In Saudi Arabia, the olive oil market volume in 2023 stood at 23.0 Thousand Metric Tons, matching the figures for 2021 and 2022, indicating a recent stabilization in demand. Over the last two years, the market revealed no year-on-year variation, showing a steady trend. The Compounded Annual Growth Rate (CAGR) over the last five years stands at 0.89%, reflecting moderate growth despite notable fluctuations during individual years. Specifically, the market experienced significant changes like a growth of 9.09% in 2017 and a decline of 13.23% in 2020. The forecast for 2024 predicts slight growth with the market reaching 23.07 Thousand Metric Tons, continuing an anticipated steady increase to 23.33 Thousand Metric Tons by 2028 at a forecasted CAGR of 0.22%.

Key trends to watch for in future years include:

Potential impacts of economic diversification strategies on import patterns and domestic production.
Influence of health trends promoting olive oil consumption.
Shifts in consumer preferences and potential government policies affecting the food sector.