By 2023, Norway's vegetable oils production stood at 94.8 thousand metric tons. Over the forecast period from 2024 to 2028, there is a gradual increase anticipated: from 95.1 thousand metric tons in 2024 to 96.2 thousand metric tons in 2028. This reveals a stable year-on-year increase in production volumes.
Year-on-year variations for the forecasted period show incremental increases:
- 2024 to 2025: +0.32%
- 2025 to 2026: +0.31%
- 2026 to 2027: +0.31%
- 2027 to 2028: +0.21%
Examining the last two years (2022-2023), the growth rate was minimal, at approximately 0.11%. The Compound Annual Growth Rate (CAGR) over the last five years is around 0.30%, reflecting steady but modest growth in production.
Future trends to watch for:
- Potential impacts of climate change on oilseed crop yields.
- Technological advancements in agricultural practices.
- Shifts in global demand for vegetable oils, influenced by health trends and biodiesel usage.
