The demand for groundnut oil in the United Arab Emirates has seen variable growth over the past decade, reaching 43 thousand metric tons in 2023. Initial years displayed moderate numbers, which escalated dramatically from 2016 to 2017 and peaked at a 164.29% increase in 2018. Despite contractions in 2019 and 2020, a resurgence has been noticeable since 2021 with subsequent moderate growth leading to a 7.5% year-on-year increase by 2023. The five-year compound annual growth rate (CAGR) suggests an average rise of 3.05% per year from 2019 to 2023, with a forecasted CAGR of 4.26% from 2024 to 2028.
Future trends to watch for:
- Sustained growth as indicated by the projected steady increase in demand up to 2028.
- Potential market fluctuations influenced by economic factors, consumer preferences, and global oil prices.
- Innovations in production and product variants that may drive further demand.
