India Olive Oil Market: Industry Analysis and Forecast (2024-2030)

The India Olive Oil Market size was valued at USD 88.75 Million in 2023 and the total India Olive Oil revenue is expected to grow at a CAGR of 16.2% from 2024 to 2030, reaching nearly USD 253.87 Million by 2030. The olive oil market in India has experienced significant growth in consumption and awareness over the past few years, thanks to factors such as increased health awareness and the adoption of healthier lifestyles among Indian consumers, increasing use of olive oil in cooking, cosmetics, etc. Olive oil, often pushed for its health benefits due to its high levels of monounsaturated fats and antioxidants, has gained popularity among health-conscious consumers in India. The rise in lifestyle diseases like diabetes, heart conditions, and obesity has also contributed to the increased demand for healthier cooking oils, further driving the India olive oil market rapidly. India Olive Oil MarketTo know about the Research Methodology :- Request Free Sample Report The olive oil industry in India is expected to be quite competitive, with approximately 90 olive oil brands vying for consumer attention. Brands like Borges, Leonardo, Del Monte, and RS dominate the India olive oil market, which has become highly competitive and price-sensitive due to the entry of new players. Borges India, holding a 30% market share, attributes its success to consumer-centric strategies. They introduced Extra Light olive oil tailored for Indian cooking needs, resonating with consumers seeking a healthier yet compatible option for their everyday meals. Borges focuses on consumer education and engagement, building brand loyalty and credibility, which has contributed significantly to their market position. However, despite the growth, several challenges hinder the widespread adoption of olive oil in India. Pricing stands out as a major obstacle in the India olive oil market, primarily due to the added costs associated with importing olive oil. Increased import duties and production-related expenses contribute to making olive oil relatively more expensive compared to domestically produced edible oils. As a result, while some consumers have transitioned to olive oil owing to its health advantages, broader adoption faces hurdles due to affordability concerns among the masses. The Drought In Europe Has Impacted Olive Oil Exports To India, Resulting In A Staggering 60% Increase In Prices. The recent drought in Europe has significantly impacted India olive oil market, causing a dramatic surge in prices by up to 60%. This surge is primarily due to two consecutive years of drought in Europe, affecting olive oil production and subsequently leading to record-breaking price levels. India heavily relies on imports from countries like Spain and Italy, which have seen their prices double in the past year. Moreover, a 12% appreciation of the euro has further contributed to the increase in the cost of importing olive oil to India. Adding to this, the country imposes a high import duty of about 40% to 45% on this higher-priced olive oil, compounding the cost escalation.

India Olive Oil Prices

Price Type Price Range (USD) Price Range (INR)
Retail Price (per kg) $3.34 - $11.01 INR 276.79 - INR 911.77
Retail Price (per lb) $1.52 - $4.99 INR 125.53 - INR 413.50
Wholesale Price (per kg) $2.34 - $7.70
The consequences of this surge are evident in the domestic market, with consumers feeling the heat as discounts on olive oil diminish both in supermarkets and online. The price of extra virgin olive oil has shot up from Rs. 850 to Rs. 1,100 per liter and is expected to potentially reach Rs. 1,500, while pomace olive oil prices may rise from Rs. 400 to Rs. 800 per liter. This substantial increase in prices has compelled consumers to alter their consumption patterns, with some reverting to alternative oils due to the soaring costs. Importers and distributors are also adapting by adjusting their import quantities, reducing extra virgin olive oil imports by 30%, and increasing pomace imports to meet the changing demand landscape. Import-Export Price of Olive Oil from India
Year Export Price (USD/kg) Import Price (USD/kg)
2016 $6.66 $6.66
2017 $4.05 $4.05
2018 $4.91 $4.91
2019 $3.33 $3.33
2020 $4.97 $4.97
2021 $4.74 $4.74
2022 XX XX
2023 XX XX
Restaurants and food businesses, especially those dealing with Italian cuisine, are strategizing to cope with these heightened costs. Some are using existing stocks, while others anticipate the impact of increased prices on future orders. Smaller restaurants have already shifted to alternative oils due to supply shortages and rising prices. Recognizing the severity of the situation, the Indian Olive Association has made representations to the government to consider reducing import duties to alleviate the burden on consumers and businesses grappling with these soaring prices. As a result, Europe's drought-induced price surge has put immense pressure on India olive oil market, affecting both businesses and consumers. The significant price hike, shortage of supply, and altered consumption patterns indicate a challenging period ahead unless measures such as reduced import duties are implemented to mitigate the impact.

