Extra Virgin Olive Oil Market Report | Global Insights [2033]

Extra Virgin Olive Oil Market Overview

Global Extra Virgin Olive Oil market size is projected at USD 1568.05 million in 2024 and is anticipated to reach USD 2166.2 million by 2033, registering a CAGR of 3.6%.

The extra virgin olive oil market is characterized by increasing global consumption due to rising awareness about its nutritional and health benefits. In 2024, global consumption of extra virgin olive oil exceeded 1.9 million metric tons, with the majority originating from Mediterranean regions. Spain accounts for over 40% of the global production, producing nearly 1.4 million metric tons of all grades of olive oil, with extra virgin varieties comprising over 60% of that volume. Italy and Greece follow closely, contributing a combined total of 800,000 metric tons annually.

Demand is being propelled by increasing consumer preference for minimally processed, natural oils. In the U.S., annual per capita olive oil consumption has reached 1.1 liters, up from 0.8 liters in 2015. Meanwhile, China's import volume of extra virgin olive oil rose to over 45,000 metric tons in 2023, reflecting a 12% year-over-year increase. The premium positioning of extra virgin olive oil has spurred higher uptake in the luxury culinary segment, with retail prices ranging from $10 to $35 per liter depending on origin, brand, and pressing method.

The market also sees growing use in cosmetic formulations, with over 17% of skincare product launches in Europe in 2023 incorporating extra virgin olive oil as a key ingredient. This crossover between food and personal care markets expands its potential across multiple value chains.

Key Findings

Top Driver reason: Rising health consciousness and demand for heart-healthy oils have boosted global demand for extra virgin olive oil.

Top Country/Region: Spain dominates the production and export landscape, contributing over 40% of global output.

Top Segment: Cold-pressed extra virgin olive oil accounts for more than 55% of premium market demand due to its purity and antioxidant levels.

Extra Virgin Olive Oil Market Trends

The extra virgin olive oil market is witnessing significant transformations driven by health trends, premiumization, and sustainability. In 2023, over 52% of consumers in North America indicated they preferred extra virgin over other oils for health reasons, especially for its high oleic acid content (up to 83%) and polyphenol concentration (ranging from 100 to 500 mg/kg). These bioactive compounds are linked to reduced inflammation and cardiovascular benefits, thus reinforcing market adoption.

Globalization of culinary cultures has elevated the presence of Mediterranean cuisine in countries like India, Brazil, and South Korea, which recorded a 24% increase in olive oil imports in 2023. Within these imports, extra virgin accounted for 68% in South Korea and 75% in India. Consumers are prioritizing quality indicators such as low acidity (less than 0.8%) and single-origin labeling, pushing producers to improve transparency and traceability.

Extra Virgin Olive Oil Market Dynamics

DRIVER

Growing focus on preventive health and wellness.

Health trends are the most dominant driver for the extra virgin olive oil market. The oil is rich in monounsaturated fats, antioxidants like vitamin E (14 mg/100g), and polyphenols, which are associated with lower risk of chronic diseases. In 2023, over 61% of global consumers stated they had switched to extra virgin olive oil due to its anti-inflammatory and heart-healthy properties. The Mediterranean diet, recognized by institutions such as WHO, heavily features extra virgin olive oil, promoting its integration into dietary guidelines in over 25 countries. Fitness-oriented food trends in the U.S. and Europe have also led to product promotions highlighting cholesterol-lowering effects, which has increased supermarket sales by over 19% between 2022 and 2023.

RESTRAINT

Supply instability due to climatic fluctuations.

One of the key restraints in the market is the heavy dependence on climatic conditions, which affect olive yields. Unpredictable weather patterns, especially in Spain and Italy, have led to a 27% year-on-year production decline in 2022, followed by a 13% drop in 2023. Such volatility disrupts global supply chains and pricing consistency. Additionally, limited arable land for olive cultivation and increasing competition from other crops further stress production capacity. As a result, wholesale prices in Europe rose by nearly 32% between 2021 and 2023, affecting downstream margins.

OPPORTUNITY

Expansion of non-culinary applications.

