The demand for olive oil in Turkey experienced fluctuations between 2014 and 2017, peaking in 2017 at 193.0 thousand metric tons before a significant drop in 2018 by 47.15%. Subsequent years saw modest recovery and overall downward trends with varying yearly decreases. Notably, between 2022 and 2023, the demand reduced by 4.63%, bringing the demand to 103.0 thousand metric tons in 2023. The latest five-year CAGR indicates a 0.2% average annual decline from 2018 to 2023.
Forecasts predict a continued decrease in demand from 2024 onwards, projecting a 20.41% reduction by 2028, yielding an overall five-year CAGR of -4.46%. This sustained contraction suggests a trend towards decreasing olive oil consumption moving forward.
Future trends to watch for:
- Potential changes in consumer preferences and health trends
- Impact of economic conditions and disposable income on consumption patterns
- Advancements in production technology and potential supply chain disruptions
- Government policies affecting agricultural production and trade
