Britons have long had a passion for Chiantishire. Now consumers are turning to olive oil as a wonder food said to help to prevent heart disease and some forms of cancer.

According to analysis by Mintel, sales of olive oil have risen by almost 40 per cent in five years, and for the first time the value of standard cooking oils has been overtaken by olive oils. The market is now worth £104 million a year and within five years is predicted to reach £230 million.

Virgin and extra virgin olive oil — the most expensive varieties — are bought by 30 per cent of those buying edible oils, compared with 25 per cent five years ago. The sight of the television chefs Jamie Oliver and Gordon Ramsay drizzling these oils on their dishes has doubtless influenced the trend.

These days many restaurants offer bowls of olive oil on dining tables for dipping bread as an alternative to butter.

BBC One’s peek into life at Windsor Castle disclosed that the Prince of Wales had requested a bowl of olive oil instead of butter pats for a state banquet.

The craze for healthy eating has spurred demand for other speciality oils such as walnut, truffle and seed-based products, as well as oil sprays and mild and light oils — a market that has grown by nearly 75 per cent in five years.

According to Mintel, most olive oil consumers live in London and the South East, though there are plenty in Wales and the West Country. The lowest sales are in Scotland. The typical consumer is from social class AB and is aged 45 to 54. The over-65s are least likely to drizzle oil on their food.

The health benefits of olive oil have been found by several scientific studies. It is high in vitamin E, which helps to stave off heart disease by slowing the thickening and hardening of arteries.

Compounds in virgin olive oil known as phenols have been linked to the prevention of colon cancer while oleic acid in olive oil is said to cut the risk of developing breast cancer. Olive oil consumption is also believed to account for the low incidence of skin cancer in Mediterranean people.

British shoppers want the benefits of the oils but are reluctant to pay for the expensive makes. Filippo Berio oil is the top brand but supermarkets dominate the market in olive oil sales. Their own-label products undercut top names often by as much as £1 and retailers have achieved 56 per cent of the market share.

Data from TNS Superpanel in The Grocer suggests that Waitrose and Sainsbury’s are selling the most olive oil and speciality oil, though Tesco recorded the highest growth in sales — 12 per cent last year.

Claire Birks, of Mintel, said: “Although, by volume, standard oils still command the majority of the market, the fact that Brits now spend more on olive oil than on standard oils shows a willingness to pay a premium price for sophisticated alternatives to everyday products.

“The use of olive oil in rustic and exotic dishes has also done a lot to elevate its status. The popularity of olive oil has not only been helped by its aspirational value, but also by its association with Mediterranean cooking and the health claims linked with this way of life.”

Ms Birks said that olive oil companies needed to do more to market their products. “Brits are motivated by price and they want the health benefits — but on the cheap, and they are buying own-label brands. I do myself. This presents a challenge to olive oil companies to differentiate their products.”

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