In 2023, the sold production of refined palm oil in Spain stood at 401.67 million kilograms. The data shows a notable variability in year-on-year growth rates from 2013 to 2023, alongside longer-term trends. Between 2013 and 2014, there was a substantial increase of 66.99%, followed by a robust 18.53% rise in 2015. However, 2016 saw a significant decline of 23.74%. The market somewhat recovered with moderate growth rates in subsequent years, peaking again with a 9.1% rise in 2021. The past two years showed smaller yet positive year-on-year growth rates, 3.44% in 2022 and 3.26% in 2023.
Over the last five years, the compound annual growth rate (CAGR) was recorded at 3.66%, indicating a steady but moderate increase. Projections for the next five years forecast an average growth rate of 2.4% per year, culminating in a 12.6% total growth by 2028.
Future trends to watch for include potential impacts from regulatory changes related to sustainability practices, shifts in global palm oil supply, and technological advancements in refining processes. Additionally, market dynamics influenced by changing consumer preferences towards healthier and sustainable oil alternatives could play a critical role in shaping the market.
