The demand for mustardseed and rapeseed in Chile is projected to rise steadily from 243.0 thousand metric tons in 2024 to 266.0 thousand metric tons in 2028, indicating an overall positive trend. As we now stand in 2024, evaluations indicate a year-on-year growth, with the demand expected to increase by approximately 2.5% each year based on historical trends.
From the actual figures of 2023, where the demand was at 238.0 thousand metric tons, the year-on-year growth from 2023 to 2024 is about 2.1%. Over the last two years, this trend has continued with a consistent increase. The Compound Annual Growth Rate (CAGR) over the forecasted five-year period from 2023 to 2028 is estimated to be around 2.3% per annum, reflecting a sustainable yet moderate growth in demand.
Future trends to watch for include potential shifts in agricultural policies, climate changes affecting crop yields, and possible technological advancements in seed improvement and farming techniques. Additionally, fluctuations in global trade policies and local economic conditions could further influence this growth trajectory.
