The palm oil market in Australia has shown steady growth over the past decade, reaching 111.0 thousand metric tons in 2023. Year-on-year variations have been minimal with the most recent increase being 0.91%. Over the last two years, the market's CAGR has been 1.12%. The data suggests a consistent market with modest growth.
Observing longer-term trends, the market has grown from 92.0 thousand metric tons in 2014 to 111.0 thousand metric tons in 2023. This indicates an overall steady trend with occasional fluctuations in year-on-year growth rates. For instance, there were notable higher increments in 2015 (4.35%) and 2016 (7.29%) and a slight decrease in 2018 (-1.87%).
Future projections indicate that the market will continue growing with a forecasted CAGR of 0.7% over the next five years, reaching 116.0 thousand metric tons by 2028. Overall growth over this period will be 3.57%. Thus, while growth is slower compared to past trends, it remains positive.
Future trends to watch for in the Australian palm oil market include potential changes in consumer preferences towards sustainably sourced palm oil and regulatory changes promoting environmental sustainability.
