Historical data of vegetable oil production in Malaysia from 2014 to 2023 shows a fluctuating trend. The production volume in 2023 stood at 23.74 million metric tons. The year-on-year percentage variations highlight significant fluctuations, with peaks and troughs over the years. For instance, an 18.93% increase in 2017 followed by a 16.35% decrease in 2016. Over the past five years, the compound annual growth rate (CAGR) shows a modest 0.042% average growth per year.
Forecast data from 2024 to 2028 suggests stabilization, with an average forecasted 5-year CAGR of 0% and a minimal growth rate of 0.01%. Production is predicted to hover around 23.74 to 23.75 million metric tons, indicating a plateau.
Future Trends to Watch:
• Climate variability and its impact on crop yields.
• Technological advancements in agricultural practices.
• Policy changes affecting agricultural subsidies and export regulations.
• Global market demand, particularly from major importing countries.
