The US olive oil market has shown steady growth from 2014 to 2023, increasing from 307.0 Thousand Metric Tons to 323.0 Thousand Metric Tons. Over the years, the market saw minor fluctuations but maintained an overall upward trend. From 2022 to 2023, the market experienced a slight increase of 0.31%, similar to the year-on-year variation seen in 2020 and 2014. The compound annual growth rate (CAGR) over the last five years up to 2023 stands at 0.25%, indicating moderate but consistent growth.
From 2014 to 2019, the market grew at an average year-on-year rate ranging from 0% to 0.98%, with a notably higher increase in 2021 at 2.32%. After a slight dip of -1.66% in 2022, the market resumed its growth trajectory in 2023.
Future projections indicate continued gradual growth, with the forecasted volume reaching 327.66 Thousand Metric Tons by 2028. The forecasted five-year CAGR from 2024 to 2028 is 0.21%, reflecting a stable market with moderate expansion.
Future trends to watch for include consumer preferences towards healthier oils, the impact of climatic conditions on olive crop yields, and evolving import-export policies that could influence market dynamics.
