Market Size of Africa Olive Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.50 % |
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Africa Olives Market Analysis
The Africa olive market is expected to register a CAGR of 5.5% during the forecast period.
- Olive oil, cereals, fruit and vegetables, and dates have long been the foundation of agriculture in Africa, and efforts are being made to modernize the sector through the development of agri-business. Yet, agriculture remains largely dominated by small family farms. In addition, initiatives to reorganize production to boost efficiency and equity are being implemented, notably in the form of cooperatives. Morocco is the largest producer, with 1.5 million in 2021, followed by Egypt, Algeria, and Tunisia, some of the other top olive production countries in Africa.
- In 2023, Spanish olive oil consumers are likely to turn to other markets like Morocco for the product, as prices remain high due to rising production costs and drought, standing at more than five euros per liter for extra virgin olive oil and around five euros for virgin and lampante olive oil. Despite this price increase, Spanish consumers continue to buy olive oil because they have no other alternative. Sunflower oil has also become more expensive after the Russian invasion of Ukraine.
- The government has prioritized improving irrigation, and increasing market productivity since olive has the potential for much more growth, especially in terms of higher value-added organic olive oil. Some factors driving the olives market are the rise in the demand for olive oil, dietary benefits, and pharmaceutical uses, which will boost the market's growth during the forecast period.
