The North American olive market is projected to record a CAGR of 4.0% during the forecast period (2020-2025).
– The North American olives market has grown rapidly in recent years, majorly driven by a shift in the consumption pattern toward inclusion of olive oil in regular diet and greater usage of table olives.
– Olive oil is the major constituent in the consumption of olives in the region, the preference for table olive toppings or olives as ‘tapas’ has also been prevalent in recent years, which has translated into regular olive imports to meet the domestic requirements.
– The United States is one of the largest producers of lime in North America. The production of lime in North America accounted for 138,596 ton in 2018, which is expected to increase in the future, thereby, driving the lime market in the region.
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Key Market Trends
Dietary Revolution Leading to an Upsurge in Demand For Olive Oil
A dietary revolution based on the nutritional benefits of olive oil has taken the consumers by stride in recent years. The upsurge in demand may be purely attributed to high health benefits, owing to the presence of monounsaturated fat and antioxidants in olive oil, which helps prevent cardiovascular diseases, hyperlipidemia, and hypertension. As the demand for olive oil is positively correlated with the demand for olives, the rise in the global demand for olive oil has spurred the need for higher production of olives. The olive oil consumption in the United States was 327 thousand metric ton in 2017 which increased considerably to 362 thousand metric tons in 2019 owing to a shift in the consumption of olive oil from the pomace variant to pure, extra light, and virgin categories. Thus, the rising trend of olive oil consumption is therefore anticipated to act as a catalyst in the growth of olive production, hence driving the global olive market.
United States Accounts for a Major Share in the Production of Olives.
California is where the majority of US olives are produced, and shares a similar climate with many of the Mediterranean countries known for their olive oil production. Favorable climatic conditions in the United States have helped the country to become one of the major producers of olives. Some of the other major producers of olives after the United States were Mexico and Canada. Mexico is recently being examined for the expansion of olive oil processing facilities. The region, Tamaulipas province, in the northeastern part of Mexico, has been chosen as the site for a new olive oil processing plant. Thus, the production of olives in the country is being processed for olive consumption to cater to the rising demand for olive oil and table olives in the region.
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