The demand for olive oil in South Africa remained stable from 2014 to 2016 at 5.0 thousand metric tons, gradually increasing to 6.0 thousand metric tons by 2017 and maintaining that level through 2019. A notable dip occurred in 2020 with a value of 4.98 thousand metric tons, but the demand quickly rebounded to 6.0 thousand metric tons by 2021, a level sustained through 2023.
Key Year-on-Year Variations:
- 2017: 20%
- 2020: -17%
- 2021: +20.48%
- 2023: 0%
The compound annual growth rate (CAGR) highlights a fairly stable market, with a forecasted moderate growth. The CAGR from 2019 to 2023 was 0%, from 2020 to 2021 was 3.71%, and a future five-year CAGR (2024-2028) is predicted to be 0.72%, with an estimated growth rate of 3.67% over these five years.
Looking ahead, future trends to watch include the impact of health and wellness trends on consumer preferences, potential price fluctuations due to global supply chain issues, and emerging local production capabilities which may influence the market dynamics.