Extra virgin olive oil is increasingly being used in non-food sectors, particularly in skincare, haircare, and pharmaceuticals. In 2023, the cosmetics industry alone consumed over 32,000 metric tons of extra virgin olive oil globally. Its anti-aging and moisturizing properties have led to its inclusion in 21% of new skin and hair formulations launched in Asia-Pacific. Pharmaceutical companies are also incorporating olive oil as a carrier in lipid-based drug delivery systems. These alternative applications open up new revenue streams and reduce reliance on culinary demand.

CHALLENGE

Market adulteration and quality control.

A significant challenge lies in combating adulteration and ensuring product authenticity. In 2023, over 14% of extra virgin olive oil imports into the U.S. failed to meet purity standards set by the International Olive Council. Common practices include blending with lower-grade oils or mislabeling refined oil as extra virgin. This undermines consumer trust and brand equity. Governments and industry bodies are ramping up inspections and pushing for blockchain-based traceability, but compliance costs are high. Small producers, especially in emerging regions, struggle to meet evolving international certifications, leading to limited market access.

Extra Virgin Olive Oil Market Segmentation

The extra virgin olive oil market is segmented by type and application, each offering unique value propositions to consumers. By type, the market includes cold-pressed, flavored, virgin, blended, and other specialized variants. By application, it serves diverse sectors such as cooking, cosmetics, pharmaceuticals, and even biofuel research. Each segment represents a growing niche supported by health, culinary, or industrial demand shifts.

By Type

Cold Pressed: Cold-pressed extra virgin olive oil dominates the premium segment with over 55% of high-end retail sales. The cold-pressing process preserves antioxidants such as hydroxytyrosol (up to 7 mg/100g) and ensures acidity levels below 0.8%. European producers, especially in Spain and Greece, accounted for more than 780,000 metric tons of cold-pressed production in 2023. This type is favored in gourmet cooking and nutritional supplements due to its superior nutritional profile and intense flavor.
Flavored: Flavored extra virgin olive oils are emerging as a popular sub-category, particularly in North America and Japan. Infused with ingredients like chili, garlic, rosemary, and lemon, these oils accounted for 14% of specialty product launches in 2023. The average price per liter for flavored oils stands at 20–30% higher than unflavored variants. In Italy alone, over 3,500 metric tons of flavored oils were produced last year, targeting the niche home-chef and gifting markets.
Virgin: Though often confused with extra virgin, virgin olive oil differs slightly in acidity (up to 2%) and flavor intensity. It remains a significant segment in countries like Turkey and Morocco, producing over 180,000 metric tons combined in 2023. Virgin variants are typically used in bulk food service applications where cost efficiency is prioritized over premium positioning.
Blended: Blended oils, comprising extra virgin olive oil mixed with other vegetable oils like sunflower or canola, represent 19% of total olive oil sales in budget-conscious markets. Countries like Brazil and India lead this segment due to price sensitivity. In 2023, over 120,000 metric tons of blended oil were sold in South Asia alone.
Others: This includes organic, stone-milled, or single-estate oils. Organic extra virgin olive oil accounted for 7% of new launches in 2023, especially in European Union markets. Single-estate varieties are particularly prominent in boutique export markets like the U.S., where over 2,300 brands compete in the artisanal space.

By Application

Cooking: Cooking remains the primary application for extra virgin olive oil, accounting for over 72% of its global consumption. In 2023, more than 1.3 million metric tons were used in household and foodservice kitchens worldwide. Mediterranean countries such as Greece, where per capita consumption exceeds 12 liters per year, rely on it as a staple fat. Health-focused culinary programs in schools and restaurants across the U.S. and Europe have further driven demand. Fast casual chains and premium restaurants have integrated cold-pressed EVOO into salads, breads, and hot dishes, boosting commercial usage by 18% between 2022 and 2023.
Cosmetics: Cosmetic use of extra virgin olive oil has grown significantly, especially in Asia and Europe. In 2023, over 11,500 new beauty products worldwide included extra virgin olive oil, either for its emollient, antioxidant, or anti-aging properties. It is used in moisturizers, lip balms, hair serums, and soap manufacturing. South Korea and Japan together accounted for 16% of global cosmetic-grade EVOO demand. The average content per product formulation ranges from 5% to 12% oil inclusion.
Pharmaceutical: In the pharmaceutical sector, extra virgin olive oil is increasingly used as a lipid carrier in emulsions and topical medications. In 2023, an estimated 28,000 metric tons were used in pharmaceutical and nutraceutical products. Its natural phenolic compounds have demonstrated bioavailability benefits in drug delivery systems. Several clinical-grade products containing EVOO as a base ingredient for topical wound healing and dermatological treatments were introduced in Europe and the U.S. during 2022–2023.
Fuel: While not a mainstream application, small-scale biofuel initiatives have explored using lower-quality grades of extra virgin olive oil as an alternative fuel source. Pilot programs in Spain and Greece evaluated EVOO as a feedstock for biodiesel blends in agricultural machinery. Around 2,000 metric tons were repurposed for research and small-scale fuel production in 2023, mainly from overstocked or expired batches not suitable for food or cosmetics.

