Marketable health benefits, along with a growing consumer interest in Mediterranean foods and unique regional flavor choices, are helping to drive an invigorated olive oil market in the U.S., which should surpass $1.3 billion by 2010, according to Olive Oil in the U.S., the latest market research from Packaged Facts.
Packaged Facts projects that the olive oil market, which grew at a CAGR of 8.2 percent during 2001-2005, will reach $968 million in 2006, up from $894 million in 2005.
Demand for olive oil in the U.S. has soared as media reports continue to tout the potential health benefits of olive oil such as lowering cholesterol and blood pressure. In 2004 alone, consumption of olive oil was up 16 percent from 2001, when Americans consumed 212,102 metric tons.
Along with health, flavor has become a passion with American olive oil connoisseurs. Olive oil tasting bars have been gaining in popularity since 2001, and unique olive oil boutiques, which sell olives and olive oils exclusively, are cropping up all over the country as American palates become more familiar with the flavor intricacies of various regional oils.
“Origin/region oils and estate oils harvested and extracted on individual farms are gaining momentum as a multitude of high end olive oils appear on supermarket shelves, gourmet shops, and in menu items throughout the country,” said Don Montuori, the publisher of Packaged Facts.
“Consumers are falling in love with the oil that is ‘good for you’ and that is paying off for the big marketers as well as private labels in this country.”
Olive Oil in the U.S. provides a comprehensive analysis of the market, while examining new product trends and growth drivers; offering competitive profiles of industry leaders (and up and comers); and looking at consumer trends and behaviors surrounding America’s new found fascination with olive oil.
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