In Malaysia, the production of rapeseed oil and mustard oil has seen significant growth from 2014 to 2023, reaching 20.0 thousand metric tons in 2023. Notably, the year-on-year growth in 2023 was 5.26%, with a compound annual growth rate (CAGR) over the past five years at 5.92%. There were fluctuations in production with substantial increases in 2015 and 2016, but growth has stabilized, with more moderate increases observed in recent years.
The forecast for the upcoming years (2024-2028) suggests continued growth, albeit at a slower CAGR of 2.99%, resulting in a forecasted production level of 24.09 thousand metric tons by 2028. This indicates a total growth rate of 15.87% over the next five years.
Future trends to watch for:
- Potential impacts of climatic conditions on crop yields that may affect production levels.
- Market demand fluctuations due to changes in consumer preferences and alternative oils.
- Technological advancements in farming practices and oil extraction processes that could enhance production efficiency.
- Policy changes and trade agreements that might influence market dynamics and export opportunities.
