The demand for olive oil in Africa has shown significant fluctuations over the past decade, with a notable increase from 252 thousand metric tons in 2014 to 360 thousand metric tons in 2023. Year-on-year variations reveal a mixture of growth and decline, such as a 13.1% drop in 2015 followed by a 29.68% rise in 2016. The average annual growth rate (CAGR) over the last five years stands at 0.8% as of 2023. Looking ahead, olive oil demand is forecasted to grow to 395.23 thousand metric tons by 2028, indicating a modest 1.47% annual growth rate and a total increase of 7.59% over the next five years.
Future trends to watch for include the impact of evolving consumer preferences towards healthier cooking oils, potential market expansions in emerging African economies, and the effects of global price fluctuations on regional demand. Additionally, advancements in supply chain logistics and local olive cultivation could further influence demand dynamics.
