Sunflower Oil Production in Australia has experienced a significant decline over the past decade. By 2023, production stood at 6.48 thousand metric tons, marking a 12.2% year-on-year decrease from 2022. Over the last two years, the average yearly decline has been approximately 11.6%. The Compound Annual Growth Rate (CAGR) over the past five years indicates an average annual decrease of nearly 11.6%.
The forecasted data from 2024 to 2028 suggests a continued substantial decline, with production expected to fall to 1.77 thousand metric tons by 2028. This results in a projected 5-year CAGR of -20.23%, highlighting an accelerating downward trend.
Future trends to watch for:
- Changes in agricultural policies and subsidies.
- Impact of climate change and weather patterns on crop yields.
- Market demand fluctuations domestically and internationally.
- Technological advancements in farming and oil extraction.
