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Olive Oil Market Size, Share & Industry Analysis, By Type (Refined/Pure, Virgin, and Others), By End-user (Household/Retail, Foodservice/HoReCa, Food Manufacturing, and Others), and Regional Forecast, 2024-2032

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI101455



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The global olive oil market size was valued at USD 14.64 billion in 2023 and is projected to grow from USD 15.11 billion in 2024 to USD 19.77 billion by 2032, exhibiting a CAGR of 3.42% during the forecast period.

The market is experiencing robust growth primarily due to increasing demand for olive fruit oil across the food service and retail channels. In addition, the growing interest in trying out exotic cuisines has mainly contributed to the increased popularity of Olea europaea fruit oil across various regions in the world. Olea europaea fruit oil is an integral part of a Mediterranean diet owing to its several health benefits. The rising awareness regarding its health benefits is attributed to its omega-3 fatty acid content, which is surging its demand in the forthcoming years. Thus, in recent years, this oil has been extensively utilized as an ingredient in the manufacturing of dietary supplements and pharmaceuticals.

The demand and sale of olive fruit oil consumption have experienced a sudden slump due to the outbreak of the COVID-19 pandemic. Nationwide lockdown in various countries resulted in the disruption of trade activities, which slowed the growth of the industry. According to the U.S. Census Bureau, olive oil imports by the U.S. decreased by 13% in 2020 as compared to those in 2019. However, increased concerns related to immunity and overall health have re-established the demand for healthy oils, which is expected to continue during and after the pandemic.

Olive Oil Market Trends

Increasing Incorporation of Nutrient-rich Oils in Diets to Reduce the Risk of Certain Health Conditions

The trend of maintaining overall health and wellness by shifting to healthier oil choices mainly drives the growth of the market. In recent years, consumer inclination toward healthy food options including healthy vegetable oils in their regular diets has surged owing to the increasing occurrence of lifestyle-related health conditions. Since olive fruit oil has several health benefits, it is considered as a healthy oil, which is increasing its popularity across a larger consumer group. Furthermore, food franchisees have started to add olive fruit oil-infused food products to their menu to cater to the evolving consumer demand. For instance, in February 2023, Starbucks announced the launch of three new coffee flavours that all use olive oil as their star ingredient. Though these coffee flavors are currently only available in Starbucks stores across Italy. These coffee lines are anticipated to be introduced internationally in the coming months.

The modern-day stressful and sedentary lifestyle of consumers has resulted in an increased prevalence of obesity and cardiovascular conditions. The growing knowledge of the strong association of consumption of fats & oils with hypertension and coronary heart diseases primarily fuels the demand for nutrient-rich oils.

Consumers these days pay more attention to the label claims while buying their oil products. There is a growing demand for vegetable oils with specific health claims such as high omega-3, MUFA (monounsaturated fatty acids), and vitamin E owing to the increasing awareness of their positive health attributes. The product is high in antioxidant and MUFA content, which supports the normal functioning of the heart. The rising demand for such nutritious oils is likely to support the steady growth of the market.

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Olive Oil Market Growth Factors

Increasing Awareness of the Product’s Health Benefits to Fuel Market Performance

The growing appreciation of fats and oils containing MUFAs due to their health benefiting attributes has propelled their demand among consumers. Recently, numerous clinical studies have suggested that consuming omega-3 enriched products can support research cardiovascular health and other body functions. The high omega-3 content in olive fruit oil has fueled its demand among consumers owing to their increased understanding about the importance of essential fatty acids consumption in maintaining good health. As it provides beneficial fatty acids, antioxidants, and vitamins, it has led the oil to gain remarkable popularity as a healthy oil across the globe.

Olive oil is an essential ingredient in Mediterranean cuisine. Factors such as versatility, flavors, and health benefits have made it an indispensable component in traditional Mediterranean culinary practices. As ethnic Mediterranean cuisines gain worldwide popularity, it has significantly contributed to surging the demand for olive fruit oil. Its wide incorporation in various cuisines, such as Italian, Greek, and Spanish, has also influenced its surge in demand. Furthermore, the rise in travel and tourism and consumers willing to experiment with new flavors, textures, and exotic cuisines have supported the market performance.

Rise in Popularity of Artisanal and Minimally Processed Edible Oils to Pave Growth

The growing consumer interest in raw, natural, and cold-pressed cooking oils as they are attributed to be safer and healthier in comparison to their processed counterparts has supported the market growth. Edible oils that are minimally processed and manufactured under such claims are perceived to be free from any detrimental chemicals. Since there is no to minimal processing involved, it helps in retaining all the nutritive value, making it healthier. Moreover, the demand for virgin and extra-virgin olive oils has fueled in recent years as they are minimally processed and have a stable fatty acid profile. Cold-pressed virgin oils have witnessed a surge in demand due to their clean flavor and unaltered organoleptic properties, which aid in further driving the market performance. Furthermore, the growing environmental sustainability concern worldwide is likely to surge the demand for edible olive fruit oil, which is natural and minimally processed in the foreseeable years.


