The import volume of olive oil in Malaysia remained steady at 2.0 thousand metric tons in 2014 and 2015. In 2016, there was a significant increase to 4.0 thousand metric tons, followed by a sharp decline to 2.0 thousand metric tons in 2017. From 2018 to 2023, the import volume stabilized around 3.0 thousand metric tons, with minor fluctuations. The year-on-year variation in 2023 was 0%, indicating no growth compared to the previous year. Over the past five years, ending in 2023, the compound annual growth rate (CAGR) was 0%, signifying a stable trend.
Looking forward, the forecasted data suggests a gradual upward trend in olive oil imports, with a projected CAGR of 1.25% over the next five years, leading to a growth rate of 6.43% by 2028. The import volume is expected to incrementally increase, reaching 3.27 thousand metric tons by 2028.
Future trends to watch for include potential market diversification, increased consumer demand for health products, and the impact of trade policies on import volumes. Additionally, monitoring global olive oil production and price fluctuations will be crucial for accurate forecasting and strategic planning.