India Olive Oil Market Dynamics:

Increasing Utilization Of Olive Oil For Hair Care The increasing utilization of olive oil for hair care is expected to be a significant factor driving the growth of the olive oil market in India. This trend stems from a long-standing cultural practice deeply rooted in traditional Ayurvedic and natural wellness approaches. Olive oil's multifaceted benefits for hair have garnered attention and widespread adoption among the Indian population. In Indian culture, hair care holds immense significance, often symbolizing health, beauty, and vitality. Olive oil, recognized for its rich nutrients and natural moisturizing properties, aligns closely with the traditional principles of holistic hair care. Its ability to deeply nourish the scalp, strengthen hair follicles, and tame frizz while promoting hair growth has resonated strongly with Indian consumers. Several factors contribute to the rising adoption of olive oil for hair care. Best Olive Oil for Hair in India
Rank Product Name Description Investment
1 UrbanBotanics® Pure Cold Pressed Olive Oil For Hair and Skin 100% pure, cold-pressed, rich in antioxidants and essential fatty acids, strengthens hair, prevents breakage, promotes healthy growth ₹ 269
2 WishCare® 100% Pure Premium Cold Pressed Olive Oil for Hair Premium cold-pressed oil, rich in vitamin E and essential fatty acids, conditions hair, prevents split ends, adds shine ₹ 274
3 Khadi Herbal Organic Olive Hair Oil Organic formulation with herbs, vitamins A and E, antioxidants, strengthens hair, controls hair fall, conditions scalp ₹ 300.13
4 Soulflower Olive Hair Oil Cold pressed, rich in oleic acid, vitamins, minerals, and antioxidants, strengthens hair, improves elasticity, stimulates growth ₹ 194
5 Indus Valley Bio Organic Pure Extra Virgin Olive Organic, extra virgin, cold-pressed, rich in essential fatty acids and vitamin E, conditions hair, improves strength and growth ₹ 159
Olive oil's versatility as a natural remedy for various hair concerns, from dryness to dandruff, appeals to a diverse range of consumers seeking effective and chemical-free solutions. This is expected to be the primary factor in increasing the adoption. In addition, the rising awareness of the damaging effects of chemical-laden hair products has encouraged individuals to opt for natural alternatives like olive oil, known for its safety and minimal side effects. Moreover, the ease of availability and relatively affordable pricing of olive oil compared to specialized hair care products has made it an accessible choice for a broader segment of the population. Coupled with the internet and social media's reach, where DIY beauty remedies and natural hair care solutions are widely shared, olive oil's usage in hair care routines has gained significant traction across India. Thus, this growing preference for olive oil in hair care practices reflects a deeper cultural inclination towards holistic wellness and natural remedies, combined with a pragmatic shift towards sustainable and chemical-free solutions for hair health. As this trend continues to gain momentum, it is expected to be a major factor in propelling the growth of the India olive oil market. High Cost of Olive Oil To Restraint India Olive Oil Market The high cost of olive oil is expected to be the significant factor impacting the growth of the olive oil market in India. This challenge primarily arises due to various factors influencing the pricing structure of olive oil, including production expenses, import duties, and exchange rates. Olive oil, often imported from countries like Spain and Italy, incurs considerable transportation and importation costs, contributing to its elevated retail price in the Indian market. Moreover, the currency exchange rates are expected to also influence the final cost, as fluctuations in global currencies, especially the Euro, directly impact the cost of imported olive oil. Best Cooking Oil Brands In India and Their India Prices
