South African olive oil industry shows significant growth potential
The desire of people to lead a healthy lifestyle and eat right contributes to this
The global trend towards healthier eating habits has led to a surge in the consumption of olive oil, driven by consumers' increasing focus on well-being and overall health. This is reported by Pretoria News, a partner of TV BRICS.
This has created a substantial demand for vegetable oils, particularly olive oil, which is known for its various health benefits such as high levels of Omega-3, monosaturated fatty acids, vitamin E, and antioxidants.
The Western Cape accounts for 95 per cent of domestic olive oil production. The remainder is produced in the Eastern Cape (2 per cent), Northern Cape (1 per cent), Limpopo (1 per cent) and Free State (1 per cent).
Forecasts show that the global olive oil market will grow from US$14.64 billion in 2023 to US$18.42 billion by 2030, at a compound annual growth rate of 2.9%. This will be fuelled by rising demand from the catering and retail sectors due to increasing consumer awareness about the health benefits of olive oil.
With the sector's promising growth trajectory, policy support and funding are crucial to further develop the industry, potentially leading to increased exports, job creation, and poverty reduction.
Photo: iStock-
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