Olive Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Market Overview

The olive market is anticipated to record a CAGR of 4.5% during the forecast period (2022-2027).

The aftermath of the COVID-19 outbreak resulted in disruptions in the supply chain of the olive market, impacting the whole process, from the field to the consumers. According to FAOSTAT, the production of olives worldwide has been seeing a downward trend ever since 2019. However, the area under olive cultivation improved in 2020 after a dip in 2019.

The olive market has grown rapidly in recent years, majorly driven by a shift in the consumption pattern toward the inclusion of olive oil in regular diet and the usage of table olives from Mediterranean cuisine in non-European countries.

Although the processing of olives into edible oil has dominated the trend of olive production for many years, the demand for table olives for various purposes, such as freshly fermented fruits, olive pickles, and food toppings, is on the rise across the countries. This trend is anticipated to positively affect the market in the long term.

In terms of production, Spain is the largest producer of olives in the world, and Italy holds the second-largest share. Though olive is also produced in various new regions, it is concentrated in the Mediterranean. According to the FAO, the global harvested area of olives was recorded at 9,725.3 thousand ha in 2017, which grew to 12,763.2 thousand ha by 2020.

Scope of the Report

For the purpose of 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 scope 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 million and volume in metric ton for all the above-mentioned segments.

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Key Market Trends

Dietary Revolution Leading to an Upsurge in Demand for Olive Oil

Although olive oil consumption has been traditionally based in the Mediterranean countries, such as Spain, Italy, Morocco, Tunisia, and others, the growing middle-income families and affluent consumers in China, Brazil, and India have started including refined and virgin olive oil in their regular diet. According to a report by the Italian farmer's group, Coldiretti, the world's consumption of olive oil increased by as much as 73% over the last 25 years.

According to the International Olive Council (IOC), olive oil imports to Brazil rose by almost 29% during 2017-2018, Canada by 12%, the United States by 4%, Russia by 2%, and Australia and Japan by 1%, during the same period. The global demand for table olives also stemmed from the use of olives as snacks. The producers are applying different fermentation methods to treat olives and offering the final assorted products for consumption.

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