The Canadian olive oil market has exhibited notable fluctuations over the past decade. From 42.0 thousand metric tons in 2014, the volume dipped to 36.0 in 2015, only to rebound to 42.0 thousand metric tons in 2016. A subsequent dip and rise pattern characterize the next few years, reaching a peak of 48.0 thousand metric tons in 2018. By 2023, the volume stood steady at 47.0 thousand metric tons. Year-on-year variation over the last two years stabilized at minimal percentage changes, with 2023 recording no change, while the CAGR over the past five years averaged -0.42%. Forecasts for 2024 and beyond suggest gradual growth, with the volume projected to reach 48.91 thousand metric tons in 2028, implying a five-year CAGR of 0.58% and a five-year growth rate of 2.95%.
Future trends to watch for include potential shifts in consumer preferences towards health-conscious products, price fluctuations in the global olive oil market due to supply chain disruptions, and innovation in product offerings such as organic and flavored olive oils which might impact market size and growth rates.
