COVID-19 Impact Affects Olive Oil Globally in 2020
Olives are the traditional tree crops of the Mediterranean Basin. The rising consumption of olive oil in developing as well as developed nations is expected to drive the global olive oil market in the forecast years. Olive oils have several health benefits and are considered as a healthier option to fatty acids. These oils have anti-inflammatory properties and contain antioxidants, thereby protecting against heart diseases and obesity. Spurred by these health benefits, the demand for olive oils is expected to increase in the forthcoming years.
Fortune Business Insights offers a detailed overview of the global market in a report, titled “Olive Oil Market Size, Share & Industry Analysis, By Product Type (Virgin olive oil, Refined, Pomace), By Application (Food and Beverages, Pharmaceuticals, Cosmetics & Personal Care), By Distribution Channel (Convenience Stores, Online, Specialty Stores, Drug Stores, Hypermarkets/Supermarkets, Retail) and Regional Forecast, 2019-2026.”
Increasing Health Consciousness to Drive Market in Europe
Countries such as Greece, Syria, Spain, Italy, and Tunisia are the highest contributors to this oil. Among these, Spain is one of the largest producers and exporters for olive oil in the world. Moreover, countries such as France, Portugal, Australia, U.K., China, France, and the U.S. are the largest importers of olive oil from Spain. Other regions such as North America, Asia Pacific, and the Middle East and Africa are expected to rise at a considerable rate in the years to come.
Culinary Use of Olive Oil to Fuel its Demand Worldwide
The wide use of olive oil in medicines, cosmetics, and cooking is likely to create growth opportunities by 2026. It contains oleic acids and some fatty acids such as linoleic acid (21%) and palmitic acid (20%). These acids offer several health benefits which include enhancing metabolism by reducing inflammation. The rising use of this oil for culinary use is contributing to the growth of the market. Governments around the world are conducting initiatives to support the consumption of this nutritional oil, which is further expected to help market flourish. On the other side, fluctuations in olive oil prices may hamper the growth of the market. Additionally, the lack of advanced technologies required for the extraction of this oil is expected to restrict the market growth to an extent.
As per product types, virgin oil is expected to register higher growth in the forecast years on account of its rising demand from cosmetics and chemical industry.
Artisan Oil Company and Morocco Gold Launched Extra Virgin Olive Oil in the UK
Leading players in the olive oil market are continuously focussing on to develop innovative products for different industries, aiming to maintain their prominence. Companies such as Almazaras de la Subbetica, Muela Olives S.L., and Sucesores de Hermanos Lopez S.A, received an award by the World’s Best Olive Oils (WBOO) Organization. These companies produce the highest quality olive oil and are likely to contribute to the growth of the market. Some of the other significant developments made by companies include:
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