Extra Virgin Olive Oil Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The world market for extra virgin olive oil is a very large one, with a current value of 10 billion dollars in 2024, which will reach 14 billion in 2032, with a compound annual growth rate of 5.3% over the forecast period. This upward trend reflects the increasing demand for high-quality olive oil, due to the growing health awareness of consumers, the versatility of this product in the kitchen and the growing trend of the Mediterranean diet in the world. The growing trend towards organic and natural food products is also boosting consumption of extra virgin olive oil. Also, the improved quality and yields achieved by new extraction and refining methods are boosting the market. Strategic initiatives are underway in the industry, with companies such as Pompeian, Inc., Colavita and California Olive Ranch pursuing product innovation and strategic alliances in order to increase market share. Among the main initiatives that have been undertaken are the introduction of sustainable farming practices and the development of premium products.

Regional Market Size

Regional Deep Dive

The market for extra virgin olive oil is characterized by the growing demand for natural and healthy foods, and by the increasing awareness of the benefits associated with the consumption of olive oil. The market is influenced by cultural preferences, economic conditions and regulatory frameworks. The market will benefit from the increasing demand for premium quality products, the innovations in the field of production and the shift towards sustainable production, which is becoming increasingly important to consumers.

Europe

• The production and consumption of extra virgin olive oil remains mainly in Europe. The major producers are Spain, Italy and Greece. The European Union has introduced various quality control measures and subsidies to encourage farmers and to maintain high standards of production.
• Innovations in packaging and marketing strategies, such as the use of eco-friendly materials and digital platforms for direct-to-consumer sales, are reshaping the competitive landscape, allowing smaller producers to reach broader audiences.

Asia Pacific

• Asia-Pacific is slowly increasing its consumption of extra virgin olive oil, mainly due to the growing health consciousness and the adoption of Western dietary habits. Japan and Australia are becoming important markets. Some local producers are experimenting with olive growing.
• Collaborations between local producers and international brands are becoming more common, as seen with the partnership between Australian Olive Oil Association and various European brands to promote olive oil education and tasting events.

Latin America

• Argentina and Chile are investing in new production techniques and quality improvements. The special climate conditions are particularly favourable to olive cultivation, and the number of local producers is growing.
• Recent trends indicate a growing interest in premium and artisanal olive oils, with local producers focusing on organic certifications and sustainable practices to appeal to health-conscious consumers.

North America

• The American market has been soaring in demand for high-quality, organic extra-virgin olive oil, mainly because of the growing interest in health and the growing popularity of the Mediterranean diet. Local producers like California Olive Ranch are at the forefront of the movement to produce local, sustainable products.
• Recent regulatory changes, such as the USDA's stricter labeling requirements for olive oil, have prompted producers to enhance transparency and quality assurance, thereby boosting consumer trust and market growth.

Middle East And Africa

• The extra virgin olive oil market is influenced by the traditional use of the product in the kitchens of the Near East and Africa, as well as by the growing interest in health and well-being. Tunisia and Morocco are increasing their production capacities to meet the local and export demand.
• Government initiatives aimed at promoting olive cultivation, such as Morocco's Green Plan, are expected to enhance production quality and increase the region's competitiveness in the global market.

Did You Know?

“Did you know that extra virgin olive oil is the only oil that can be classified as 'extra virgin' based on its chemical composition and sensory characteristics, making it a unique product in the culinary world?” — International Olive Council

Segmental Market Size

The extra virgin olive oil segment plays an important role in the culinary and health food market, which is currently growing steadily as a result of growing health consciousness and the growing popularity of Mediterranean diets. The trend towards natural and organic food products, especially in the USA and the European Union, is also pushing up demand. This segment is currently in a mature development phase, with market leaders such as Colavita and Pompeian setting the standards for quality and sustainability. In the kitchen, extra virgin olive oil is used for salad dressings, marinades and cooking. In the cosmetics industry, extra virgin olive oil is used in skin and hair care products. The swine flu pandemic has accelerated the trend towards health and well-being, while the growing demand for sustainable products and packaging is putting further pressure on prices. Cold extraction and traceability systems are shaping the development of the segment, ensuring product quality and authenticity.

Future Outlook

From 2024 to 2032, the extra virgin olive oil market is expected to increase from $ 10,085,083,400 to $ 14,405,374 with a CAGR of 5.3%. This growth is due to the growing awareness of consumers about the health benefits of olive oil, including its role in the prevention of heart disease and its anti-inflammatory properties. As a result, the penetration of extra virgin olive oil into households is expected to increase, possibly reaching a level of more than 30% in 2032 in the main markets. Also, the development of olive-oil production techniques, which improve the quality and yield of the product, and the promotion of the Mediterranean diet, are the main drivers of this market expansion. Furthermore, the growing popularity of organic and sustainable products is expected to have a significant impact on consumer preferences, which will lead to an increase in demand for premium extra virgin olive oil. Also, the growing trend of using olive oil in various culinary applications and the growth of e-commerce platforms for the sale of gourmet foodstuffs are expected to facilitate the growth of the market. The market is evolving and the key to success is for stakeholders to remain flexible and able to respond to the changing needs of health-conscious consumers.