(MENAFN- GetNews) Extra Virgin Olive Oil Market Global Information by Processing Type (Flavored, Virgin, Cold Pressed, Blended and others), Application (Cooking, Cosmetics, Pharmaceutical and Fuel), Distribution Channel (Store Based and Non-Store Based) and Regions - Forecast to 2023
Market Insight:
Olive oil is a liquid fat extracted from olives, a traditional tree crop of the Mediterranean Basin. The oil is produced by squeezing whole olives. Extra virgin olive oil is made by crushing olives and extracting the juice. It is the only cooking oil that is 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 by most health-conscious people, as the extra virgin olive oil is less than 1% acidic, thus increasing its demand worldwide. It is the main source of dietary fat in the Mediterranean diet which is helping to increase the growth of the extra virgin olive oil market.
Health factors like cholesterol level maintenance, blood pressure level management and blood sugar regulation can be effectively addressed with the incorporation of extra virgin olive oil into daily diet. Increase in fitness and wellness sector awareness has enhanced the market growth trajectory of the sector to an elevated level. Fast pace of lifestyle increases in awareness related to diverse effects of consumption of oils with high level of saturated fatty acids have led to consumers demanding healthy oils to balance their nutritional requirements. However, product adulteration is identified to possess high threat to the growth of this market.
Due to the large number of health advantages associated to extra virgin olive oil consumption, the market is growing at an incremental pace on the global stage. Increasing health awareness and rising demand for oils imparting healthy fats have prompted the high growth of extra virgin olive oil market. Extra virgin olive oil consumption is identified to reduce the risk of heart diseases. The oil contains healthy monounsaturated fatty acid content and polyphenols which act as antioxidants. The nutrient content of the oil is one of the major factors responsible for its high growth in the global market. Escalating in health consciousness and shift in consumers spending behavior is giving a boost to the extra virgin olive oil market.
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Major Key Players Demand:
With the entry of new industrial players in the extra virgin olive oil segment, established players are continuously involved in product improvisations and constantly keep adding new products to their offerings. With companies aiming to capture a considerable share of the market segment as early as possible, they are competing in terms of quality and creating product differentiation to gain consumers attention. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvisations to enhance their product capacity and curing techniques.
The key players profiled in Extra Virgin Olive Oil Market are Cobram Estate (Australia), Star Fine Foods - Borges USA (U.S.), SALOV NORTH AMERICA CORP (U.S.), Agro Sevilla Group (Spain), Grupo Ybarra Alimentación (Spain), DEOLEO (Spain), SOVENA (Portugal), and Carapelli Firenze S.p.A (Italy) among many others.
Latest Industry Updates:
Oct 2017 To suffice the rising demand for extra virgin olive oil and to promote the consumption of healthy oils, Agriculture Minister Khaled Hneifat, Olive Presses Association President Inad Fayez (Amman, Jordan) signed a memorandum to launch the 6th national campaign to market local olive oil to public and private sector employees for the season.
Jan 2017 To meet the rising demand for healthy oil from consumers' end, Clover acquired Olive Pride business from Southern Canned Products (SCP). The strategy will help the company to strengthen their product portfolio and generate high revenue.
Sep 2016 To enter into the olive oil business and gain consumers attention towards the offerings, Filippo Berio announced the launch of ‘robustly flavoured' 100% Italian extra virgin olive oil.
Mar 2016 To reduce the chances of counterfeit products in the global oil market, Italy launched olive oil certification label. The certification label will help in combating fraud and will allow product traceability.
Market Segments:
The global extra virgin olive oil market has been divided into packaging material, application, distribution channel and region.
Based on Packaging Material: Plastic, Glass, Metal, Others
On The Basis Of Application: Culinary, Cosmetics, Pharmaceuticals, and Others
On The Basis Of Distribution Channel: Store Based, and Non-Store Based
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis:
Extra Virgin Olive Oil Market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global dietary market is highly dominated by North America and Europe due to high awareness and adoption of healthy lifestyle by the consumers. APAC is fastest growing region due to changing lifestyle and improved disposable income in the region. The consumption extra virgin olive oil in developing countries is anticipated to grow at a high rate in the upcoming years.
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