Over the past decade, vegetable oils production in Saudi Arabia has shown a declining trend, with a significant drop particularly between 2018 and 2023. In 2023, the production stood at 122 Thousand Metric Tons, marking a minor decrease of 0.81% from the previous year. The five-year compound annual growth rate (CAGR) leading up to 2023 was -0.64%, indicating a steady decline.
Noteworthy variations include a sharp decline of 11.89% in 2018, followed by a period of relative stability with minor fluctuations. The year-on-year decrease of 6.47% in 2020 was countered by a slight increase of 3.61% in 2021, but the overall trend remained downward as seen in the subsequent years with small decreases like -1.6% in 2022 and -0.81% in 2023.
Looking forward, the vegetable oils production in Saudi Arabia is forecasted to continue its decline. By 2028, the production is expected to drop to 112.35 Thousand Metric Tons. The forecasted five-year CAGR from 2024 to 2028 stands at -1.27%, translating to an overall reduction of 6.21% over this period.
Future trends to watch for include the impact of technological advancements on production efficiency, potential shifts in agricultural policy, and the influence of global oil markets. The adoption of sustainable practices and the possible redirection of resources might also alter production dynamics.
