Extra Virgin Olive Oil Market Synopsis:
Extra virgin olive oil has the highest concentration of natural vitamins and minerals than any other olive oil variety available which is the most crucial factor responsible for the growth of the global market. Market Research Future (MRFR) has affirmed in its latest report that the global extra virgin olive oil market will grow at an exemplary pace during the forecast period 2023 to 2030.
The Extra Virgin Olive Oil Market Size is bound to obtain a 5.50 percent CAGR from 2023 to 2030, expects Market Research Future (MRFR)). The worldwide market could also touch USD 14.41 billion by the end of 2030.
The large-scale penetration of olive oil market has increased the awareness about health benefits associated with the use olive oil. Since extra virgin variety is the best quality of olive oil available in the market, its multiplying demand will generate significant profits over the next couple of years in the global market. The growing demand for extra virgin olive oil can be attributed to the process of extracting oil from olives as it is neither altered by heat nor treated with chemicals. The paradigm shift in consumer behavior towards healthy lifestyle backed by an increase in disposable income is fueling growth in the market globally.
One of the key drivers of market expansion is the utilization of extra virgin olive oil as an ingredient in products such as hair oil, medicines, etc. The developments in products adding the essence of extra virgin olive oil have amplified the demand for extra virgin olive oil by the end-user industries and will catalyze the market expansion across the assessment period. However, adulteration of quality, high price, etc. are some of the factors that stand as barriers to the growth of the market.
Regional Analysis:
By region, the global extra virgin olive oil market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe market will lead the global market due to excessive production and consumption of extra virgin olive oil in the region. Spain is the largest producer of extra virgin olive oil and will continue its dominance throughout the projection period. Apart from Spain, Italy will also accelerate revenue generation in the region. North America market will exhibit growth across the assessment period owing to the adoption of extra virgin oil as a key ingredient for expansion of product portfolios across various industry verticals. Asia Pacific region holds the highest potential for growth and will grow at a robust CAGR over the next few years. The RoW region is expected to show developments in the market due to increased demand.
Competitive Dashboard:
MRFR has profiled the key players of the extra virgin olive oil market in its report which includes Agro Sevilla Group (Spain), Star Fine Foods - Borges USA (U.S.), DEOLEO (Spain), Carapelli Firenze S.p.A (Italy), SALOV NORTH AMERICA CORP (U.S.), Grupo Ybarra Alimentación (Spain), and, SOVENA (Portugal). The players strive to gain prominence in the global market by implementing strategies such as product development, research & developments, strategic alliances, agreements, etc.
Global Extra Virgin Olive Oil Market Segmentation:
By type, global Extra Virgin Olive Oil Market Overview has been segmented into cold pressed, flavored, virgin, blended, and, others. The virgin segment will captivate a substantial fraction of the market share and control. By application, the market is segmented into cooking, cosmetics, pharmaceutical, and, fuel. By distribution channel, the market has been segmented into store based, and, non-store based. The store-based segment is further sub-segmented into supermarkets & hypermarkets, specialty stores, food processing industries, and, others.
Latest Industry News:
Moro has recently launched four products for expanding its portfolio of products. It has added Moro Intenso to its line of extra virgin oil products. It is the most peppery and robust extra virgin olive oil in the Moro range and is developed in response to consumers’ growing appreciation for flavored extra virgin olive oils.
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