Asia Pacific Olive Oil Market Size, Share & COVID-19 Impact Analysis, By Type (Refined/Pure, Virgin, and Others), By End-user (Household/Retail, Foodservice/HoReCa, Food Manufacturing, and Others), and Regional Forecast, 2023-2030

Asia Pacific is holding a considerable share of the global olive oil market. The Asia Pacific olive oil market size is projected to grow at a CAGR of 5.49% during the forecast period. The global olive oil market size is projected to grow from USD 14.20 billion in 2022 to USD 18.42 billion by 2030.

Rising consumer concerns toward health and well-being is rising demand for the product across the region. Furthermore, the rise in olive production across the region positively influences the market growth. Trade campaigns organized by several associations, including International Olive Council and Interprofessional Association of Spanish Olive Oil to promote the product consumption in the region is pushing the product sales to the next height. Increasing urbanization, increasing plantation of olive tree in certain Asian countries, and rising purchasing power of consumers are the additional driving factor for the market growth.

Our report on the Asia Pacific olive oil market covers the following countries – China, Japan, Australia, and the Rest of Asia Pacific.

LATEST TRENDS

Increasing Trade Campaigns to Take the Product Sales to the Next Heights

Several organizations, such as the International Olive Council and Interprofessional Association of Spanish Olive Oil, are organizing different campaigns to promote the product, which is likely to promote the product sales. According to the Interprofessional Association of Spanish Olive Oil, the Spanish olive fruit oil sales in China increased by 10.25%, reaching 45,840 tons in 2021-2022 campaign. Such campaigns and trade events to promote the product will drive the product demand across the region in the upcoming years.

DRIVING FACTORS

Increasing Olive Production in Asian Countries to Propel the Market Growth

Refined oil demand is increasing rapidly across several countries in Asia Pacific owing to its health benefits and growing use in cosmetic and personal care. China is one of the leading consumers of the product; the government of China is promoting regional olive production to minimize the product import dependency. According to the statistics from the National Forestry Bureau of China, the olive fruit production increased from 2,246 tons in 2007 to 27,907 tons in 2015. It also claimed that the total olive plantation area in China is expected to grow from 66,400 ha. in 2016 to nearly 193,400 ha. by 2030. The increasing olive production in the region is expected to support the steady growth of the market. This factor is also influencing the reduction of the product price and making it more affordable in the market.

RESTRAINING FACTORS

High Dependency on Product Imports may Impede the Market Growth

The product is primarily produced in European countries such as Spain and Italy. Asian countries, including China, India and Australia are highly dependent on importing the product from Spain. According to the International Olive Council, the product consumption volume in Australia reached 50,500 tons in 2020, out of which, nearly 36,000 tons were imported from Spain and other countries. The high dependence on imports to fulfil the regional requirement led to several challenges, including bilateral trade-related issues, political interference and especially the price of the product. It may negatively impact the Asia Pacific olive oil market growth.

KEY INDUSTRY PLAYERS

Companies Focus to Expand Geographical Footprints to Strengthen their Prominence in the Market

In terms of the competitive landscape, Wilmar International Ltd., Toyo Olive Co., Ltd, Grampians Olive Co., and Laconiko Asia are the key players in the Asia Pacific market. These players are adopting strategies such as product portfolio expansion, strengthening geographical footprint, and expanding production capacity to maintain prominence in the market.

Several emerging players, such as Cockatoo Grove, Kyneton Olive Oil, and others, are introducing products with organic and other claims. It allows the new entrants to acquire market share and stay competitive with larger brands. Furthermore, international companies including Deoleo SA are entering Asian market to expand their geographical sales footprint and clientele base. They are also creating tight competition for the regional market players.

• In July 2021, Deoleo SA, a Madrid-based company, expanded its distribution channel presence and offered its extra virgin olive fruit oil on Tmall or flagship stores across China.

LIST OF KEY COMPANIES PROFILED:

• Wilmar International Ltd (Singapore)


• LACONIKO ASIA (U.S)


• Deoleo SA (Spain)


• Toyo Olive Co., Ltd. (Japan)


• Modi Naturals Ltd. (India)


• The Australian Olive Company (Australia)


• Grampians Olive Co. (Australia)


• Red Island Olive Oil (Australia)


• Cockatoo Grove (Australia)


• Kyneton Olive Oil (Australia)

KEY INDUSTRY DEVELOPMENTS:

• May 2022: Italian companies won the 30th edition of the Ercole Olivario National Award, and collaborated with the Italian Trade Agency to promote Italian extra virgin olive oil across Australia, Japan, and China


• March 2022:  Cockatoo Grove, an Australian family-owned company, launched its organic extra virgin olive oil in Woolworths stores nationally.


• February 2020: Spanish Olive Oil Interprofessional collaborated with the European Union to launch the “Olive Oil Makes a Tastier World promotional” campaign in Asia.

REPORT COVERAGE

The research report provides qualitative and quantitative insights on the market and a detailed analysis of the Asia Pacific market share, size & growth rate for all possible segments. Along with the market forecast, the report provides an elaborative analysis of the market dynamics, market segmentation analysis and competitive landscape. Various key insights presented in the report are overview of the number of procedures, research methodology, an overview of price analysis of types of products, overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships and, the impact of COVID-19 on the market.

Report Scope & Segmentation