China's demand for palm oil, expressed in volume, stood at 5.33 million metric tons in 2023. The year-on-year variation shows a decrease of 1% from 2022 to 2023, reflecting a gradual decline since 2014, where the demand was at 6.36 million metric tons. Over the past five years, the compound annual growth rate (CAGR) has averaged -1.39%. Looking at the longer-term trend from 2014 to 2023, the demand for palm oil has shown fluctuations, but the overall trend is downward. Forecasts suggest a continued decline, with a projected CAGR of -0.86% from 2024 to 2028, culminating in a total forecasted decrease of 4.25% over this period.
Future trends to watch for include potential shifts in consumer preferences towards more sustainable and alternative oils, changes in government regulations, and the impact of global production rates on palm oil prices. Additionally, continued advancements in palm oil production technology and sustainability measures could influence future demand dynamics in China.
