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Finding specific data on the size of the global market for premium, sustainable, or luxury Olive Oil can be a challenge, as these segments are often included within the global olive oil market without clear distinction in many reports.
However, at ESAO, we are going to offer an overview based on industry reports and studies on olive oil, and in this way, we approach information on premium and luxury segments.
Trends in the High-Quality Olive Oil Market
The global Olive Oil market has been growing steadily and will continue to grow, according to the latest report consulted, until 2032.
This rise is due to the growing awareness of the health benefits of Olive Oil, the popularity of Mediterranean diets, and the increased demand for sustainable and high-quality food products.
Premium Olive Oils, which include outstanding or high-quality extra virgin oils, have seen an increase in their demand, particularly in non-traditional markets such as the United States, China, and countries in Latin America. and the forecast for this demand is on the rise.
According to Statista, in 2022, the size of the olive oil market worldwide amounted to approximately 14.5 billion US dollars. It is estimated that in the following years it will experience a steady upward trend to reach 20.5 billion by 2032.
The main electronic platforms claim that searches for "conscious" products in digital stores have grown by almost 90% year-on-year.
In the agri-food sector, food leads the expenditure on luxury products, being above technology, or travel, sectors that we might have thought are more prone to this increase.
In five years, the trend to consume luxury food products has grown by 28%, (According to Nielsen study) due both to the gourmet fashion, and especially to the increased awareness of high-quality products, since they are associated with an improvement in health.
In recent years, there has been a revaluation of the supermarket shelf, in such a way that the consumer launches to change certain items for others with higher added value.
NP FiBL 15/02/2022 The European organic market reaches its record in 2020 with an increase of 15% and reaching 52,000 million euros. This is the highest growth rate of the last decade.
The lands dedicated to organic cultivation also continued to grow.
In Olive Oil specifically, we see how organics are gradually, but steadily increasing their sales.
Organic
The increase of organic or organic Olive Oil in the world is a phenomenon that reflects a broader trend towards healthy eating, sustainability, and respect for the environment.
This growth is due to several factors including the growing consumer awareness of the health benefits of organic foods, interest in environmentally respectful agricultural practices, and the demand for high-quality products that ensure a superior culinary experience.
Interest in Global Quality
According to Susana Romera, technical director of ESAO, the increasing trend of Extra Virgin Olive Oil of the highest quality, goes in line with what we see in our clients.
We are seeing more and more interest in quality. Part of the reasons she considers that are part of this global trend would be:
Health Awareness: Consumers and producers are increasingly aware of the health benefits associated with the consumption of organic products, including olive oil. Organic products are perceived as less processed and free of chemical pesticides and fertilizers, which makes them attractive to those looking to improve their diet and lifestyle. On the other hand, the olive oil producer has this awareness and knows that their sales will improve if they have the possibility to also sell organic.
Environmental Sustainability: There is a growing interest on the part of consumers and producers in sustainable agricultural practices. Organic olive oil is produced following practices that minimize environmental impact, promoting biodiversity, water conservation, and soil health. The consumer is becoming more aware of this evolution and is willing to pay more for this added value. Gone are those producers who did not echo sustainability.
Organic Certifications: To be labeled as organic, olive oil must meet strict production standards that are verified by certification bodies. These certifications assure consumers that they are purchasing a genuinely organic product. These seals undoubtedly facilitate the differentiation and sale of Extra Virgin Olive Oil.
In our trainings, we see a gradual but always ascending towards Luxury Olive Oils, and we see this through the packaging that comes to us.
Both in the ESAO Awards and in the master, we see how producers are making a great investment in differentiating themselves through an image of Luxury or Premium.
Luxury Market
We are seeing more and more protective materials, innovative packaging, designs that evoke luxury, stories around the brand...and all of them are key tools to communicate the quality, origin, and exclusivity of Olive Oil,
These tools are attracting consumers who are looking for not only a high-quality product but also a premium shopping experience.
It is estimated that the luxury market has grown between 17% and 19% at current exchange rates in the first quarter, compared to the first three months of the previous year, according to the latest report Luxury, Rerouting the Future by Bain & Company and Fondazione Altagamma. (2022)
The demand for high-end products shows no signs of weakening, despite the economic context, the war in Ukraine, and uncertainty.
Not surprisingly, the market is expected to reach at least 305,000 million euros thanks to strong demand in Europe and the United States.
And finally, let's not forget that interest in luxury Olive Oil in Asia has been growing significantly in recent years.
This increase reflects changes in Asian consumption patterns, with a greater focus on health, quality, and refined gastronomy.
