U.S. Olive Oil Market Sees Strong Growth – Forecast to Reach $2.9B by 2035

The U.S. olive oil market is projected to reach a volume of 310,000 tons and a value of $2.9 billion by 2035, according to new data from IndexBox. This marks a compound annual growth rate (CAGR) of +0.9% in volume and +2.5% in value from 2024 to 2035.

In 2024, consumption reached 280,000 tons, up 5.6% from the previous year. The market’s total value surged to $2.2 billion, a 43% increase over 2023. Imports remain the primary driver of this growth, accounting for 274,000 tons and $2.5 billion in value.

Italy (93K tons), Spain (88K tons), and Tunisia (51K tons) supplied 85% of total U.S. olive oil imports in 2024. Portugal saw the fastest import value growth, with a CAGR of +28.0% between 2013 and 2024.

Average import prices rose sharply to $9,168 per ton in 2024, up 46% year-on-year. Greece and Spain had the highest prices per ton, at $9,784 and $9,628 respectively.

Domestic production remains limited. U.S. producers generated 16,000 tons of olive oil in 2024, unchanged from 2023. While volume doubled since 2014, value declined slightly to $57 million.

Exports grew 59% in 2024, reaching 10,000 tons and $32 million in value. Canada was the top buyer, importing 6,500 tons.

Virgin olive oil followed similar trends, with 2024 imports hitting 278,000 tons and valued at $2.5 billion. Prices rose to an average of $9,138 per ton. U.S. consumption hit 283,000 tons, up 6.7% from 2023.