In 2023, the domestic consumption of olive oil in Canada stood at 40.0 thousand metric tons. The forecast data for the subsequent years show a steady increase, reaching 41.0 thousand metric tons in 2024, 42.0 thousand metric tons in 2025 and 2026, and peaking at 43.0 thousand metric tons in 2027 and 2028. This represents a year-on-year growth rate of 2.5% from 2023 to 2024, and 2.4% annually from 2024 to 2025. The consumption growth remains consistent with an average annual growth rate, or CAGR, of approximately 1.8% over the five-year period from 2023 to 2028.
Future trends to watch for include the increasing consumer awareness of the health benefits of olive oil, the potential impact of olive oil prices due to global supply fluctuations, and shifts in consumer preferences towards healthier cooking oils. Additionally, the growth of the Mediterranean and plant-based diets may further drive up the demand for olive oil in Canada.
