The vegetable oils market in South Africa has shown moderate growth from 2014 to 2023. Starting at 682 thousand metric tons in 2014, it grew steadily reaching 774 thousand metric tons in 2023, with a year-on-year increase of 0.65% in the most recent year. Over the last five years, the market's compound annual growth rate (CAGR) has been 0.55%. Notably, there were fluctuations such as a 4.24% decrease in 2020 followed by a recovery in 2021 with a 6.1% increase.
Looking ahead from 2024 to 2028, the market is forecasted to reach 801.7 thousand metric tons, representing an average annual growth rate of 0.55%, with an overall growth rate of 2.8% over this period.
Future trends to watch for include:
- Potential impacts of climate change on oilseed crop yields.
- Shifting consumer preferences towards healthier and sustainable oil options.
- Technological advancements in oil extraction and processing techniques.
- Policy changes and trade agreements affecting import and export dynamics.
