Olive oil remains one of the most recognizable products of the Mediterranean diet and is associated, like few other foods, with health, longevity, and Greek production. However, demographic trends and the changing consumption habits of younger generations, combined with the climate crisis and the abandonment of production, are creating new challenges for an industry that must redefine its relationship with consumers.
While taste may still be the number one criterion for choosing a food product, however, according to international surveys, younger generations—and Gen Z in particular—appear to be less familiar with the traditional flavors that characterized the diets of previous decades. Combined with an aging population and low birth rates, market analysts estimate that consumption of table olives and olive oil could decline by 3%–4% by 2030.
Olive oil producers are already exploring new avenues. From organic and premium products to new uses for olive oil in gastronomy and mixology, the industry is striving to reintroduce the product to a public seeking experiences, authenticity, and sustainability.
For example, in the U.S., olive oil has begun to make its mark in mixology. The technique of “fat-washing”—in which fats and oils are infused into spirits to impart flavors and texture—is now being used by top cocktail bars.
However, despite concerns about younger generations, the industry’s international outlook remains positive. The global market for extra virgin olive oil is expected to reach $19.8 billion by 2031, recording an average annual growth rate of 4.5%. In 2024, global olive oil production stood at approximately 2.56 million metric tons. Spain remains the industry’s leading force, accounting for more than 38% of global production. Greece ranks second in Europe and fourth worldwide, with a 7.4% share.
XENIA: “Our limit is not our facilities but our raw materials”
With a strong six-decade presence in the olive oil and table olive sector, Olympia Xenia (XENIA) is investing in strengthening its production base, expanding its network of producers, and further internationalizing its operations.
Today, the company reports a turnover of over 27 million euros, employs 85 people, and operates in 33 countries. Although its facilities can support significantly larger production volumes, management points out that the main limiting factor is not infrastructure but the availability of raw materials.
“We want to grow as much as the raw materials allow,” company executives note. “Growth depends on expanding our network of partner producers and securing larger quantities of olive oil and olives.”
XENIA’s history began in 1964, when Gerasimos Vasilopoulos launched the brand of the same name. In 1990, the olive oil standardization plant was established, at a time when the Greek market was transitioning from the distribution of bulk products to organized standardization and packaging processes. The year 2014 marked the beginning of a new era with Christos Anagnostopoulos taking over management. The Vasilopoulos family currently holds a 20% stake in the company’s share capital.
Production capacity reaches 8,000 metric tons of olive oil and 12,000 metric tons of table olives annually. Today, the company produces approximately 2,000 metric tons of olive oil and 4,000 metric tons of olives. Of key importance to its commercial growth is its long-standing partnership with AB Vasilopoulos, which accounts for approximately 20% of its total revenue.
At the same time, the company partners with the Ahold Delhaize Group, producing private-label products for markets such as Belgium, the Czech Republic, Serbia, and Romania, while its export activity accounts for approximately 40% of total revenue.
Its products are available in 33 countries, including Italy, Germany, France, Spain, the United States, Canada, Japan, the United Arab Emirates, and Australia. As part of its sustainable development strategy, management is implementing a 2 million euro investment program, which includes the installation of photovoltaic systems, energy efficiency measures, and facility upgrades.