Vietnam's palm oil demand, expressed in volume, stood at 799 Thousand Metric Tons in 2023. From 2014 to 2023, the demand showed a fluctuating trend. A notable drop occurred in 2017 with a year-on-year decrease of 24.19%. This was followed by a significant increase in 2018 (up by 45.63%) and then fluctuations in subsequent years, including a slight reduction in 2020. The year-on-year variation over the last two years was marginal with 1.15% in 2022 and 1.01% in 2023. Over the past five years, the CAGR was slightly negative at -0.44%, implying a slight decline on average per year.

Future trends to watch for:

An optimistic forecast of steady growth with a 5-year forecasted CAGR of 0.86%, leading to a 4.35% growth rate by 2028.
Potential market drivers include economic growth, population increases, and shifts in consumer preferences towards processed foods that use palm oil.
Environmental and regulatory factors may impact future demand and should be closely monitored.