The demand for olive oil in Indonesia has shown a relatively stable trend over the past few years, with minor fluctuations. In 2023, the demand stood at 2.0 thousand metric tons, marking no change from the previous year. Historical data reveals a stable phase from 2014 to 2019, followed by a slight dip in 2020, but demand rebounded and remained stable up to 2023. The year-on-year variation from 2022 to 2023 was 0%, with a 5-year Compound Annual Growth Rate (CAGR) of 0%. During the forecast period from 2024 to 2028, a cautious but steady growth trend is predicted with a CAGR of 1.76%, culminating in a growth rate of 9.13% by the end of 2028.
Future Trends to Watch:
- Increased health awareness fostering greater olive oil consumption.
- Potential market entry of new players enhancing competitive landscape.
- Government policies on healthy eating propelling industry growth.
- Fluctuations in global olive oil supply impacting local demand dynamics.
