From 2014 to 2023, the groundnut oil market in Vietnam generally showed stability with minor fluctuations. The volume remained largely around the mid-30 thousand metric tons, except for a dip in 2017 and recovering surges in 2018 and 2021. As of 2023, the market volume stood at 34.0 thousand metric tons. Year-on-year analysis indicates significant changes only during years of economic or sectoral adjustments, such as 2017 and 2020.
Future projections from 2024 to 2028 anticipate a modest growth rate, with average annual growth (CAGR) hovering around 0.32%. By 2028, the market is expected to reach 34.73 thousand metric tons, marking a 1.6% increase over the five-year forecast period.
Future trends to watch for:
- Potential shifts in consumer preferences towards healthier cooking oils.
- Government policies and import-export regulations affecting supply chains.
- Technological advancements in oil production and processing.
