Olive oil is a liquid fat extracted from olives, a traditional tree crop of the Mediterranean Basin. The oil is produced by squeezing whole olives. Extra virgin olive oil is made by crushing olives and extracting the juice. It is the only cooking oil that is made without the use of chemicals and industrial refining. It is the juice of fresh, healthy olives which contains, more than any other grade, the health-promoting nutrients that olive oil is famous for. The extra virgin olive oil is the highest quality olive oil, consumed by a majority of health-conscious people, as the extra virgin olive oil is less than 1% acidic, thus increasing its demand worldwide. It is the main source of dietary fat in the Mediterranean diet which is helping to increase the growth of the extra virgin olive oil market.
The global extra virgin olive oil market is expected to be driven by the rising prevalence of chronic diseases among the consumers both in the developed and developing economies which is enforcing consumers to shift towards healthy and nutritional food consumption. The global extra virgin olive oil market is projected to propel the increasing awareness regarding available health benefits such as prevention from diseases including cardiovascular diseases, heart diseases, strokes, depression, cancer, and others. Extra virgin olive oil is also expected to increase the hair growth and is used in many hair oils. Major market infiltration is leading to the introduction of new products based out of extra virgin olive oil and their retail across various regions. The market players are responding to these new opportunities by expanding their service offerings and product lines, which has fueled up the share of extra virgin olive oil in the global market.
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High nutritional benefits obtained from this product are also supporting the sale of extra virgin olive oil globally. Additionally, the augmentation of the product development together with research advancements is other significant reasons for the increasing growth of extra virgin olive oil market. Hence, along with changing consumer preferences, the growth of global extra virgin olive oil market is significantly increasing during the forecast period of 2017-2023.
Some of the key players in the extra virgin olive oil market: Agro Sevilla Group (Spain), SALOV NORTH AMERICA CORP (U.S.), Star Fine Foods – Borges USA (U.S.), Grupo Ybarra Alimentación (Spain), DEOLEO (Spain), SOVENA (Portugal), Carapelli Firenze S.p.A (Italy)
Rising adoption of olive oil is in turn increasing the demand for extra virgin olive oil.
Europe is the dominating region for the market of extra virgin olive oil followed by North America.
The global extra virgin olive oil market is segmented on the basis of processing type, such as cold pressed, flavored, virgin, blended, and others. Virgin segment from this market is increasing the demand of the extra virgin olive oils.
On the basis of application, the market is segmented into cooking, cosmetics, pharmaceutical, fuel. Increasing demand for food products is helping to drive the growth of this market.
On the basis of distribution channel, the market is segmented into store based such as supermarkets & hypermarkets, specialty stores, food processing industries, and others, and non-store based.
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The global extra virgin olive oil market is segmented on the basis of region into North America, Europe, Asia Pacific, and Rest of the World (RoW). Among these, Europe is estimated to retain its dominance, followed by North America, over the forecast period 2017-2023. This is attributed to the increasing awareness about health benefits from extra virgin olive oil, as well as increasing area of cultivation. Also, due to its vast usage in food and beverages, pharmaceuticals, personal care products, fuel and so on, there is rising demand for extra virgin olive oil. Spain is the largest producer of olive oil, followed by Italy. The new product development by the key manufacturers of extra virgin olive oil is projected to be one of the significant reasons for the rising growth of extra virgin olive oil products in the North America. However, Asia Pacific region is estimated to witness a maximum growth in the global extra virgin olive oil market over the forecast period 2017-2023.