The sunflowerseed oil market in Belgium witnessed a steady volume of 21.0 thousand metric tons in 2023. Over the past decade, fluctuations were observed, with significant dips in 2014-2016 followed by gradual recovery. The market saw notable growth in 2018 with a year-on-year increase of 10.53%. From 2018 onwards, the market maintained a relatively stable trajectory. Over the recent years (2019-2023), there were minor shifts, maintaining stability with a flat CAGR of 0% in 2023. The 5-year CAGR leading to 2023 averaged around 2.02%, indicating moderate growth stability.
Looking ahead, the sector is projected to increase slightly, reaching 22.0 thousand metric tons by 2028. Forecasted trends for the 2024-2028 period show a 5-year CAGR of 0.93% and an aggregate growth of 4.76%, indicating modest growth.
Future trends to watch for include:
- Sustainability initiatives affecting production and supply chains.
- Alternative oil preferences influencing sunflowerseed oil demand.
- Regulatory changes impacting health and nutritional claims.
- Technological advancements in crop yield and oil extraction processes.
- Global price volatility impacting import dependence and local production.