Extra Virgin Olive Oil Market Regional Outlook

The extra virgin olive oil market demonstrates strong regional disparities based on climatic conditions, consumer preference, and cultural dietary practices.

North America

The North American market, led by the United States, is experiencing rising demand driven by health-conscious consumers. In 2023, the U.S. imported more than 370,000 metric tons of olive oil, with extra virgin varieties comprising 68% of this total. California remains the only major domestic producer, contributing around 12,000 metric tons annually. Consumer surveys in Canada and the U.S. revealed that 59% of olive oil buyers actively seek extra virgin labels. Product penetration in the foodservice industry is also rising, with over 41% of restaurants now using EVOO in daily operations.

Europe

Europe is both the largest producer and consumer of extra virgin olive oil, accounting for more than 70% of global output. Spain, Italy, and Greece collectively produced over 1.7 million metric tons in 2023, with extra virgin olive oil forming the majority share. Greece has the highest per capita consumption globally at over 12 liters per person annually. Premium and artisanal oils dominate the retail space in France, Germany, and the Netherlands, while eastern European countries are showing increasing demand. In 2023, organic and PDO (Protected Designation of Origin) extra virgin olive oil represented 28% of European retail sales.

Asia-Pacific

Asia-Pacific markets, including China, Japan, South Korea, and India, are emerging growth centers. China imported over 48,000 metric tons of extra virgin olive oil in 2023, up 12% from the previous year. Japan saw a 9% year-on-year increase, reaching over 38,000 metric tons in 2023. South Korea’s per capita consumption of EVOO increased from 0.3 liters in 2020 to 0.6 liters in 2023. India imported over 19,000 metric tons in the same period. Rising middle-class incomes and wellness trends are the main drivers, with EVOO gaining popularity in urban supermarkets and e-commerce platforms.

Middle East & Africa

The Middle East & Africa region is a mix of producers and consumers. Countries such as Tunisia and Morocco are significant exporters, with Tunisia alone exporting more than 130,000 metric tons in 2023, 75% of which was extra virgin. Domestic consumption in Gulf countries is also increasing, especially in the UAE and Saudi Arabia. In these regions, health trends and Mediterranean cuisine adoption have boosted demand. South Africa imported 9,000 metric tons of EVOO in 2023, a 14% rise over 2022. The regional market is growing through both premium and affordable blends, reflecting diverse consumer segments.

List of Top Extra Virgin Olive Oil Market Companies

Agro Sevilla Group
SALOV North America
Star Fine Foods - Borges
Grupo Ybarra Alimentación
DEOLEO
SOVENA
Carapelli Firenze

Top Two Companies with Highest Share

DEOLEO: Based in Spain, Deoleo is the largest extra virgin olive oil company globally, distributing brands such as Bertolli and Carbonell across more than 80 countries. In 2023, it held over 17% of the global branded EVOO market. The company operates state-of-the-art refineries and packing plants with annual bottling capacities exceeding 300 million liters.

SOVENA: Portugal-based Sovena is a major global supplier, with an annual output of 230,000 metric tons of bottled oils. In 2023, it held approximately 14% share of global private label EVOO sales. It has strategic partnerships with major European and North American retailers, supplying over 90 countries worldwide.

