The forecast for soybean oil domestic food consumption in Indonesia between 2024 and 2028 shows a steady growth. In 2023, the actual consumption stood at 33.5 thousand metric tons. The consumption is expected to rise from 35.0 thousand metric tons in 2024 to 40.0 thousand metric tons by 2028. The year-on-year variation indicates a consistent increase, with a notable 8.8% growth from 2023 to 2024.
Key Variations:
- +3.0% from 2024 to 2025
- +5.6% from 2025 to 2026
- +2.6% from 2026 to 2027
- +2.6% from 2027 to 2028
The Compound Annual Growth Rate (CAGR) over the 5-year period from 2023 to 2028 averages around 3.6% annually, reflecting a stable upward trend.
Future trends to watch for include potential impacts of changes in agricultural policies, global soybean market fluctuations, and shifts in consumer preferences towards healthier oils. Additionally, environmental concerns and sustainability practices could influence soybean oil production and consumption trends.
