According to Renub Research’s latest report, “Olive Oil Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” Global Olive Oil Market is estimated to reach US$ 17.93 Billion by 2028. The European Union is the world’s largest olive oil producer, with production it is concentrated in Spain. Olive oil is considered a significant component of the Mediterranean diet. The primary usage of olive oil is in cooking and salad preparation. Besides cooking, these oils are used in healthcare products, medicines, therapies, and body massages. In 2022, According to the Journal of the American College of Cardiology, Olive Oil Consumption will prevent cardiovascular damage half a tablespoon of olive oil a day can reduce the chances of developing heart disease by up to 14%.
Greeks consumed the most Olive Oil around the world
It is estimated that around 3 million tons of olive oil are consumed worldwide annually. Rising awareness among consumers regarding the advantages of olive oil, compared to other oil, increased per capita income, and substantial economic impact has driven its demand significantly. However, the main factor driving the global requirement for olive oil is its usage as a health benefit. Due to olive oil’s good taste and favorable benefits, olive trees are cultivated outside of the Mediterranean in places such as North and South America, China, South Africa, and Japan. In addition, many scientists and health experts agree that virgin olive oil consumption is best for health.
Spain was the Largest Producer of Olive Oil in the European Union
The production of olive oil, the deliberate pressing of oil out of olives, is documented no earlier than ~2500 BCE. Regarding production, around 2 million tonnes occur in the EU. Spain was the leading Member State producing olive oil, followed by Italy and Greece. These Countries have special biographical features where olive oil tree grows naturally, making them the enormous volume of olive oil worldwide. However, the significant aspect of using olive oil is related to health as it has high levels of monounsaturated acid, which help reduce the body’s cholesterol level and risk of heart disease. In addition, it is also helpful to kill microbes, like bacteria and fungi, and its leaf might lower blood pressure.
United States was the Top Importer of Olive Oil Worldwide
Due to the United States’ high consumption by their own population, increasing per capita income, rising awareness among consumers regarding health benefits, and lower oil production levels, many producers of Olive Oil in the united states import olive oil from Spain, Italy, Tunisia followed by Portugal and Turkey. However, in imports across the world, The United States contributes to world olive oil imports, beating the European Union, Brazil, Japan, and Canada. Also, Spain has a much larger supply of olives each year (they have over 50 million trees!) with global demand.
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Spain is the Leading Exporter of Olive Oil in the World
Globally, the Atlantic (Spain and Italy) is a crucial producer and exporter of olive oil. More than half the world’s total production comes from Spain. A good portion of Spanish olive oil is exported to Italy and then re-exported to the rest of the world. Sometimes it’s shipped as Italy, and sometimes not. The big brands and bottlers of olive oil generally buy oil from various countries depending on the price and the crop size. The top six producing olive oil countries are Spain, Italy, Greece, Tunisia, Turkey, Syria (sometimes), and Portugal. Argentina is the largest producing nation in the southern hemisphere. In addition, the provinces that produce significant Oil in Italy are Calabria and Apulia, top producers and exporters.
Virgin Olive Oil share captured the Largest
The Virgin Olive Oil share captured the most significant market. According to the American Olive Oil Producers Association, 75 percent of the extra virgin olive oil had been imported from Italy to the U.S. The massive demand for this oil is due to directly obtained from the ripe fruit by mechanical procedures. Therefore, it is only consumed raw without using any solvents. However, Spain is the world’s leading exporter of virgin olive oil because of its primary demand in the food service, beverages, and pharmaceutical industries.
Food and Beverages captured the Maximum Share
Food and Beverages captured the maximum share. Globally, the food and beverages industry has anticipated depending on realizing the many health benefits of using olive oil. In addition, the demand for olive oil in the European food and beverage industries is the highest. However, Europe houses massive production facilities and infrastructure in its food and beverages companies. Therefore, the rising use of olive oil in food and beverages helps Europe to maintain its dominance in the years to come.
Massive production facilities in nations such as Greece, Spain, Turkey, and Italy will continue to make Europe the leading producer of olive oil. In addition, the demand for olive oil in food and beverages is to increase in India, China, Japan, and Australia. Manufacturing facilities in Arizona, Texas, and California, the United States, is to maintain its supremacy in the North America Olive Oil in Food and beverages market.
Competitive Landscape:
Global Olive Oil companies include Cargill Inc., Modi Naturals, Ingredion, Bunge Limited, Conagra Brands (Bertolli®), and Semapa.
Market Summary:-
- Type: – The Report covers the Global Olive Oil Market by type in 4 viewpoints (Extra Virgin Olive Oil, Virgin Olive Oil, and Others).
- Industry: – The Report covers the Global Olive Oil Market by type in 3 viewpoints (Food and Beverages, cosmetics, and Pharmaceuticals).
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