In 2023, olive oil domestic consumption in Australia stood at 56.0 thousand metric tons. Analyzing forecasted data from 2024 to 2028, we see a consistent upward trajectory. In 2024, consumption is expected to rise to 57.0 thousand metric tons, representing a year-on-year increase of approximately 1.79%. This growth continues through to 2028, with the consumption forecasted to reach 60.0 thousand metric tons. Key annual variations show an approximate growth of 1.75% from 2025 to 2026 and stagnant growth from 2026 to 2027, indicating market saturation. The cumulative average growth rate (CAGR) from 2024 to 2028 suggests a steady increase of around 1.74% per year.
Future trends to watch for include:
- The influence of health and wellness trends driving higher olive oil consumption.
- Potential impacts of import regulations and local production capabilities.
- Shifts in consumer preferences towards organic and sustainably produced olive oils.
