The import of refined olive oil and fractions to Indonesia has experienced significant fluctuations over the past decade. Starting at 1.1087 million USD in 2013, the import value saw a mixed trend with notable growth periods, such as a substantial increase in 2018 (182.14% year-on-year) and a significant drop in 2019 (-13.1%). As of 2023, the import value stood at 4.1613 million USD, marking a remarkable journey from its earlier years.
Recent years show a steady increase, reflected in the moderate year-on-year growth of 5.37% in 2023. The compound annual growth rate (CAGR) from 2018 to 2023 averaged 1.92%, indicating overall growth despite some volatility. Looking at forecasted data, the import value is expected to continue to rise steadily, reaching 5.2684 million USD by 2028, with a forecasted CAGR of 3.7% over the next five years.
Future trends to watch for:
- Potential impacts of global supply chain disruptions on import prices.
- Shifts in consumer preferences towards healthier, potentially premium-priced olive oils.
- Government policies or trade agreements affecting import tariffs and regulations.
- The overall economic climate in Indonesia influencing purchasing power and demand.
