From 2014 to 2023, US palm oil demand expressed in million metric tons grew steadily, rising from 1.07 to 1.56 million metric tons. Over the last two years, the year-on-year growth rate was approximately 1.83%, with a compound annual growth rate (CAGR) of 1.54% observed over the last five years. This indicates consistent, albeit moderate, growth in the demand for palm oil.
In 2024, the forecasted data suggests a continued increase in demand, reaching 1.59 million metric tons. The CAGR over the next five years until 2028 is projected at 1.29%, with a total growth rate of 6.63% expected from 2024 to 2028. This steady rise highlights a sustained market for palm oil, supported by its versatile applications across various industries.
Future trends to watch for:
- Impact of sustainability practices and consumer preference for eco-friendly products
- Regulatory changes influencing palm oil production and importation
- Technological advancements in palm oil production that could affect supply and costs
- Shifts in dietary trends that could alter demand for palm oil in food applications
