Over the past decade, Sunflowerseed Oil demand in Saudi Arabia exhibited fluctuations. From a low of 78,000 metric tons in 2016, demand grew significantly in 2018, peaking at 142,000 metric tons, and later stabilizing around the 140,000 metric ton range in 2022 and 2023. Year-on-year growth rates reveal notable volatility: a decrease of 12.9% in 2015, sharp rise of 56.04% in 2018, followed by a 9.15% decline in 2019, and a considerable rebound of 23.2% in 2021. The CAGR for 2021 stood at 11.76%, highlighting recovery. In 2023, demand was at 143,000 metric tons, growing by 2.14% from 2022.
For the forecast period (2024-2028), moderate growth is expected with an average CAGR of 1.83%, projecting demand to reach approximately 160,750 metric tons by 2028. The expected 5-year growth rate is 9.51%, reflecting a steady upward trend.
Future trends to watch for:
- Shifts in consumer preferences toward healthier oils
- Potential impacts of economic policies and global supply chain changes
- Innovations in sunflower oil production methods
