The import of olive oil to Malaysia is forecasted to witness a steady growth from 2024 to 2028, increasing from 15.245 million USD in 2024 to 17.619 million USD in 2028, indicating a consistent rise over this period. In 2023, the import value stood at 14.678 million USD. The year-on-year variations are as follows:
- 2024: 3.87% increase
- 2025: 4.02% increase
- 2026: 3.78% increase
- 2027: 3.63% increase
- 2028: 3.38% increase
The compound annual growth rate (CAGR) over the five-year forecast period is 3.74%. This demonstrates an encouraging trend of consistent demand increase for olive oil imports in Malaysia.
Future trends to watch for include potential changes in consumer preferences towards healthier cooking oils, global olive oil price fluctuations, and possible shifts in trade policies that could impact import rates. Additionally, market penetration strategies by major international olive oil brands could further influence import volumes.
