03/07/2024 (Open PR) - The global olive oil market is anticipated to grow at a considerable CAGR of 5.3% during the forecast period (2024-2031). Consumers nowadays pay more attention to label claims while purchasing their oil products. There is an increasing demand for vegetable oils with specific health claims such as high omega-3, MUFA (monounsaturated fatty acids), and vitamin E due to the rising awareness of their positive health attributes. The product is high in MUFA and antioxidant content, which supports the normal functioning of the heart. The growing demand for such nutritious oils heavily contributes to the growth of the market.

The growing appreciation of fats and oils containing MUFAs due to their health-benefiting attributes has propelled their demand among consumers. Recently, numerous clinical studies have suggested that consuming omega-3-enriched products can support research on cardiovascular health and other body functions. The high omega-3 content in olive fruit oil has fueled its demand among consumers owing to their increased understanding of the importance of essential fatty acid consumption in maintaining good health. As it provides beneficial fatty acids, antioxidants, and vitamins, it has led olive fruit oil to gain remarkable popularity as a healthy oil across the globe.

As ethnic Mediterranean cuisines gain global popularity, it has significantly contributed to surging the demand for olive fruit oil. Its wide incorporation into various cuisines, such as Italian, Greek, and Spanish, has also influenced its surge in demand. Furthermore, the rise in travel and tourism and consumers willing to experiment with new flavors, textures, and exotic cuisines have supported the market performance. For instance, in June 2021, Pietro Coricelli, an Umbrian olive fruit oil producer and one of the largest and most widely distributed olive fruit oil brands in the world, announced that it would join IBM Food Trust to use blockchain technology to trace its extra-virgin olive fruit oil. For instance, in January 2021, Del Monte Foods, Inc., in India launched one-liter olive fruit oil pouches at competitive prices for making healthy edible oil affordable.

https://www.openpr.com/news/3562786/olive-oil-market-is-dazzling-worldwide-and-forecast-to-2031