Best Cooking Oil Brands In India Price In Rs.
Fortune Rice Bran Health Oil Rs. 629
Natureland Organics Sunflower Oil Rs. 1,560
Dhara Kachhi Ghani Mustard Oil Rs. 126
Borges Extra Light Olive Oil Rs. 1,900
Saffola Active Refined Oil Rs. 108
Thus, the relatively higher price point of olive oil positions it as a premium product, restricting its accessibility and affordability for a significant portion of the India population, particularly in price-sensitive regions. This limitation impedes the widespread adoption of olive oil as a cooking medium or hair care solution among price-conscious consumers. Additionally, the high cost deters potential consumers from transitioning from traditional cooking oils to olive oil, despite its acknowledged health benefits and versatility. Furthermore, price sensitivity significantly influences purchasing decisions in rural regions and thus, the premium pricing structure of olive oil restricts its market penetration and potential for mass consumption. This restraint slows down the olive oil market's growth and limits its potential growth in India. The challenge lies not only in the initial consumer adoption but also in fostering a consistent demand that can drive economies of scale and potentially lower prices over time. Unless measures are taken to address the cost factors associated with olive oil, such as exploring local production or revisiting import taxes, the high cost is expected to continue to pose a significant obstacle hindering the India Olive Oil market's broader acceptance and substantial growth. Olive Farming's Impact on India Olive Oil Market The growth of olive farming in India, particularly in Rajasthan, is expected to witness a significant opportunity for the India olive oil market. The successful cultivation of olive trees, despite them being non-native to the region, showcases the adaptability of these trees to Rajasthan's warm and arid climate. With over 144,000 olive trees planted across 260 hectares, the potential for increased olive production is evident. However, olive trees take several years to bear fruit, impacting the immediate supply of olives for oil production. The gradual increase in olive yield, as witnessed from the initial harvest in 2012 to the 150 tonnes produced in 2020, indicates a growing but developing sector. The government of Rajasthan's ambitious target of achieving 1,000 tonnes of olives by 2025 signifies a proactive approach toward bolstering domestic olive oil production. The introduction of various olive varieties—such as Arbequina, Barnea, Coratina, Frantoio, and Koroneiki—tailored for both table olive and oil production highlights the India Olive oil industry's diversification and efforts to cater to different consumer preferences. The choice of these varieties, based on factors like oil content, flavor profile, and adaptability, indicates a strategic approach to maximize output and quality. Furthermore, as olive oil gains traction in India as a healthy and versatile cooking oil rich in monounsaturated fats and antioxidants, the growing demand for this product aligns with the growing India Olive oil market. However, the industry's evolution is contingent on the maturation of olive trees, their consistent yield, and the efficiency of the production process. The shift toward self-sufficiency in olive oil production within India through the cultivation of diverse olive varieties in favorable regions marks a transformative phase for the country's market. Yet, it remains crucial to monitor the sector's development, including its ability to meet the government's production targets and the subsequent impact on local and international olive oil imports. This local production surge, if sustained and efficient, has the potential to gradually reduce India's dependence on imported olive oil, fostering a more robust and self-reliant market.

