In 2024, the Azerbaijani virgin olive oil market decreased by -17.5% to $2.8M, falling for the second consecutive year after two years of growth. Over the period under review, consumption showed a mild setback. Virgin olive oil consumption peaked at $6.2M in 2017; however, from 2018 to 2024, consumption failed to regain momentum.

According to Cognitive Market Research, the global Extra Virgin Olive Oil market size was USD 9651.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 3860.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 2895.45 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 2219.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 482.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 193.03 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
The food industry category is the fastest growing segment of the Extra Virgin Olive Oil industry

Market Dynamics of Extra Virgin Olive Oil Market

Key Drivers for Extra Virgin Olive Oil Market

Rising Health Consciousness to Boost Market Growth: The market for extra virgin olive oil (EVOO) is expanding due in large part to growing health consciousness. Healthy diets are becoming more and more important to consumers, who are looking for products like EVOO that are high in monounsaturated fats and antioxidants. Its demonstrated ability to lower inflammation, enhance cardiovascular health, and aid in weight control is consistent with consumers' increasing desire for natural and functional foods. An essential component of the Mediterranean diet, EVOO is well known for its ability to prolong life and fend against chronic illnesses. The demand for EVOO is rising as more people become aware of these advantages, especially in emerging nations. Health-related advertising campaigns and the growing popularity of plant-based and organic lifestyles are contributing factors to this trend.

Increasing Demand for Natural and Organic Products to Drive Market Growth: The market for extra virgin olive oil (EVOO) is expanding due in large part to the growing demand for natural and organic products. Consumers are increasingly choosing minimally processed and synthetic chemical-free products as they grow more aware of the effects their food choices have on the environment and their health. Because of its purity and environmentally friendly production practices, organic EVOO, which is certified by organizations like USDA Organic and EU Organic, is becoming more and more well-known. Customers who appreciate sustainable farming methods and are health and environmental-sensitive are especially embracing this trend. The demand for organic EVOO is further increasing due to the growing global embrace of organic lifestyles and the premiumization of food choices.

Restraint Factor for the Extra Virgin Olive Oil Market

High Competition from Substitute Oils, such as Sunflower, Canola, And Coconut Oil Will Limit Market Growth: The market for extra virgin olive oil (EVOO) is being held back by fierce competition from alternative oils. Many markets are dominated by less expensive substitutes including palm, coconut, canola, and sunflower oil, particularly in areas where consumers are highly sensitive to price. Due to their higher smoke points, these oils work better in high-heat cooking, are more widely accessible, and are frequently chosen for their neutral flavors. Furthermore, the adoption of EVOO is constrained by the great cultural relevance of traditional oils, such as peanut oil in some areas or mustard oil in South Asia. Because of the fierce competition, EVOO manufacturers must set themselves apart from the competition with superior quality, health benefits, and premium positioning in order to attract a wider range of customers.

Key Trends for Extra Virgin Olive Oil Market

Increase in E-Commerce and Direct-to-Consumer Channels: Digital platforms are progressively utilized to market artisanal and organic extra virgin olive oil (EVOO) directly to health-conscious consumers, circumventing conventional retail and facilitating traceability and marketing based ...

The size of the U.S. Olive Oil Market was valued at USD 3.34 billion in 2023 and is projected to reach USD 5.51 billion by 2032, with an expected CAGR of 7.4 % during the forecast period. Recent developments include: In September 2024, Corto Olive Co. launched its limited-edition Harvest 2024 Agrumato-Method Calabrian Chili Olive Oil, perfect for enhancing fall and holiday recipes. This unique oil combines the vibrant flavors of fresh heirloom Calabrian chilies and fall-harvest olives, delivering a complex and multi-dimensional taste experience. Renowned for its 100% California-grown olive oil, Corto aims to inspire home chefs seeking to add a spicy twist to their culinary creations this season. , In April 2024, Filippo Berio teamed up with the Alzheimer’s Drug Discovery Foundation to raise awareness and fund research for Alzheimer’s disease and related dementias. This partnership aligns with emerging research suggesting that olive oil may benefit both cardiovascular and brain health. The collaboration aims to promote awareness of lifestyle changes, particularly healthy dietary choices, that can positively impact brain health, helping consumers make informed health decisions. , In March 2024, California Olive Ranch (COR), a leading producer of extra virgin olive oil (EVOO) and related types, launched its new Chef's Bottles, designed to provide a versatile and user-friendly option for enjoying high-quality EVOO in everyday cooking. This type follows COR's recent expansions, which include a 100% California EVOO Bag-in-Box and a recyclable aluminum bottle line. The Chef's Bottle offers improved pouring control and reflects the brand's dedication to California's stringent quality standards, which are recognized as the highest in the world for EVOO .

Global virgin olive oil market analysis for 2024-2035: consumption trends, production, trade, and price forecasts. Key insights on top countries, import/export dynamics, and a projected CAGR of +1.5% in volume and +2.6% in value.

Analysis of the MENA virgin olive oil market, covering consumption, production, trade, and forecasts from 2024 to 2035. Key data on market size, leading countries, and growth trends.

