Mar 29, 2023
Organic olive oil market projected to reach $2.2 billion by 2031
A recent study found that the organic olive oil market is estimated to reach $2.2 billion by 2031, with growth being driven by expanding industries and new products.
An analysis by Allied Market Research projects a compound annual growth rate of 8.9% for the market, valued at $932.6 million in 2021.
Market growth is being driven by the expanding food and beverage industry as well as the cosmetic and personal care industries in developing countries, according to the report.
Supply chain disruptions stemming from the COVID-19 pandemic are projected to ease, while increased awareness about healthy products is expected to continue to drive growth.
Other factors benefiting the market include new product introductions, a sizable product selection and government measures to stimulate the economy.
The report identified major market players including Borges International Group, Colavita LLC, Deoleo, S.A., Melissa Kikizas, Minerva Foods, Monini, Olinexo, Nutrinveste SGPS, SA, Pompeian Inc., and United Olive Oil Import Co.
The organic olive oil market is segmented on the basis of product, end user, sales channel, and region. The product segment is categorized into extra virgin olive oil and virgin olive oil, while the end user category is divided into food processing, food service, cosmetics and personal care, pharmaceuticals, and others.
Sales channel consists of B2B suppliers, hypermarkets/supermarkets, grocery store, online retail, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, United Arab Emirates, and Rest of LAMEA, or Latin America Middle East Africa).
By product, extra virgin olive oil was the highest revenue contributor in 2021 at $738.7 million and is expected to reach $1,735.8 million by 2031 at a CAGR of 9%.
By end user, food service was the highest revenue contributor in 2021 with $359.5 million and is estimated to reach $877.6 million by 2031 at a CAGR of 9.4% during the forecast period.
By sales channel, the B2B suppliers’ segment was the highest contributor to the market with $ 357.4 million and is estimated to reach $ 803.5 million by 2031 at a CAGR of 8.5%.
By region, Europe was the highest revenue contributor, accounting for $332.9 million in 2021, and is estimated to reach $742.3 million by 2031, with a CAGR of 8.4%. The expanding urban population is expected to contribute to growth, along with rising disposable income and living standards.