Analysis reveals that between 2013 and 2023, India's import of olive oil experienced significant growth, rising from $39.55 million to $67.94 million USD. The variation in growth rates indicates initial volatility, with a notable spike in 2016, followed by consistent year-on-year growth. The Compound Annual Growth Rate (CAGR) exhibited decreasing trends, reflecting a maturing market. Specifically, the year-on-year growth for 2022 and 2023 was 4.52% and 4.24%, while the CAGR over the past five years stood at 4.07%. The forecasted CAGR for the next five years is 2.76%, expecting the value to reach $80.95 million by 2028.
Future trends to watch for:
- Increasing health consciousness among Indian consumers driving demand for olive oil.
- Fluctuations in global olive oil prices due to climate change affecting olive harvests.
- Expansion of distribution networks and availability in urban and rural markets.
- Impact of government policies on import duties and trade agreements.
