Over the past decade, the demand for olive oil in Chile has shown notable fluctuations. The actual value stood at 7.0 thousand metric tons in 2023. Initially, from 2014, the demand saw a sharp decline in 2015 by 60%. It then recovered with a significant increase in 2016 by 125%. From 2017 to 2023, there were minor changes with some oscillations, maintaining a value of 7.0 thousand metric tons in recent years.
The year-on-year variation for 2022 and 2023 was stable at 0%, showcasing no growth or decline. Analyzing the compound annual growth rate (CAGR) over the last five years up to 2023 reveals a stagnant trend, indicating a 0% average annual variation.
Future forecasts from 2024 to 2028 predict a gradual decrease in demand, with a forecasted CAGR of -1.71% and an overall decline of -8.25% over these years. By 2028, the demand is expected to reach 6.23 thousand metric tons.
Trends to watch:
- Potential market stabilization in the medium term despite short-term declines.
- Impact of external factors such as climate change and global supply chain disruptions on olive oil production and demand.
- Possible shifts in consumer preferences and dietary trends affecting olive oil consumption.
- Regulations and trade policies that might influence import and export activities within Chile.
