The demand for palm oil in Spain has shown consistent growth over the past decade, increasing from 1.19 million metric tons in 2014 to 2.11 million metric tons in 2023. The year-on-year growth rates peaked in 2016 and 2017 at 18.58% and 21.37% respectively, followed by more moderate increases in subsequent years. By 2023, the year-on-year growth rate was 2.58%, while the Compound Annual Growth Rate (CAGR) over the last five years stood at 2.27%.
Forecasts for 2024 to 2028 suggest a continued upward trend, with the demand expected to reach 2.36 million metric tons by 2028. The forecasted CAGR over the next five years is projected at 1.78%, indicating a slower but steady growth. The overall five-year growth rate from 2024 to 2028 is estimated at 9.22%.
Future trends to watch for include the increasing scrutiny on the sustainability of palm oil sourcing, potential regulatory changes, and shifts in consumer preferences towards more eco-friendly products. Additionally, advancements in alternative oils and innovations in food technology could impact the demand dynamics in the coming years.
