The consumption of rapeseed oil and mustard oil for non-food uses in the US is forecasted to experience steady growth from 2024 to 2028, starting at 1.77 million metric tons and gradually rising to 1.82 million metric tons. In 2023, the actual consumption was just below the 2024 forecast, reflecting a consistent upward trend. The year-on-year growth rates are minor, but consistently positive, indicating a stable demand increase in the non-food sector. Over the five-year period, this results in a modest compound annual growth rate (CAGR), reflective of a sustained consumption pattern.
Future trends to monitor include potential shifts in industrial applications and environmental regulations impacting the use of vegetable oils in non-food products. The innovation in biodegradable and sustainable materials could further propel demand, while economic factors might alter growth trajectories. Keeping an eye on these elements will provide insights into long-term opportunities and challenges for the industry.
