Abundance of Applications to Keep Olive Oil Sales in Food and Beverage Industry on Growth Path Through 2023, says TMR
A new market intelligence study by Transparency Market Research presents a detailed overview of the global olive oil in food and beverages market. The report is titled “Olive Oil in Food and Beverages (Virgin Olive Oil, Refined Olive Oil, Extra Virgin Olive Oil) Market – Global Industry Analysis, Size, Share, Trends and Forecast 2015 – 2023.” The global olive oil market has been studied with the food and beverage industry being the main focus. It includes the SWOT analysis that throws light on the strengths, weaknesses, opportunities, and threats influencing the segments of the olive oil market.
Olive oil is the fat obtained from the olive crop, which is increasingly being used in cooking, cosmetics, soaps, pharmaceuticals, and others. It is used across the globe but often associated with Mediterranean cuisine and diet. Olive oil has a great culinary significance and due to its ability to fight depression, mitigate the risk of cardiovascular diseases and cancer, and prevent osteoporosis, they are highly in demand. Olive oil is witnessing a high consumption in Asia Pacific and North America, which is propelling the overall olive oil market. A growth in the cosmetic and food and beverages industry is helping the global olive oil market to expand.
The challenges faced by the global olive oil market include the inability to meet the high demands of consumers due to low harvest of olives. Recently, the unusually high temperature in the major olive producing country of Spain led to early maturation of olives, which led to a low production of olive oil. These factors have led to an increase in the prices of olive oil, which is further expected to restrain the market’s growth.
The global olive oil market is segmented on the basis of geography into North America, Europe, Asia Pacific, and the Rest of the World. Of these, the highest demand is expected to be seen in Europe. European countries such as Turkey, Spain, Greece, and Italy have massive production facilities, with Spain accounting for 55% of the global olive oil market.
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The market in North America is expected to be driven by the rising consumption of olive oil in the U.S. An increasing number of health conscious people in the U.S., is responsible for the high demand of olive oil in the country. The olive oil market in Asia Pacific looks promising and is expected to show a health growth rate in the coming years. The rising awareness about health and fitness among the people living in India, Australia, China, and Japan is expected to drive the market in Asia Pacific.
Major players operating in the global olive oil market studied in the report are: Borges, Pompeian, Deoleo, Colavita, Salov, Ybarra, and Sovena Group.