The olive oil market in Turkey, expressed in thousand metric tons, has seen a significant decline from 156.0 in 2014 to 94.0 in 2023. Over the past few years, the market's volume has continuously decreased, particularly after a major drop in 2018, reflecting a 44.97% year-on-year decline. The overall compound annual growth rate (CAGR) from 2019 to 2023 shows a meager growth of 0.21%.
Recent year-on-year variations highlight a consistent downward trend, with the market shrinking by 4.08% in 2023. The forecast indicates that this trend will persist, projecting a decline of approximately -4.10% per year over the next five years, leading to an 18.89% decrease in market size by 2028.
Future trends to watch for include:
- Innovations in olive oil production and distribution.
- Impact of climate change on olive harvest yields.
- Changing consumer preferences towards healthier and organic options.
- Policy changes or subsidies affecting the olive oil industry.
- Global market demand fluctuations and potential export growth.
