The demand for rapeseed oil and mustard oil in Chile has experienced significant fluctuations from 2014 to 2023. Notable increases were observed in 2015 (12.9%), 2017 (20.8%), and 2018 (19.21%). However, there were also considerable declines, such as in 2016 (-10.71%) and 2020 (-15.09%). By 2023, the demand reached 191 thousand metric tons, showing a slight year-on-year increase of 2.14%, similar to the previous year. The compound annual growth rate (CAGR) over the last five years was 1.19%, reflecting a moderate average annual growth.
Looking ahead, the demand for rapeseed oil and mustard oil in Chile is forecasted to continue growing steadily, with a projected CAGR of 1.64% from 2024 to 2028. The demand is expected to reach 212.01 thousand metric tons by 2028, indicating an 8.49% growth over this period.
Future trends to watch for include potential changes in consumer preferences towards healthier oils, the impact of economic policies and trade agreements on import supply, and the influence of global market dynamics on local demand. Monitoring these factors will be critical for anticipating shifts in the market.
