1.1 Definition and scope of the market
Olive oil is an edible oil extracted from the fruits of the olive tree (i.e. olives), typical of the Mediterranean diet. Depending on the acidity of the oil and the extraction mechanisms, olive oil can be distinguished in different types, among the most famous: extra virgin olive oil, virgin olive oil, “lampante” olive oil, and refined olive oil.
Globally, the olive oil market is driven by Europe, where especialy Spain, Greece, and Italy consume and produce a significant amount.
The US is the third largest market for consumption after Spain and Italy. Indeed, according to Eurostat, the US accounts for 36% of exports of olive oil to countries outside the EU. Moreover the US market is projected to experience strong growth, driven by the perceived health benefits and the fact that olive oil serves as a healthier alternative to fatty oils. [hexaresearch]
Key players in the global olive oil market include Deoleo, Grupp Salov, Borges International Group, Sovena, Ybarra, Del Monte Food, and Cargill.
Trends in the market include increased M&A actvity as players look to strengthen their positions.
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