The vegetable oils market volume in Vietnam stood at 253 Thousand Metric Tons in 2023. Historically, after a significant drop of 9.35% in 2015, the market experienced a recovery with fluctuations thereafter. The period from 2019 to 2023 saw a consistent but modest growth pattern, with a CAGR of 0.4%. The market is forecasted to grow at an average annual rate of 0.08% from 2024 to 2028, signaling market stabilization.
Future trends to watch for:
- Increasing demand for healthier and sustainable oil options
- Potential impacts of government regulations and trade policies
- Technological advancements in oil extraction and production
- Changing consumer preferences towards organic and non-GMO products
