Analysis of Forecast: Olive Oil Domestic Consumption in Saudi Arabia
Based on the actual data up to 2023 and forecasted data from 2024 onwards, the consumption of olive oil in Saudi Arabia is expected to exhibit steady growth. The value stood at 42.0 thousand metric tons in 2023. From 2024, the consumption is forecasted to increase by 2.33% each year, starting at 43.0 thousand metric tons in 2024 and reaching 47.0 thousand metric tons by 2028. This reflects a compound annual growth rate (CAGR) of approximately 2.3% over the five-year period from 2024 to 2028.
Future trends to watch for include potential shifts influenced by changing dietary patterns, rising health consciousness among consumers, and government initiatives to promote healthier eating habits. Additionally, any changes in price due to supply chain disruptions or international trade policies could impact consumption rates.
