Growing demand for healthy cooking oil across the food and beverage (F&B) industry and household applications is expected to foster growth of the olive oil market over the forecast period.
Furthermore, rising popularity of Mediterranean cuisines owing to their antioxidant properties is expected to supplement growth of the olive oil market during the forecast period.
The inception of the COVID-19 crisis had a ‘bitter-sweet’ impact on the global olive oil market. Olive oil extraction has witnessed a steep downfall since March 2020, but demand has significantly increased as a result of increased health consciousness. The trade weaknesses are visible in the supply chain, rather than the demand, which are projected to be revived as the pandemic’s onslaught fades.
The olive oil market is anticipated to grow at a CAGR of 1.0 % during the forecast period owing to the increasing demand for healthy foods, increasing product launches, and rising application in the cosmetics and personal care industry.
In the geographic overview, the European region is well-positioned to reign supreme in the global olive oil market at the helm of rising production of raw olive oil in countries such as Spain, Italy, Greece, and Turkey.
