The import of Virgin Olive Oil to the UK has shown a consistent upward trend from 2013 to 2023, with actual values starting at 160.13 million USD in 2013 and reaching 191.03 million USD in 2023. Noteworthy is the year-on-year growth, peaking at 12.57% in 2015, but generally stabilizing around a 1-2% increase annually in recent years. The Compound Annual Growth Rate (CAGR) over the last five years shows a steady average variation of 1.61% per year.
Looking ahead, the forecast indicates a continued increase, with imports expected to reach 203.57 million USD by 2028, reflecting a 5-year growth rate of 5.13% and a forecasted CAGR of 1% over this period.
Future trends to watch for include:
- Potential changes in UK-EU trade relationships and their impact on import tariffs and regulations.
- Fluctuations in global olive oil production due to climate change and agricultural conditions.
- Shifts in consumer preferences towards healthier dietary options, increasing demand for virgin olive oil.
- Technological advancements in olive oil production and supply chain efficiencies.