Presence of Low-cost Edible Oil Counterparts in the Market to Slow Down Market Performance

The high cost of olive fruit oil poses a significant hindrance to its growth potential as consumers start to seek low-cost alternative oils to Olea europaea fruit oil possessing similar nutritional properties. Edible oils, such as canola, sunflower, coconut oil, and others, are gaining wide traction among consumers due to their high essential fatty acids content, which helps in maintaining overall health. This has influenced the manufacturers to invest in advanced technologies that help retain the essential properties in these products, and minimal nutrients are lost during the processing of the oils, thereby propelling the demand for rice bran and sunflower oils as a substitute for this oil. In addition, the comparatively low investment involved in manufacturing sunflower and other vegetable oils further hampers the olive oil market growth.

In addition, olive fruit is primarily produced in European countries, which account for about 75% of the global production. Since the producers and suppliers are limited in the market, the price of the product is comparatively high. The premium price of the product is an additional factor impeding the market growth.

Olive Oil Market Segmentation Analysis

By Type Analysis

Virgin Oil to Hold the Largest Market Share Owing to its Higher Nutrient Content

Based on type, the market is segmented into virgin, refined/pure, and others (lampante oil and pomace oil).

The virgin segment is expected to witness strong sales performance owing to its rising popularity among consumers attributed to the growing awareness regarding their health benefits. Omega-3 and oleic acid present in virgin oil help to prevent lifestyle-related disorders such as obesity and cardiovascular diseases. Emerging processing techniques and technological advancements that enable manufacturers to efficiently process virgin oils that have the highest amount of nutrients further drive market growth.

The refined/pure segment is projected to exhibit substantial growth due to its rising utilization in pharmaceuticals, dietary supplements, and the cosmetic industries. The rising demand for nutrient-enriched animal feed increased the requirement for olive fruit oil to manufacture high-value animal feed.

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By End-user Analysis

Growing Use of Olive Fruit Oil in Households & Foodservice Sector Propels Market Growth

Based on end-user, the market is divided into household/retail, foodservice/hoReCa, food manufacturing, and others The increasing olive fruit oil demand for cooking in households primarily fuels the growth of the market. The growing awareness regarding the role of this type of oil in maintaining good health has remarkably increased the demand for various types of olive fruit oil in retail channels. The emerging trend of consuming minimally processed natural oils has surged the demand for cold-pressed virgin olive oils. 

There has been a significant rise in demand for Olea europaea fruit oil from the food service sector due to its attributes in enhancing flavor and texture without having a detrimental impact on health. Consumers' preference to enjoy their favorite meals without compromising their taste has majorly contributed to food service retailers opting for the oil over other cooking oils.

Olive fruit oil is extensively utilized in the manufacturing of various food products, primarily healthy snacks. The growing popularity of healthy snacks among consumers has necessitated manufacturers to incorporate nutrient-rich ingredients, such as olive fruit oil, to improve the value of the final product. Olea europaea fruit oil has also been widely utilized for animal feed and pharmaceuticals to enrich them with the required nutrients. The increasing popularity of omega-3 enriched cosmetics to improve skin and hair health is projected to drive market growth in the coming years.


On the basis of geography, the market is categorized into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.

Europe Olive Oil Market Size, 2023 (USD Billion)

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The market in Europe was valued at USD 7.17 billion in 2022. The strong growth of the market in Europe is mainly attributed to the highest olive tree cultivation and production in the region. Spain and Italy are the primary countries producing and supplying Olea europaea fruit oil to various countries in other regions. The growing popularity of functional foods has increased the demand for Olea europaea fruit oil across the food manufacturing industry in Europe.

Spain produces half of the world’s olive oil crop. Due to the adverse climatic conditions, the olive fruit harvest in Spain is declining, which affects the product availability in the global market. According to the U.S. Department of Agriculture, EU countries are facing a second consecutive decline in olive production in the year 2023-24. The decline in production is anticipated to result in price rise, leading to the limited availability of the product for domestic use. This leads the government to take effective initiatives to increase olive fruit production to balance the gap between the production and supply of olive oil.

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The North America market is mainly driven by the rising interest in healthy oils to prevent lifestyle-related health conditions arising due to the hectic lifestyles of consumers. Studies to prove the beneficial effects of olive fruit oil consumption on health resulted in the advancements in the region. The growing popularity of dietary supplements to maintain overall health and wellness has increased the demand for Olea europaea fruit oil for nutraceuticals and pharmaceutical sectors in the region.

