In 2023, the supply of olive oil in the US stood at 415.0 thousand metric tons. Forecasted data from 2024 to 2028 indicates a steady increase in supply, reaching 456.0 thousand metric tons by 2028. The year-on-year variation is as follows:
- 2024 to 2025: 1.89%
- 2025 to 2026: 2.09%
- 2026 to 2027: 1.82%
- 2027 to 2028: 1.79%
The Compound Annual Growth Rate (CAGR) from 2023 to 2028 is approximately 1.88% per year. This consistent upward trend is indicative of a growing demand for olive oil in the US market.
Future trends to watch for:
• Increasing consumer preference for healthier cooking oils driving demand.
• Potential impact of climatic changes on olive production in major supplying countries.
• Innovations in olive oil production and marketing strategies.
