Known in the Mediterranean since the 8^th millennium BC, olive oil has spread far beyond its boundaries and become a product popular all across the world, even in far-flung regions which have never been exposed to it. While the consumption of olive oil is usually higher in developed countries, fast-growing countries in APEJ are catching up to their developed counterparts and could shape the olive oil market in the days ahead.

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Once known only to the regions bordering the Mediterranean Sea, the fame and virtues of olive oil have spread far and wide, giving rise to a global market for olive oil products. The first thought that comes to one’s mind is usually immense health benefits of olive oil when used as a cooking oil, but one also can't ignore the rising applications of olive oil in industries as varied as pharmaceuticals and cosmetics. While Europe might be the largest region largely due to its long heritage in the olive oil market, the fast-growing APEJ region is anticipated to become a driving force in the olive oil market in the long term.

Forecast Highlights on Olive Oil Market

1)    The processed segment dominates the olive oil market by product type and it is anticipated to remain so for the foreseeable future. With a revenue share approaching three fourth of the olive oil market, it wouldn’t be surprising if key players decided to focus their attention exclusively on this product type. Europe accounts for the largest regional contribution of approx. 1/3^rd which works out to just over US$ 2.4 billion in 2022.

2)    The virgin segment of the olive oil market is much smaller than its processor brethren and it occupies the remaining portion of the olive oil market by product type. Along with Europe, major companies involved in the olive oil market could seek to target the APEJ region as it is just slightly smaller than Europe in terms of revenue contribution with a value almost touching US$ 700 million in 2017 itself.

3)    The food processor segment occupies a comparative niche in the olive oil market with a revenue share just approaching a quarter in terms of end user segment. A moderate CAGR for the period 2017-2022 means that this segment needs a customized approach to be truly successful in. Europe is on track to record the highest CAGR for the period which should help it be worth just under a billion dollars by end of 2022.

4)    The E-commerce boom is expected to bring about sweeping changes across diverse industries in the near future and the olive oil market should be no different. As Internet connectivity improves in emerging markets and the cost of data-centric smartphones plummets, consumers will certainly seek to purchase olive oil from the comfort of their homes. A revenue share of just over a fifth is hardly indicative of the immense potential this distribution channel of the olive oil market holds in the long term.

5)    The Mediterranean Basin is the original home of the olive tree and therefore it isn’t surprising that Europe is the largest regional contributor in the olive oil market. A market value pushing past US$ 3 billion at the end of the forecast period promises ample opportunities for all players. Within this region, companies might look at targeting the processed segment as it is poised to record a steady CAGR according to this five-year study.

Smaller Opportunity in the Franchise Segment of Olive Oil Market

The franchise segment represents a market opportunity of less than a fifth by distribution channel in the olive oil market. With a CAGR of 3.3% and a value of a little under US$ 2 billion in end 2022, only players with an effective marketing message can hope to succeed in this segment.

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Online Segment Could be the Future of the Olive Oil Market

The e-commerce boom has not impacted the olive oil market as much as it should have but it is highly likely to do so in the days ahead. Companies that do not devote time to this strategic distribution channel may be left behind in the 21^st century.

Competition Tracking

The report has also anticipated that companies such as The Adani Wilmar Ltd., Ruchi Soya Industries Ltd., Associated British Foods (Ach), Cargill Inc., Archer Daniels Midland Company, Bunge Limited, and Adams Group Inc. will remain key players in the global olive oil market through 2022.

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