Asia Pacific is the fastest-growing region with immense potential for the olive fruit oil industry and is expected to showcase the fastest growth rate as compared to the global average. The growth of the market is attributed to increasing discretionary incomes and rising awareness of their health benefits that enable consumers to spend on healthcare products that promote wellbeing. The rising trend of dining out and trying out Mediterranean cuisine is expected to further drive the market growth. The growing popularity of functional food & beverages in the region is contributing to the rising demand for omega-3 fatty acid-fortified foods.

South America is expected to witness substantial growth due to rising awareness of the health benefits of this oil. Virgin oils are becoming popular across retail sectors as consumers' interest in cooking with healthy oils has increased. The increasing popularity of cosmetics containing omega-3 that improve skin health is expected to surge the demand for other olive fruit oil varieties in the region.

The Middle East & Africa is emerging as a prospective market in Olea europaea fruit oil consumption due to its wide application in various culinary preparations coupled with manufacturers eyeing this region as a prospective production hub. This is attributed to the rise in olive tree plantations supported by the regional government. According to the Turkish Ministry of Agriculture and Forestry data, the Turkish olive fruit oil production increased by 32% in 2021 compared to the previous year. Thus, such factors are expected to promote the region’s growth in the years to come.

List of Key Companies in Olive Oil Market

Prominent Players Focus on Geographical Expansion to Strengthen their Presence in the Global Marketplace

The market is fragmented owing to the presence of several prominent players spread across Europe and the Middle East. These players are prominently focusing on expanding their geographical footprint to gain a larger consumer base, which, in turn, contributes to driving the market. For instance, in July 2020, Sovena Group entered the Chilean market after purchasing a 24.6% stake in a regional company, Soho, which is a producer of olive fruit oil brands such as Olave, Huasco, and SOL de Aculeo.

Other key players, such as Borges S.A., Salov SpA, and Deoleo S.A., are focusing on strategic mergers, acquisitions, and partnerships to gain a competitive edge. The arrival of small and niche players in the market is contributing to intensifying competition within the market, which has a positive aspect for the growth of the market.



  • July 2022 - Spanish company Genosa announced the launch of olive oil with soluble phenol-rich hydroxytyrosol, which offers several health benefits and numerous application possibilities

  • June 2022 - Certified Origins, a European-based company specializing in fresh and authentic extra virgin olive oils (Evoos), launched multiple carbon-neutral Italian Evoos under its flagship brand Bellucci. The company's mission is to bring good and healthy foods to the world and sources this premium Italian Evoo from Tuscany, Apulia, and Sicily exclusively for international markets.

  • February 2022 – Curation Foods, Inc., under its brand Olive Oil & Vinegars, launched a batch of Olio Nuovo Extra Virgin Olive Oil, which is a seasonal oil that has a fresh and robust flavor.

  • June 2021 - Pietro Coricelli, an Umbrian olive fruit oil producer and one of the largest and most widely distributed olive fruit oil brands, announced to would join IBM Food Trust to use blockchain technology to trace its extra-virgin olive fruit oil.

  • January 2021 – Del Monte Foods, Inc., in India, launched one-liter olive fruit oil pouches at competitive price for making healthy edible oil affordable.


An Infographic Representation of Olive Oil Market

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The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, types, regional olive oil market share, growth rate for all possible market segments, competitive landscape, and leading end-users of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 3.42% over 2024 to 2032


  • Value (USD Billion)


















By Type

  • Virgin

  • Refined/Pure

  • Others (Lampante Oil, Pomace Oil)

By End-user

  • Households/Retail

  • Foodservice/HoReCa

  • Food Manufacturing

  • Others (Animal Feed, Pharmaceuticals, and Dietary Supplements)

By Geography

  • North America (By Type, End-user, and Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)

  • Europe (By Type, End-user, and Country)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • U.K. (By Type)

    • Rest of Europe (By Type)

  • Asia Pacific (By Type, End-user, and Country)

    • China (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • Rest of Asia Pacific (By Type)

  • South America (By Type, End-user, and Country)

    • Brazil (By Type)

    • Argentina (By Type)

    • Chile (By Type)

    • Uruguay (By Type)

    • Rest of South America (By Type)

  • Middle East and Africa (By Type, End-user, and Country)

    • Turkey (By Type)

    • Egypt (By Type)

    • Tunisia (By Type)

    • Saudi Arabia (By Type)

    • Morocco (By Type)

    • Rest of ME&A (By Type)

Frequently Asked Questions

Fortune Business Insights says that the global market size stood at USD 14.64 billion in 2023

Growing at a CAGR of 3.42%, the market will exhibit steady growth during the forecast period (2024-2032).

The virgin segment is expected to be the leading segment based on type in the market during the forecast period.

The growing awareness of the health benefits of olive fruit oil is the key factor driving the market.

Deoleo S.A., Borges S.A., and Salov Group are the top players in the market.

Europe is expected to hold the highest market share in 2023.

The rising awareness of the health benefits of monounsaturated fatty acids and the growing popularity of exotic cuisines are the major factors driving the product adoption.

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