The demand for vegetable oils in China stood at 35.78 million metric tons in 2023. This represents a 0.36% year-on-year increase. Over the last two years, the demand grew modestly; from 2021 to 2023, the average CAGR was 0.22%. Looking at historical trends, the demand saw significant fluctuations, such as a 9.14% rise in 2015, countered by an 8.47% decline in 2016. Recent years exhibited a more stable trend with minimal variation, suggesting a plateauing demand.
The forecast for the next five years predicts a steady increase in vegetable oil demand. By 2028, the demand is expected to grow at an average annual rate of 0.3%, culminating in a 1.49% overall increase. The projected demand for 2028 stands at 36.45 million metric tons.
Future trends to watch for include shifts in consumer preferences towards healthier oil options, potential impacts of trade policies, and the effects of global supply chain disruptions. Sustainable practices and innovations in agricultural production methods may also influence market dynamics.
