An uptrend in health and wellness maintenance has translated into numerous opportunities for the olive oil market. Presently, a sedentary and stressful lifestyle is leading to an incessant rise in the incidence of diabetes, obesity, and cardiovascular diseases. Addressing these issues, consumers are showing greater acceptance of health-promoting oils. A higher propensity to uptake vegetable oil and oil obtained from natural sources has been observed recently. Rising prevalence of lifestyle disorders and health conditions has created awareness and a sense of urgency among consumers regarding the prolonged detrimental effects of the consumption of excess fats. Uptake of oils, enriched with nutrients instrumentally promotes heart health, reduces hypertension, and helps in maintaining a healthy lifestyle. Thus, ascending demand for nutrient-rich oils is setting the tone for the olive oil market to reach its fruition during the projection timeframe.
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Potential Health Benefits to Aid Olive Oil Market Expansion
Enriched with antioxidants and oleic acid, olive oil effectively helps in curtailing the risk of various chronic ailments and heart disorders. Unlike conventional oils, olive oil effectively reduces inflammation and improves overall health. It is gluten-free and imparts taste to food. Moreover, it assists in the treatment of osteoporosis, and rheumatoid arthritis, while minimizing the probability of developing chronic diseases including type-2 diabetes, stomach ulcers, and stomach cancer. It facilitates skin nourishment and hair fall treatment, enabling olive oil usage in cosmetic and pharmaceutical domain. Extensive health benefits of olive oil in consumption and cosmetic and pharmaceutical applications are exhibiting sound growth prospects. Furthermore, pragmatic acquisitions, collaborations, and new product releases are further enhancing the overall olive oil market landscape.
Rising Awareness, and Scrutiny over Label Claims to Enhance Olive Oil Market Growth Prospects
Lately, consumers are becoming more informed about the adverse impact of improper diet plans and the imperatives of maintaining a healthy lifestyle. To this end, consumers are inquisitive about the ingredients of oil products being consumed, paying close attention to label claims. Consumers are actively incorporating nutrient-rich oils in their regular diets with an overarching vision of improving health. Noticeably, vegetable oils comprise high monounsaturated fatty acids (MUFA), vitamin E, omega 3, and other micro and macronutrients. Adding such oils to a daily diet is likely to boost one’s immunity to acquiring cardiovascular diseases. Olive oil extensively fosters efficient and healthy functioning of the heart due to the high consistency of monounsaturated fatty acids and antioxidants. With such diverse health benefits, the olive oil market is anticipated to experience promising growth throughout the forecast period.
North America’s Olive Oil Market is Leapfrogging Through Momentous Imports
As a major importer of olive oil, North America has been successful in bagging the leading position in the olive oil market. US and Canada are among the frontrunner in the consumption of olive oil with an expansive pool of health-conscious consumers. Over the recent past, the region has marked a significant uptick in the imports of olive oil. According to IOC, US is one of the most prominent global importers of olive oil with a substantial share of 24%. Against this backdrop, North America is poised to sustain dominance throughout the forecast period.
Key Market Players
Some of the most prominent market players in the global olive oil market include Gallo, Sovena Group, Cargill Inc., Salov SpA, Bertolli Inc., and Del Monte Foods Inc.
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