Market Snapshot
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 14.89 Billion |
| Market Size (2029) | USD 18.86 Billion |
| CAGR (2024 - 2029) | 4.85 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
Olive Market Analysis
The Olive Market size is estimated at USD 14.89 billion in 2024, and is expected to reach USD 18.86 billion by 2029, at a CAGR of 4.85% during the forecast period (2024-2029).
The olive market has experienced substantial growth in recent years, driven by evolving consumption patterns. Consumers are increasingly incorporating olive oil into their daily diets, while non-European countries are adopting table olives, traditionally a Mediterranean staple. Beyond culinary uses, olives are gaining traction in the cosmetic industry for various products and in the biofuel sector, where olive tree cultivation and oil production contribute to biofuel generation.
FAOSTAT data reveals Spain as the world's leading olive producer, yielding 3.9 million metric tons in 2022, followed by Turkey with 3.0 million metric tons. While olive cultivation is expanding to new regions, production remains concentrated in the Mediterranean. FAO statistics show the global harvested area for olives increased from 10.3 million hectares in 2021 to 10.9 million hectares in 2022. However, yields declined significantly, dropping from 22,751 hundred grams per hectare in 2021 to a 13.9% decrease in 2022.
Historically, olive production has primarily focused on edible oil processing. However, a growing demand for table olives is emerging, with applications in freshly fermented fruits, olive pickles, and food toppings. This trend is anticipated to positively impact the market's long-term growth prospects.
Olive Market Trends
Dietary Revolution Leading to an Upsurge in Demand for Olive Oil
The increasing health consciousness among consumers is driving the demand for olive oil and its products, primarily due to its numerous health benefits. Olive oil supports heart health and is rich in antioxidants and essential omega-6 and omega-3 fatty acids.
Traditionally, olive oil consumption has been concentrated in Mediterranean countries. Spain, Italy, Turkey, and Greece are the largest producers, all located in the Mediterranean region. However, a notable trend has emerged: countries like China, the USA, and Australia, not traditionally associated with the Mediterranean diet, are experiencing growth in both olive oil consumption and production.
The increasing demand for olive oil is driven by several factors: growing health awareness, changing culinary preferences, market expansion, and economic factors. As consumers increasingly prioritize health, wellness, and quality in their food choices, the demand for olive oil is anticipated to continue and potentially increase.
Europe's Significant Role in Olive Trade
The European Union leads the global olive oil industry, producing approximately 67% of the world's supply. Olive cultivation covers about 4 million hectares, primarily in Mediterranean EU countries, encompassing traditional, intensive, and super-intensive groves. Italy and Spain are the top consumers within the EU. The EU accounts for about 53% of global olive oil consumption and approximately 65% of global exports, with the United States, Brazil, and Japan as key importers.
The European Commission's 2024 data indicates Italy's olive oil production for the current season is 330 thousand tons, a 37% increase from the previous season. This figure is nearly 2% above the ten-year average and slightly higher than the commission's earlier estimate of 324 thousand metric tons. Italy's ending stocks are expected to remain at 140 thousand metric tons. For the EU overall, 2024 production is projected at 1,488 thousand metric tons, up from 1,392.3 thousand metric tons in the previous season. This increase is attributed to growing consumer preference for healthier cooking options and the Mediterranean diet. Notably, a significant portion of olive oil imported from developing countries is used for blending or refining by major European olive processors.
Olive Market News
- July 2024: The Spanish government has removed the sales tax on olive oil to protect consumers. This action follows severe droughts that have driven olive oil prices up by 272% since 2020.
- September 2020: The Food and Agriculture Organization of the United Nations (FAO) and the European Bank for Reconstruction and Development (EBRD) are collaborating with the Ministry of Agriculture and the European Union to conduct two training sessions in Jordan. These sessions focus on best practices for olive oil extraction and quality assessment, targeting key stakeholders in the olive oil industry.
- January 2022: The Italian government has enacted legislation to safeguard suppliers and operators from unfavorable contractual agreements that impede profitability. This law also prohibits the sale of extra virgin olive oil below cost.
Olive Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Dietary Revolution Leading to an Upsurge in Demand for Olive Oil
4.2.2 Growing Export Market
4.2.3 Growing Health Awareness Drives Global Olive Oil Demand
4.3 Market Restraints
4.3.1 Climate Change and Environmental Impact
4.3.2 Threats from Pests and Diseases
4.4 Value Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Production Analysis(Volume), Consumption Analysis and Market Size(Volume and Value), Import Market Analysis (Volume and Value), Export Market Analysis (Volume and Value), and Price Trend Analysis)
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.2 Europe
5.1.2.1 Spain
5.1.2.2 Greece
5.1.2.3 Italy
5.1.2.4 Turkey
5.1.2.5 Portugal
5.1.2.6 France
5.1.2.7 Germany
5.1.2.8 Russia
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 India
5.1.3.3 Australia
5.1.4 South America
5.1.4.1 Argentina
5.1.4.2 Brazil
5.1.4.3 Chile
5.1.5 Africa
5.1.5.1 Morocco
5.1.5.2 Tunisia
5.1.5.3 Algeria
5.1.5.4 Egypt
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Olive Industry Segmentation
Olive is an edible green or black fruit that is used to produce olive oil. For this report, the market scope includes only fresh and chilled olives. Market estimations have been made based on the global consumption of fresh and chilled olives. The content does not include olives processed in any form, such as frozen, freeze-dried, pickled, cooked, or canned. The Olive Market Report Analyzes the Production (Volume), Consumption (Value and Volume), Import (Value and Volume), Export (Value and Volume), and Price Trend Analysis. The Market is Segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecast in terms of Value in USD and Volume in metric tons for all the segments mentioned above.
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Olive Market Research FAQs
How big is the Olive Market?
The Olive Market size is expected to reach USD 14.89 billion in 2024 and grow at a CAGR of 4.85% to reach USD 18.86 billion by 2029.
What is the current Olive Market size?
In 2024, the Olive Market size is expected to reach USD 14.89 billion.
Which is the fastest growing region in Olive Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Olive Market?
In 2024, the Europe accounts for the largest market share in Olive Market.
What years does this Olive Market cover, and what was the market size in 2023?
In 2023, the Olive Market size was estimated at USD 14.17 billion. The report covers the Olive Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Olive Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Olive Industry Report
Statistics for the 2024 Olive market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Olive analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Olive Market Report Snapshots
