand’s remarkable originality without compromising, while leveraging combined industry skills to raise the brand to a worldwide level. Colavita returns O Olive Oil & Vinegar to a family-owned business and culture after an interim period as a division of a public corporation. O Olive Oil & Vinegar is a US-based manufacturer of California extra virgin olive oil and handcrafted wine vinegar.
The countries covered in the olive oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The olive oil market research report is one of a series of new reports that provides olive oil market statistics, including the olive oil industry’s global market size, regional shares, competitors with a olive oil market share, detailed olive oil market segments, market trends, and opportunities, and any further data you may need to thrive in the olive oil industry. This olive oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466571/?utm_source=GNW
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