The demand for coconut oil in Malaysia has experienced significant fluctuations from 2014 to 2023, with volumes as low as 72.0 thousand metric tons in 2014 and peaking at 113.0 thousand metric tons in 2023. Notable year-on-year variations include a 38.89% increase in 2015, a sharp decline of 22% in 2016, and a remarkable increase of 52.05% in 2018. The compound annual growth rate (CAGR) over the last five years stands at 0.36%, indicating a generally stable demand with slight upward trends.
Future trends reveal a positive outlook with forecasted demand reaching 125.6 thousand metric tons by 2028, a CAGR of 1.65%. This suggests a cautiously optimistic growth trajectory of approximately 8.55% over the next five years.
Key future trends to watch for include:
- Increasing health-consciousness and preference for natural products
- Potential impact of global supply chain disruptions
- Innovation in coconut oil-based products driving demand
- Price volatility due to fluctuating raw material costs
