In 2023, Belgium's rapeseed oil production was recorded at 742.62 thousand metric tons, marking a year-on-year increase of 2.2%. Over the last two years, the production grew steadily with a variation rate of around 2-2.5%. Analyzing the longer-term trend, the compound annual growth rate (CAGR) over the past five years (2018 to 2023) stood at approximately 2.86%.
Future forecasts indicate continued growth, albeit at a slightly reduced pace, with a projected CAGR of 1.68% from 2024 to 2028. By 2028, production is expected to reach 826 thousand metric tons, reflecting an overall growth rate of 8.66% over the next five years.
Future trends to watch for include:
- Technological advancements in agriculture could further enhance productivity.
- Potential regulatory changes affecting crop production practices and oil extraction processes.
- Fluctuations in global market demand and trade policies.
- Ongoing developments in sustainable and environmentally friendly farming methods.