India Olive Oil Market Segment Analysis:

Based on the Type segment, the Extra Virgin Olive Oil (EVOO) segment held the largest market share of about 42% and dominated the India olive oil market. The segment is further expected to grow at a CAGR of 14.8% and maintain its dominance by the end of the forecast period. EVOO is widely recognized for its superior quality, obtained through a meticulous cold-pressing process that retains the olive's natural flavors, antioxidants, and nutrients. This aspect aligns with the evolving consumer preferences towards healthier and premium food choices, particularly among health-conscious individuals seeking wholesome cooking ingredients. The growing awareness of its numerous health benefits, such as its high content of monounsaturated fats and antioxidants, increases the demand for EVOO in India, thereby supporting the segment's growth.
Brand Features Price (INR) Discount
Borges Extra Light Olive Oil, 2L All-purpose cooking, subtle olive flavor ₹ 1,499 17% off
Del Monte Extra Virgin Olive Oil, 500ml Ideal for salads, sautéed vegetables ₹ 1,349 23% off
Figaro Extra Virgin Olive Oil – Cold Extracted 1L Enhances the flavor of dishes, imported from Spain ₹ 1,299 41% off
Disano Extra Virgin Olive Oil, 1L Suitable for baking, grilling, sautéing ₹ 902 43% off
Bertolli Extra Virgin Olive Oil – 500ml Good for salads, bread dipping, meat marination Price not specified -
Moreover, the surge in international culinary influences and the increasing popularity of Mediterranean cuisine in India have significantly contributed to the rise in EVOO's demand and benefited the India olive oil market size. As people embrace diverse global flavors, EVOO's versatility in enhancing various dishes, including salads, dips, and dressings, positions it as a preferred choice among culinary enthusiasts and health-conscious consumers alike. Additionally, the aggressive marketing strategies by olive oil producers and distributors highlighting EVOO's health advantages and premium quality have substantially boosted consumer awareness and acceptance. This high demand for Extra Virgin Olive Oil not only benefits individual consumers seeking healthier options but also bolsters the India olive oil market growth by driving sales volumes. The India olive oil industry experiences a continuous surge in demand due to EVOO's multifaceted appeal—being both a healthier alternative to traditional oils and a versatile ingredient for diverse culinary applications. As this demand increases, it encourages producers and suppliers to cater to the market's preferences, leading to increased availability, diverse product offerings, and potentially competitive pricing, thereby fostering the overall growth of the Extra Virgin Olive Oil market in India. In addition, the virgin olive oil (VOO) segment is expected to grow at a significant CAGR and offer lucrative growth opportunities for the India olive oil market players during the forecast period. VOO, while retaining many qualities of EVOO, undergoes slightly less stringent processing, resulting in a nuanced taste profile and a slightly lower price point. This difference in processing influences the preferences of Indian consumers, where there's a growing segment seeking quality but at a comparatively lower price. The significant demand for VOO is also influenced by the perception of value and quality among consumers. While VOO is of good quality and maintains some health benefits associated with olive oil, it might not align entirely with the premium quality or distinct flavors that EVOO offers. As a result, consumers who seek a balance between quality and affordability find VOO a suitable choice. Its versatility in culinary applications and relatively more accessible pricing compared to EVOO contribute to its steady demand. Thus, this is expected to benefit the India olive oil market growth. India Olive Oil Market Besides that, the Pomace Olive Oil segment is expected to witness a moderate growth rate in India olive oil market during the forecast period. This is due to, In India, the demand for Pomace Olive Oil remains relatively lower compared to Extra Virgin and Virgin Olive Oils. Pomace Olive Oil is derived from the residual pulp left after the initial pressing of olives and is extracted using solvents. This type of olive oil is considered of lower quality due to its extraction process and is typically less expensive. The moderate demand for Pomace Olive Oil in India is primarily influenced by its price point. It's often more affordable than other varieties of olive oil, making it accessible to a segment of consumers looking for a budget-friendly option. Its lower price appeals to some consumers who prioritize cost over quality or to those who might not be familiar with the distinctions between olive oil types. However, the demand for Pomace Olive Oil in India is restricted due to factors such as consumer awareness about its extraction process, which involves the use of solvents, making it less appealing to health-conscious consumers. Additionally, the Indian market generally leans towards higher-quality and healthier options, which positions Pomace Olive Oil as a less preferred choice compared to Extra Virgin or even Virgin Olive Oil. Consequently, while it fills a niche for budget-conscious consumers, the demand for Pomace Olive Oil remains limited due to its perceived lower quality and health considerations in comparison to other types of olive oil available in the India Olive Oil market.

India Olive Oil Market Scope: Inquiry Before Buying

India Olive Oil Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US $ 88.75 Mn.
Forecast Period 2024 to 2030 CAGR: 16.2% Market Size in 2030: US $ 253.87 Mn.
Segments Covered: by Type Extra Virgin Olive Oil (EVOO) Virgin Olive Oil Pomace Olive Oil Others
by Packaging Bottles Cans Others
by Distribution Channel Direct Indirect
by End-User Household Foodservice Food Manufacturers Others

India Olive Oil Market Key Players:

