According to IMARC Group's latest research report, titled "Olive Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," presents a comprehensive analysis of the industry, covering olive oil market overview, opportunity, statistics size, share, trends, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
The global olive oil market size reached US$ 13.84 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.28 Billion by 2028, exhibiting a growth rate (CAGR) of 4.60% during 2023-2028.
Olive oil, made from the ripe fruit of the olive tree, Olea europaea, represents an edible lubricant. It typically appears as a clear yellow to golden liquid with a mild, neutral flavor. Olive oil is believed to have cholesterol-lowering and anti-inflammatory effects, rich in vitamins D and K, antioxidants, such as polyphenols, and monounsaturated fatty acids. It is available in various types, including extra virgin, virgin, pure, and refined. Pure olive oil is commonly used in cooking and food preservation, particularly for canned fish. In addition to this, this lubricant also finds applications in the textile industry for wool combing and in the pharmaceutical sector for medicinal purposes. As a result, olive oil is utilized as fat in the production of toilet preparations, cosmetics, and high-quality castile soap.
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The escalating product consumption, owing to its various health benefits, including minimizing the risk of cardiovascular illnesses and type 2 diabetes mellitus, regulating blood pressure, preventing Alzheimer's disease and dementia, and promoting healthy digestion and nutrient absorption, is primarily driving the olive oil market. Besides this, the extensive utilization of this lubricant in cooking as a salad dressing, bread dip, and pasta drizzle and in the production of dietary supplements and pharmaceuticals is further augmenting the market growth. Moreover, the natural moisturizing properties of organic olive oil have made it a popular alternative to harsh, chemical-laden cleansers and lotions and in formulating cosmetics and skincare products, promoting improved skin appearance and texture, on account of the presence of polyphenols, which are also catalyzing the global market. Apart from this, the elevating requirement for essential oils in aromatherapy, owing to their ability to improve circulation, lymphatic drainage, and reduce stress, and the easy availability of this lubricant through online and offline channels are expected to bolster the olive oil market in the coming years.
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