As of 2023, Vietnam's domestic food consumption of soybean oil was recorded at 280.0 thousand metric tons. The forecasted data indicates a steady growth from 2024 to 2028. In 2024, the consumption is expected to reach 284.0 thousand metric tons, increasing to 289.0 thousand metric tons in 2025, and continuing to rise to 293.0 thousand metric tons in 2026. The upward trend extends further with consumption reaching 296.0 thousand metric tons in 2027 and 300.0 thousand metric tons in 2028.
The year-on-year variation shows a consistent growth pattern, with an annual increase of approximately 1.8% from 2024 to 2025, and around 1.4% from 2025 to 2026. The growth rate slightly decelerates to about 1% from 2026 to 2027, and stabilizes close to this rate through 2028.
The CAGR from 2023 to 2028 stands at approximately 1.4%, indicating a stable demand for soybean oil in Vietnam's domestic food consumption sector over the five-year period.
Future Trends to Watch:
- Potential influences of government policies promoting healthy dietary fats and oils.
- The impact of rising health-consciousness among Vietnamese consumers on the demand for soybean oil compared to other edible oils.
- Fluctuations in global soybean oil prices and their effect on domestic consumption patterns.
- The growth of the food processing industry in Vietnam and its influence on soybean oil demand.
