Project report for Olive Oil

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Introduction

The olive oil industry in India has witnessed considerable growth in the recent years due to rise in health-conscious consumers. The olive oil market has become more competitive and price sensitive due to the high potential and steady growth of the olive oil market. The consistent demand for olive oil from end-use industries is the crucial aspect of the rise in the market revenue of Olive Oil as well as growing awareness of health benefits will foster market growth. Olive oil, edible oil is being increasingly consumed by people from across the world. Considering its nutritional value and therefore the taste, vegetable oil is being consumed by an enormous pool of the worldwide population. 

Olive oil is a liquid fat obtained from olives, a traditional tree crop of the Mediterranean Basin, produced by pressing whole olives and extracting the oil. It is commonly used in cooking, for frying foods or as a salad dressing. It is also used in cosmetics, pharmaceuticals, and soaps, and as a fuel for traditional oil lamps, and has additional uses in some religions. Extra virgin olive oil is required to have no more than 0.8% free acidity and is considered to have favorable flavor characteristics. Olive oil is a viscous liquid that is extracted from the fruit of the olive tree by pressing whole olives. Olive oil has a low smoke point of 240C and hence can be consumed raw. Olive oil consumption is often considered healthy as it is associated with a lower risk of heart disease and certain cancers including colorectal and breast cancer. Olive oil is also a good source of monounsaturated fatty acid and antioxidants such as polyphenols, vitamins E & K, chlorophyll, and carotenoids.

Market potential & Strategy

The global olive oil market size was INR 9,65,29,69,29,500 in 2019 and it is projected to reach INR 12,33,02,23,36,000 by 2027, exhibiting a CAGR of 3.2% during the period 2019 to 2027. The India olive oil market is segmented based on type which includes virgin, pomace, and refined olive oil. On the basis of application, the market is segmented into food, beverage, personal care, and pharmaceuticals segments. The personal care segment is expected to have the largest share in the application segment. The factors such as increasing demand from end-user industries such as food, personal care, pharmaceuticals, etc. and rising awareness about health benefits is expected to drive the India olive oil market growth. the personal care segment was the highest contributor to the India olive oil market due to growing awareness about the various health benefits offered by the oil and increasing usage in the manufacturing of products in the beauty care and cosmetics industry. Moreover, improved purchasing power and rising aspiration among the lower- and middle-class society in the nation and industry players coming out with products and pricing to suit consumes across different levels of purchasing power drive the growth of the olive oil for personal care.

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