The olive oil demand in North America demonstrated a fluctuating yet overall positive trend from 2014 to 2023, starting at 350.0 thousand metric tons and reaching 370.0 thousand metric tons in 2023. Key variations included a significant spike in 2018 with a 3.95% increase and notable dips in 2015 and 2022 at -0.57% and -1.69%, respectively. The average compound annual growth rate (CAGR) over the last five years was 0.83%.
- From 2014 to 2023, demand increased by 20.0 thousand metric tons.- Year-on-year variation in 2023 was 0.27%.- The last five-year CAGR up to 2024 is a modest 0.11%.- Forecasted CAGR for the next five years is slightly higher at 0.24%, projecting a demand of 376.27 thousand metric tons by 2028.
Future trends to watch for include potential impacts of dietary shifts towards health-centric consumption, increased olive oil imports, and potential economic fluctuations influencing consumer spending habits. Supply chain stability and climatic conditions affecting olive harvests will also be critical factors.