Analysis of the UK virgin olive oil market, including consumption, imports, exports, and price trends from 2024 to 2035, with forecasts for market volume and value.

The Greek virgin olive oil market soared to $550M in 2024, with an increase of 83% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Virgin olive oil consumption peaked at $574M in 2017; however, from 2018 to 2024, consumption failed to regain momentum.

Learn more about the Olive Oil Consumption Market Report by Market Research Intellect, which stood at USD 3.5 billion in 2024 and is forecast to expand to USD 5.2 billion by 2033, growing at a CAGR of 5.2%.Discover how new strategies, rising investments, and top players are shaping the future.

USD 637.55 Million in 2024; projected USD 1196.96 Million by 2033; CAGR 7.21%.

USD 115.75 Million in 2024; projected USD 233.7 Million by 2033; CAGR 8.05%.

Olive Oil Market expected to rise from USD 13.3 billion in 2024 to USD 21.7 billion by 2034, at a CAGR of 5.2% during the forecast period.

Extra Virgin Olive Oil Market size was valued at USD 13750.75 million in 2024 and the revenue is expected to grow at a CAGR of 5.8% from 2025 to 2032

The Hong Kong olive oil market soared to $10M in 2024, growing by 42% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.0% over the period from 2012 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years.

Organic Virgin Olive Oil Market size was valued at USD 18,500.75 million in 2024 and the revenue is expected to grow at a CAGR of 6.23% from 2025 to 2032

The Cooking Olive Oil Market size is expected to reach USD 30.2 billion in 2034 growing at a CAGR of 5.0. The Cooking Olive Oil Market report classifies market by segmentation, growth drivers, demand, trend, and forecast insights.

USD 892.54 Million in 2024; projected USD 1621.64 Million by 2033; CAGR 6.9%.

Analysis of Europe's virgin olive oil market from 2024-2035, covering consumption, production, trade, and price trends for major countries like Spain, Italy, and Greece.

Enzymatically Modified Olive Oil Market Outlook

According to our latest research, the Global Enzymatically Modified Olive Oil Market size was valued at $312 million in 2024 and is projected to reach $674 million by 2033, expanding at a CAGR of 8.7% during 2024–2033. The primary catalyst driving this impressive growth trajectory is the rising demand for functional and health-oriented food ingredients, as consumers worldwide become increasingly aware of the nutritional and therapeutic benefits associated with enzymatically modified olive oil. The market is witnessing robust innovation, particularly in the food and beverage sector, where the product’s enhanced stability, flavor, and bioactive compound content are being leveraged to create value-added offerings. This trend is further amplified by advancements in enzymatic processing technologies, which have made it possible to tailor olive oil’s sensory and functional properties to specific end-use applications, thereby expanding its appeal across diverse industries including pharmaceuticals, cosmetics, and nutraceuticals.

Regional Outlook

Europe currently commands the largest share of the Enzymatically Modified Olive Oil Market, accounting for more than 41% of the global market value in 2024. This dominance is underpinned by the region’s longstanding tradition of olive oil production, mature consumer base, and a high level of technological sophistication within the food processing industry. Key countries such as Spain, Italy, and Greece not only lead in raw olive oil production but have also pioneered the adoption of enzymatic modification techniques, driven by stringent quality standards and a strong focus on product differentiation. Regulatory frameworks in the European Union, which emphasize clean-label ingredients and functional health claims, have further propelled market expansion. Additionally, the presence of numerous research institutions and collaborative innovation hubs has fostered a climate conducive to product development, positioning Europe as the epicenter of both supply and demand for enzymatically modified olive oil.

Asia Pacific is emerging as the fastest-growing region in the Enzymatically Modified Olive Oil Market, projected to register a remarkable CAGR of 11.2% from 2024 to 2033. The region’s rapid economic growth, urbanization, and evolving dietary patterns are fueling the consumption of premium, health-centric edible oils. Countries like China, Japan, and South Korea are witnessing a surge in demand for functional foods and nutraceuticals, where enzymatically modified olive oil is increasingly being incorporated for its superior health benefits and enhanced stability. Investments in food processing technology, coupled with rising disposable incomes and an expanding middle class, are accelerating market penetration. Furthermore, government initiatives promoting healthy lifestyles and the adoption of Western dietary trends are creating lucrative opportunities for both domestic and international manufacturers to expand their footprint in the Asia Pacific region.

In contrast, emerging economies in Latin America and the Middle East & Africa present a more nuanced picture for the Enzymatically Modified Olive Oil Market. While these regions exhibit significant potential due to rising health awareness and growing food processing sectors, they face unique challenges such as limited consumer knowledge, fragmented distribution channels, and inconsistent regulatory enforcement. Localized demand is often influenced by traditional culinary preferences, which can slow the adoption of novel products like enzymatically modified olive oil. However, targeted marketing campaigns, educational initiatives, and government support for agri-food innovation are gradually overcoming these barriers. As these markets continue to develop, they are expected to play an increasingly important role in the global landscape, particularly as supply chains become more integrated and consumer preferences evolve.

Report Scope