The demand for olive oil in the US has shown consistent, albeit modest, growth from 2014 to 2023, starting from 307 thousand metric tons in 2014 and reaching 323 thousand metric tons by 2023. Over the last five years, the Compound Annual Growth Rate (CAGR) has been 0.25%, with a year-on-year growth of 0.31% in 2023. Significant growth was observed in 2021 with a 2.32% increase, followed by a slight decline of -1.66% in 2022.
Future forecasts indicate a continued steady growth, with the CAGR expected to be around 0.21% through 2028, leading to an estimated demand of 327.66 thousand metric tons by 2028, marking a 1.03% total increase over this period.
Future trends to watch for:
- Consumer preference shifts towards healthier food options may drive higher olive oil consumption.
- Innovations and marketing initiatives in the olive oil sector could play a significant role in demand growth.
- Economic fluctuations and their impact on consumer spending habits need to be monitored closely.
