Belgium’s sunflower oil production has shown significant growth from 5.4 thousand metric tons in 2013 to 50.97 thousand metric tons in 2023, marking a robust expansion over the decade. The initial years till 2014 witnessed a dramatic rise with the highest year-on-year growth of 355.56% in 2014, albeit with fluctuations in subsequent years. From 2018 onwards, the production stabilized and grew steadily, maintaining a consistent upward trend with a year-on-year variation of 3.81% in 2023. Over the last five years, the compound annual growth rate (CAGR) stood at 3.6%, reflecting moderated but sustained growth.
Forecasts from 2024 to 2028 anticipate continued expansion, with production projected to reach 60.75 thousand metric tons by 2028. The forecasted 5-year CAGR is 2.76%, indicating a healthy growth rate of 14.57% over the period.
Future trends to watch for include advancements in agricultural technology, policy changes impacting biofuel mandates, and shifts in consumer preferences toward healthier cooking oils, which could influence production dynamics. Monitoring global market conditions and climatic impacts will also be crucial for forecasting more accurately.
