The demand for vegetable oils in Belgium saw a slight increase over the past decade, beginning at 1.81 million metric tons in 2014 and reaching 2.04 million metric tons in 2023. This represents an overall upward trend with fluctuations, including a notable 8.94% increase in 2015 and a dip of -4.35% in 2016. The year-on-year variation over the last two years was 0.59%, contributing to a 5-year CAGR of 0.45% from 2018 to 2023.
Looking forward, the forecast data predicts a continued modest growth rate. By 2028, the demand is expected to reach 2.09 million metric tons, with a forecasted 5-year growth rate of 2.15% and a CAGR of 0.43%. Future trends to watch include the impact of health-conscious consumer behaviors, potential shifts due to alternative oil sources, and changes in agricultural policy related to oil crop production.
