The demand for sesame seed oil in Malaysia has seen a steady decline from a high of 6.0 thousand metric tons in 2014 to stand at 3.0 thousand metric tons in 2023, marking a significant contraction in market size. The compound annual growth rate (CAGR) over the last five years is -5.59%, reflecting a persistent downward trend. Notably, the most substantial decline was between 2020 and 2021, with a year-on-year decrease of 21.05%, and the volume stabilized from 2021 to 2023 without further declines.
Looking forward, the forecast indicates a continued reduction in demand, with an average annual decrease projected at -5.59% over the next five years, culminating in a total decline of 25% by 2028. This ongoing trend suggests diminishing market interest and potential external pressures affecting sesame seed oil consumption in the region.
Future trends to watch for include potential shifts in consumer preferences, the impact of health awareness campaigns, and economic factors that may influence the purchasing power and dietary choices of the population. Additionally, monitoring the competitive landscape and any emergent substitutes could provide insights into further market dynamics.