The import of olive oil to the UK has been experiencing a general upward trend over the past decade. In 2023, the import volume stood at 46.162 million kilograms. Observing the year-on-year variations, there was significant growth in 2017 (37.51%) and 2019 (39.35%), primarily driven by increased demand and possibly substitutions for other cooking oils. The CAGR over the last five years up to 2023 is 8.51%, showing a strong upward momentum despite some fluctuations.
In 2022, the import volume grew by 3.55%, and in 2023, it saw a 3.36% increase. Looking ahead, from 2024 onward, the imports are forecasted to continue growing at an average annual rate (CAGR) of 2.47%, with an expected increase in total volume of 12.96% by 2028.
Trends to watch for:
- Potential changes in consumer preferences and health trends favoring olive oil over other types of oils.
- Global economic factors affecting olive oil production in key exporting countries.
- Trade policies and tariffs post-Brexit that could impact import volumes and costs.
- Sustainability and environmental concerns influencing both production practices and consumer choices.
