From 2014 to 2019, vegetable oil demand in Mexico grew modestly, averaging a CAGR of 1.57%. Despite a sharp decline of -16.54% in 2020, demand rebounded significantly with a 21.15% increase in 2021. The forecast for 2023 shows a minimal year-on-year growth of 0.51%, projecting a CAGR of 0.51% over the past five years. Looking forward to 2028, the forecasted 5-year CAGR is 0.42%, indicating steady but slow growth in demand.
Future trends to watch include the impact of health and wellness trends on vegetable oil consumption, potential shifts towards plant-based diets, and the influence of economic factors on disposable incomes and food pricing.
