Middle East and Africa Olive Oil Market – Industry Trends and Forecast to 2031

Middle East and Africa Olive Oil Market Analysis and Size

The market is expected to witness significant growth in the coming years, driven by factors such as increasing consumer awareness about the health benefits of olive oil, rising demand for healthy and natural products, and the growing popularity of Mediterranean cuisine worldwide. The market is also influenced by factors such as the expansion of retail channels, innovative product launches, and the rise in disposable incomes in emerging economies.  Overall, the olive oil market is expected to witness steady growth in the coming years, driven by increasing consumer awareness and the growing demand for healthy and natural products.

The Middle East and Africa olive oil market size was valued at USD 795.96 million in 2023 and is projected to reach USD 1158.19 million by 2031, with a CAGR of 4.8% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation       

Market Definition

Olive oil is a type of oil extracted from the fruit of the olive tree (Olea europaea). It is commonly used in cooking, cosmetics, pharmaceuticals, and soaps, and it is a key component of the Mediterranean diet. Olive oil is renowned for its health benefits, as it is rich in monounsaturated fats, antioxidants, and anti-inflammatory properties. It has been associated with several health advantages, such as lowering the risk of heart disease, reducing cholesterol levels, and enhancing overall health.

Olive Oil Market Dynamics

Drivers

• Growing Demand for Healthy and Natural Products     

Consumers are becoming more health-conscious and are actively seeking alternatives to traditional cooking oils that are perceived as less healthy. Olive oil, with its high content of monounsaturated fats and antioxidants, is seen as a healthier option, leading to its growing popularity among health-conscious consumers. The shift towards healthier lifestyles and diets is expected to continue to drive the demand for olive oil in the coming years. The increasing consumer preference for healthier and more natural products is driving the demand for olive oil.             

• Popularity of the Mediterranean Diet  

Olive oil is a key component of the Mediterranean diet, which is characterized by high consumption of fruits, vegetables, whole grains, and olive oil, and moderate consumption of fish, poultry, and red wine. As more people adopt the Mediterranean diet for its health benefits, including reduced risk of heart disease, stroke, and certain cancers, the demand for olive oil is expected to continue to rise. The Mediterranean diet, has gained popularity worldwide, contributing to the increased consumption of olive oil and driving market growth.      

Opportunities

• Rise in Online Retailing    

The rise of online retailing has revolutionized the way consumers shop for food products, including olive oil. Online platforms offer convenience, a wide range of products, and competitive pricing, making them increasingly popular among consumers. For olive oil producers, online retailing presents a significant opportunity to reach a wider consumer base, including those in remote or underserved areas. Producers can extend their reach beyond conventional brick-and-mortar stores and access new markets domestically and internationally, by utilizing online channels. In addition, online platforms provide a platform for producers to showcase their products, educate consumers about the health benefits of olive oil, and engage with their target audience directly, thereby creating new opportunities for the market.        

• Increasing Use of Olive Oil in Non-Food Applications    

Olive oil also has applications in non-food industries such as cosmetics and pharmaceuticals, apart from cooking. The natural and beneficial properties of olive oil, including its moisturizing and antioxidant properties, make it a popular ingredient in skincare and haircare products. In the pharmaceutical industry, olive oil is used in the formulation of various medicines and supplements due to its health-promoting properties. The increasing demand for natural and organic products in these industries is driving the use of olive oil as a key ingredient. This presents an opportunity for olive oil producers to diversify their product offerings and enter new markets, thereby driving market growth and profitability.

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Restraints/Challenges

• Price Fluctuations  

Fluctuations in olive oil prices are often influenced by factors such as weather conditions, which can impact olive production, global production levels, and market speculation. Abrupt price fluctuations can disturb supply chains and consumer buying habits. Producers may struggle to maintain profitability during periods of low prices, while consumers may be deterred from purchasing olive oil during periods of high prices. Managing price fluctuations and ensuring price stability are key challenges for the market.              

• Competition from Other Oils 

Olive oil faces stiff competition from other cooking oils, such as sunflower oil and soybean oil, which are often perceived as more affordable alternatives. While olive oil is prized for its health benefits and flavor, its higher price point compared to other oils can be a deterrent for price-sensitive consumers. In addition, the competition can be tough for olive oil producers due to the widespread availability and established market presence of alternative oils.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In February 2022, McEvoy Ranch announced the launch of their 2021 Harvest Estate-Produced Olive Oil, known for its exceptional quality. While continuing to deliver the highest quality and freshest olive oil in the U.S., their 2021 Harvest Olive Oil introduces upgraded packaging and brand new flavors           
• In July 2022, a Spanish company, Genosa, launched a novel variant of olive oil enriched with soluble hydroxytyrosol, a phenol-rich compound renowned for its health benefits. This innovative product offers a range of health advantages and has potential applications across various industries

Olive Oil Market Scope

The market is segmented into type, flavor, extraction method, application, and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

Type

• Extra Virgin Olive Oil
• Virgin Olive Oil
• Common Olive Oil
• Refined Olive Oil
• Lite/Light Olive Oil
• Pomace Olive Oil

Flavor

• Fruity & Herby
• Fruity & Peppery
• Mild & Buttery
• Full-Bodied & Earthy

Extraction Method

• Cold-Extracted
• Cold-Pressed
• First-Press

Application

• Food & Beverages
• Cosmetics & Personal Care
• Pharmaceutical
• Aromatherapy
• Others

Distribution Channel

• Store based
• Non store based

Olive Oil Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, type, flavor, extraction method, application, and distribution channel as referenced above.

The countries covered in the market are South Africa, Egypt, Israel, and Rest of Middle East and Africa.

South Africa is expected to dominate the market due to the rising incorporation of olive oil in cosmetic and personal care items. This trend reflects a growing consumer preference for natural and beneficial ingredients in beauty products, boosting the demand for olive oil in this country.       

Saudi Arabia is expected to show significant growth due to a heightened focus on health and wellness among the populace. The increased awareness about the health benefits of olive oil, such as its heart-healthy properties and potential role in combating various diseases, is driving its popularity in Saudi Arabia.

The country section of the report also provides individual market-impacting factors and changes in market regulation that affect the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of regional brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Olive Oil Market Share Analysis

The market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, regional presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on the market.

Some of the major market players operating in the market are:

• Cargill, Incorporated (U.S.)
• Deoleo (Spain)
• Del Monte Foods, Inc. (U.S.)
• Gallo Worldwide (U.S.)
• BORGES INTERNATIONAL GROUP, S.L.U. (Spain)
• SOVENA (Portugal)
• Sun Grove Foods Inc. (U.S.)
• EU Olive Oil Ltd (U.K.)
• Artajo oil (Spain)
• SALOV GROUP (Italy)
• Aceites Sandúa (Spain)
• Tucan Olive Oil Company LTD (U.K.)
• Domenico Manca S.p.a. (Italy)
• Les huiles d'olive Lahmar (Tunisia)
• GRAMPIANS OLIVE CO. (Australia)
• Victorian Olive Groves (Australia)
• Gourmet Foods Inc. (U.S.)
• JAENCOOP GROUP (Spain)
• ΜΙΝΕRVΑ (Greece)

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