1. DEOLEO INDIA PVT. LTD. (India) 2. Del Monte (United States) 3. Leonardo (Italy) 4. Borges International Group (Spain) 5. Sovena Group (Portugal) 6. FieldFresh Foods Pvt Ltd (India) 7. R Oomerbhoy Pvt Ltd (India) 8. Modi Naturals Limited (India) 9. Hashmitha Enterprise (India) 10. Manisha International Pvt Ltd (India) FAQs: 1. What are the growth drivers for the India Olive Oil market? Ans. Increased health awareness and the adoption of healthier lifestyles among Indian consumers, increasing use of olive oil in cooking, cosmetics, etc., are expected to be the major drivers for the India Olive Oil market. 2. What is the major restraint for the India Olive Oil market growth? Ans. High Production Costs are expected to be the major restraining factors for the India Olive Oil market growth. 3. What is the projected market size and growth rate of the India Olive Oil Market? Ans. The India Olive Oil Market size was valued at USD 88.75 Million in 2023 and the total India Olive Oil revenue is expected to grow at a CAGR of 16.2% from 2024 to 2030, reaching nearly USD 253.87 Million by 2030. 4. What segments are covered in the India Olive Oil Market report? Ans. The segments covered in the India Olive Oil market report are Type, Packaging, Distribution Channels, End-User, and Region. 5. Who are the Key Players in the India Olive Oil Market? Ans. DEOLEO INDIA PVT. LTD. (India), Del Monte (United States), Leonardo (Italy), Borges International Group (Spain), Sovena Group (Portugal), etc. are the major players in the India Olive Oil Market.
1. India Olive Oil Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.3. Executive Summary 2. India Olive Oil Market: Dynamics 2.1. India Olive Oil Market Trends 2.2. India Olive Oil Market Dynamics 2.2.1. Market Drivers 2.2.2. Market Restraints 2.2.3. Market Opportunities 2.2.4. Market Challenges 2.3. PORTER’s Five Forces Analysis 2.4. PESTLE Analysis 2.5. Technology Roadmap 2.6. Regulatory Landscape 2.7. Key Opinion Leader Analysis For India Olive Oil Industry 2.8. Analysis of Government Schemes and Initiatives For India Olive Oil Industry 2.9. The COVID-19 Pandemic Impact on the India Olive Oil Market 3. India Olive Oil Market: Competitive Landscape 3.1. MMR Competition Matrix 3.2. Competitive Landscape 3.3. Company Market Share Analysis (%) - 2023 3.4. Key Players Benchmarking 3.4.1. Company Name 3.4.2. Business Segment 3.4.3. End-Users Segment 3.4.4. Revenue (2023) 3.4.5. Company Locations 3.5. Market Structure 3.5.1. Market Leaders 3.5.2. Market Followers 3.5.3. Emerging Players 3.6. Mergers and Acquisitions Details 4. India Olive Oil Market: Market Size and Forecast by Segmentation (by Value in USD Million and Volume in Units) (2023-2030) 4.1. India Olive Oil Market Size and Forecast, by Type (2023-2030) 4.1.1. Extra Virgin Olive Oil (EVOO) 4.1.2. Virgin Olive Oil 4.1.3. Pomace Olive Oil 4.1.4. Others 4.2. India Olive Oil Market Size and Forecast, by Packaging (2023-2030) 4.2.1. Bottles 4.2.2. Cans 4.2.3. Others 4.3. India Olive Oil Market Size and Forecast, by Distribution Channels (2023-2030) 4.3.1. Direct 4.3.2. Indirect 4.4. India Olive Oil Market Size and Forecast, by End-User (2023-2030) 4.4.1. Household 4.4.2. Foodservice 4.4.3. Food Manufacturers 4.4.4. Others 4.5. India Olive Oil Market Size and Forecast, by Region (2023-2030) 4.5.1. North India 4.5.2. East India 4.5.3. West India 4.5.4. South India 5. Company Profile: Key Players 5.1. DEOLEO INDIA PVT. LTD. (India) 5.1.1. Company Overview 5.1.2. Business Portfolio 5.1.3. Financial Overview 5.1.4. SWOT Analysis 5.1.5. Strategic Analysis 5.1.6. Recent Developments 5.2. Del Monte (United States) 5.3. Leonardo (Italy) 5.4. Borges International Group (Spain) 5.5. Sovena Group (Portugal) 5.6. FieldFresh Foods Pvt Ltd (India) 5.7. R Oomerbhoy Pvt Ltd (India) 5.8. Modi Naturals Limited (India) 5.9. Hashmitha Enterprise (India) 5.10. Manisha International Pvt Ltd (India) 6. India Olive Oil Market: Key Findings 7. India Olive Oil Market: Industry Recommendations 8. India Olive Oil Market: Research Methodology

About This Report

Report ID 38901
Category Food & Beverages
Published Date Feb 2024
Updated Date