The demand for palm oil in Australia has witnessed varying trends over the past decade. After consistent growth from 2014 to 2017, with an 8% increase in 2017, the growth slightly moderated, showing fluctuations in subsequent years. In 2018, demand dropped by 3.7% but resumed growth in the following years, stabilizing around 133-137 thousand metric tons from 2020 to 2023. As of 2023, the value stood at 137 thousand metric tons with a modest year-on-year increase of 0.74%, and a 5-year CAGR of 1.05%.

Future trends to watch for:

Forecasts indicate a steady growth pattern with a 5-year growth rate of 2.9%, expected to reach 142 thousand metric tons by 2028.
Sustainability concerns and regulatory changes may impact demand dynamics.
Continued innovation in palm oil alternatives could shape future market trends.