In 2023, the olive oil market size in Asia stood at 348.0 thousand metric tons. Over the past decade, the market has shown a fluctuating trend. Initially, from 2014 to 2017, the market saw a modest growth period, peaking at 417.0 thousand metric tons in 2017. However, post-2017, there was a significant downturn with an abrupt drop in 2018 followed by continued declines.
Year-on-Year variation analysis reveals significant decrease in market size around 2018 (-17.75%) followed by slight fluctuations until 2023, which marked a -0.85% decline. The five-year CAGR from 2019 to 2023 shows an average annual decline of -0.77%. Looking forward, forecasts predict a continuous decline, reaching 331.0 thousand metric tons by 2028 with a five-year growth rate of -3.78%.
Future Trends to Watch For:
- Shifts toward healthier lifestyles could influence demand positively, promoting growth opportunities.
- Fluctuations in international olive oil prices could impact market size and consumption patterns.
- Increasing consumer awareness and preference for authentic, high-quality olive oil may drive market segmentation.
