LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Olive Oil Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the agro commodities and raw materials industry. This report breaks down the data and analysis behind the procurement of olive oil and acts as an all-inclusive guide for making smart purchasing decisions.
“The increase in demand for extra virgin olive oil can be attributed to various factors including its strong anti-inflammatory and antioxidant property due to its high polyphenol content along with its ability to reduce the occurrence of cardiovascular diseases,” says SpendEdge procurement analyst A Kowshik. “Also, a swifter transition toward a more balanced and healthier lifestyle is driving the consumption of olive oil,” added Kowshik.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Olive Oil Market:
- The increasing importance of quality, certification, and compliance with classification standards.
- Fluctuating demand-supply dynamics increasing prices of olive oil in the short-to-medium term.
- Rising awareness of health benefits and relatively easy availability of olive oil increasing trial and adoption.
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The increasing importance of quality, certification, and compliance with classification standards:
The increase in olive oil production by non-traditional manufacturing hubs of olive oil has led to the rise in importance of quality and certification. Olive oil manufacturers are also incorporating methods such as laboratory testing to control and define typical characteristics of virgin olive oil in specific geographic areas. Adopting this practice helps the buyers to be better equipped to access the quality of olive oil while enabling them to focus more on genetic and technical features.
Fluctuating demand-supply dynamics increasing prices of olive oil in the short-to-medium term:
The global olive oil market has been facing an increase in the demand-supply dynamics which has resulted in frequent fluctuations in prices of olive oil. Also, this has dramatically affected the value-generation and profit-margins across the end-users industries like the food and beverage industry. Moreover, the demand for olive oil is likely to be affected in the medium-term as end-consumers of the oil may switch to alternative vegetable oils. The buyers prefer entering into forwarding contracts with suppliers of olive oil to ensure continuous availability of oil.
Rising awareness of health benefits and relatively easy availability of olive oil increasing trial and adoption:
The knowledge about the health benefits of consuming olive oil has improved drastically over the past few years, leading to changes in dietary habits of end-consumers. Also, the reduction in the import duty of olive oil by importing countries has further increased olive oil consumption across various geographies areas. Moreover, the rise in awareness increases opportunities for buyers as they can sell their products to new and untapped end-consumer markets such as India, China, Japan, Canada, and the US.
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