The olive oil demand in Vietnam is projected to rise steadily from 2024 to 2028. Starting at 1.07 thousand metric tons in 2024, the demand is expected to reach 1.24 thousand metric tons by 2028. In 2023, the actual consumption stood at 1.03 thousand metric tons.
Analyzing the year-on-year variations:
- 2024: +3.88%
- 2025: +3.74%
- 2026: +3.60%
- 2027: +4.35%
- 2028: +3.33%
The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is 3.78%.
Future trends to watch for include the increasing health awareness and dietary preferences among Vietnamese consumers, which are likely to drive the demand for healthier oils, including olive oil. Additionally, expansion in the retail sector and urbanization will likely support market growth.
