The demand for vegetable oils in Saudi Arabia has had fluctuations over the past decade. In 2023, the demand stood at 774 thousand metric tons, showing no variation from the previous year. The compound annual growth rate (CAGR) over the last five years is slightly negative at -0.13%, suggesting a negligible overall decline in demand.
Significant variations include:
- 2015 saw a decrease of 7.53% year-on-year.
- 2016 recovered with a 3.45% increase.
- 2020 experienced a sharp decline of 17%, likely influenced by global disruptions.
- 2021 rebounded with a substantial increase of 20.48%.
From 2024, the forecast indicates steady demand around 774.06 to 774.22 thousand metric tons, reflecting a very modest growth rate of 0.02% over the next five years.
Future trends to watch for include potential impacts from sustainability initiatives, shifts in consumer preferences, and any economic changes within the region. Monitoring these factors can provide insights into deviations from the forecasted steady demand.
