You are here
Health-minded consumers are driving the growth of the olive oil category, as they are attracted to its anti-inflammatory, and anti-clotting properties, and will push the category to $1.8 billion by 2013, according market research firm Packaged Facts.
According to “Market Trend: Olive Oil in the U.S., 3rd Edition,” estimated total U.S. retail sales of oils and shortening -- which includes cooking and salad oils, olive oil, microwave browning/pan sprays, and shortening -- grew 16 percent over the $4 billion gained in 2007 to reach $4.6 billion in 2008. Olive oil accounted for an estimated 37 percent of total dollar sales last year.
“There has been a shift in American thinking away from a diet for weight loss and toward a diet for healthy living, which lends a halo effect to olive oil,” says Tatjana Meerman, publisher of New York-based Packaged Facts. “Though olive oil won’t be immune from the economic downturn, the oil’s inherent health benefits will be a primary factor responsible for staving off dropping sales and in a better economic future for dramatically increasing preference for olive oil in the U.S.”
Besides contributing to health and wellness, the olive oil industry benefits from a convergence of market trends that includes sustainability and increasing availability and variety. Research by Packaged Facts indicates that these positive trends will sustain growth in the olive oil industry during the recession as long as strides in other areas are made, such as product safety, labeling and market outreach.
The study analyzes the market, trends, major marketers and brands, and consumer preferences pertaining to the U.S. market for olive oil. The report also includes a forecast for the market through 2013, insights into the major challenges and trends affecting the industry, and an analysis of consumer usage demographics.
The full report is available for purchase at www.packagedfacts.com/Olive-Oil-Edition-2071654/.