Investment Analysis and Opportunities

Investment trends in the extra virgin olive oil market reflect a strategic focus on sustainability, supply chain localization, and value-added product development. Over the past two years, nearly $750 million was invested globally in olive oil production infrastructure upgrades. This includes modern cold-press machinery installations across Spain and Portugal that increased yield by 18% and reduced water usage by 25%.

Vertical integration strategies are becoming more prominent. Producers are investing in olive plantations in non-traditional zones, including California, Australia, and South America, to diversify production bases and hedge against climatic volatility. In 2023, Chile increased its cultivated olive area to over 27,000 hectares, attracting nearly $60 million in private investment.

The organic and premium segment is a hotspot for investment. Approximately 39% of new capital in 2023 was directed toward organic EVOO farms and certifications. Retailers in Europe and North America expanded shelf space for PDO and organic-labeled extra virgin oils by over 20%. Investments in traceability technologies like QR-coded bottling and blockchain ledger verification are gaining traction, with over 500 brands implementing such systems in 2023 alone.

Private equity firms are entering the segment, targeting mid-sized producers in the Mediterranean region. In 2023, over 22 merger and acquisition deals were recorded, focused on brand consolidation, export enhancement, and diversification into cosmetics and supplements. Market watchers see significant growth opportunities in Asia-Pacific where only 8% of the population currently uses olive oil regularly, pointing toward a vast untapped market. As disposable incomes and health literacy improve, foreign direct investment in bottling plants and supply chains in these regions is expected to grow.

New Product Development

Innovation in the extra virgin olive oil market is being driven by product differentiation and multi-functional use cases. In 2023, over 3,200 new EVOO-based products were launched globally, a 17% increase over the previous year. A significant share of these launches came from flavored and specialty variants.

Cold-infused oils with natural ingredients such as lemon, truffle, oregano, and turmeric have gained traction. These accounted for 14% of new product launches, primarily targeting gourmet and gifting markets. Spain alone witnessed over 500 new flavored EVOO SKUs introduced in 2023. Packaging innovation also played a critical role; dark-tinted glass bottles and anti-drip caps improved preservation and reduced waste, contributing to over 29% of new retail releases.

Functional EVOO with added health benefits, such as enriched omega-3 or vitamin D oils, were introduced in niche European markets. Italian brands have developed ultra-low acidity oils (as low as 0.2%) with certified polyphenol concentrations exceeding 800 mg/kg, targeting high-performance athletes and medical diets.

Five Recent Developments

DEOLEO: introduced a new range of ultra-low acidity EVOO in Europe in Q1 2024, with acidity levels under 0.2% and high antioxidant retention, targeting the premium segment.
SOVENA: partnered with a UAE retail chain in 2023 to distribute its premium private label EVOO range across 120 stores, expanding Middle Eastern footprint by 22%.
Agro Sevilla: invested $18 million in eco-friendly processing facilities in Andalusia in late 2023, increasing capacity by 16% and reducing carbon emissions by 28%.
Grupo Ybarra: launched flavored EVOO gift packs with Mediterranean herbs in 2023, reporting a 34% increase in holiday season sales.
Carapelli Firenze: introduced blockchain-certified bottle labels in 2024, enabling end-to-end traceability from olive grove to shelf, implemented across 80% of its European product line.

Report Coverage of Extra Virgin Olive Oil Market

The comprehensive coverage of the extra virgin olive oil market encompasses the full value chain—from agricultural production and harvesting to bottling, distribution, and final end-user applications across foodservice, household, cosmetics, and pharmaceutical sectors. In 2023, the total estimated consumption stood at over 1.9 million metric tons, highlighting a dynamic market shaped by health trends, premium product innovation, and geographic diversification.

The report analyzes market segmentation by type, including cold-pressed, flavored, virgin, blended, and other specialized oils, and identifies application areas ranging from cooking to non-food industrial uses. Each segment is mapped by production volume, usage metrics, and regional performance.

Trade flows, particularly imports and exports from leading nations such as Spain, Italy, Greece, Tunisia, the U.S., and China, are evaluated to identify strategic expansion and import dependency risks. The scope also includes benchmarking of over 50 global and regional brands, with profiling of seven major companies leading innovation and investment.