TechNavio, a global tech-focused research firm has announced the publication of its market research report on the Global Olive Oil Market 2014-2018.
Olive oil has expanded rapidly in popularity recently, both as a food item as well as in the cosmetics and pharmaceuticals industries. High demand for the product is leading to a 3.05 percent CAGR in the Global Olive Oil Market from 2014-2018.
About the Report
The latest report by TechNavio focuses on the expansion of olive cultivation areas. Spain has recently expanded its production base into neighboring countries like Portugal and Morocco, and has established joint ventures in South America, China, and India.
Koroneiki, which is the backbone of Greek olive oil production, is now produced in Spain and Australia. These joint ventures are expected to propel overall market growth.
“Traditionally, the production of olive oil was limited to a few countries such as Spain, Italy, Greece, Syria, and Turkey but other countries have now started producing oil, with many producers acquiring production areas in the Southern Hemisphere to neutralize competition in Europe,” says Faisal Ghaus, Vice President of TechNavio.
“This has blurred regional advantages that were formerly enjoyed by a few countries, and this increase in cultivation areas will be a major market growth driver over the coming years.”Analysts forecast the Global Olive Oil market to grow at a CAGR of 3.05 %,