The demand for olive oil in Canada experienced significant fluctuations between 2014 and 2023. Starting at 43 thousand metric tons in 2014, the value dipped notably in 2015 before rebounding and undergoing periods of both decline and growth. In 2023, demand stood still at 48 thousand metric tons, reflecting no change from the previous year. The compound annual growth rate (CAGR) from 2020 to 2023 was -0.41%, indicating a small decline in demand over this period.
Yearly variations have shown notable trends: a significant year-on-year decrease of 13.95% in 2015, followed by a rise of 16.22% in 2016. The year 2018 marked the highest annual growth at 28.95%. More recently, growth rates have stabilized, with minor changes in 2022 and 2023 (0.13% and 0%, respectively). The longer-term CAGR reveals an average annual decline of 0.41% from 2014 to 2023.
Looking forward, the forecasted demand for olive oil from 2024 to 2028 shows a slow but steady rise. This period expects a CAGR of 0.59%, indicating moderate recovery. The total projected growth over these years is approximately 3.01%.
Future trends to watch for include shifts in consumer preferences towards healthier cooking oils, potential impacts of economic factors on consumer spending, and the influence of new marketing strategies and health information that could affect olive oil consumption in Canada.
