The global olive oil market size is expected to showcase considerable growth by reaching USD 16.64 billion by 2027. This is attributable to the increasing prevalence of heart disease and the growing demand for functional food products across the globe. Fortune Business Insights published this information, in its latest report, titled, “Olive Oil Market Size, Share & COVID-19 Impact Analysis, By Type (Refined Olive Oil, Virgin Olive Oil, Olive Pomace Oil, and Others), End-user (Household/Retail, Food Service/HoReCa, Food Manufacturing, and Others), and Regional Forecast, 2020 – 2027.” The report further observes that the market stood at USD 13.03 billion in 2019 and is projected to exhibit a CAGR of 3.2% between 2020 and 2027.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from the governments, as well as from several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Olive oil is naturally extracted from olives obtained from the olive tree. A major component of the Mediterranean diet, the oil is rich in antioxidants and has a rich source of monounsaturated fatty acids (MUFAs). Undergoing the least processing amongst other edible oils, it protects the body from cellular damage that may otherwise lead to several diseases and health conditions.
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
Increasing Incidence of Heart Disease to Favor Growth
According to the World Health Organization (WHO), around 48% of adults living in the United States suffer from some form of cardiovascular ailments. This is nearly half of the American population. The rising prevalence of heart ailments is propelling people to turn towards healthy food products that are likely to surge the demand for extra virgin olive oils, which are a rich source of antioxidants. Additionally, the growing popularity of functional food products owing to the increasing awareness regarding the consumption of nutritious foods is expected to drive the global olive oil market in the forthcoming years.
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