As of 2023, Indonesia leads global palm oil domestic industrial consumption with 12.85 million metric tons, reflecting a significant upward trend of 11.52% from the previous year. Malaysia and China follow, consuming 3.0 and 2.5 million metric tons respectively. Thailand and the United States showed no growth, while countries like Brazil and Colombia experienced growth of 6.3% and 5.88%, respectively. Notable declines were seen in Japan (-10.35%) and Ukraine (-100%). The average five-year CAGR highlights strong growth in Saudi Arabia (16.72%) and a contraction in Bangladesh (-19.62%).
Looking ahead, demand-driven changes, sustainability shifts, and geopolitical factors will play key roles in shaping worldwide consumption. Watch for increased consumption in emerging markets, as well as potential declines in markets like Ukraine due to ongoing economic challenges. Additionally, sustainability practices and legislative impacts may influence future trends. Palm oil remains a vital global commodity, and evolving industrial applications could further influence its consumption.
Top countries in Palm Oil Domestic Industrial Consumption by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Indonesia | 12,850 | 2023 | +7.98% | +11.52% | View data |
| 2 | 2 Malaysia | 3,000 | 2023 | 0% | +2.02% | View data |
| 3 | 3 China | 2,500 | 2023 | +4.17% | +1.25% | View data |
| 4 | 4 Thailand | 1,400 | 2023 | +7.69% | 0% | View data |
| 5 | 5 Colombia | 825 | 2023 | +7.14% | +5.88% | View data |
| 6 | 6 Brazil | 760 | 2023 | +4.83% | +6.3% | View data |
| 7 | 7 India | 650 | 2023 | +8.33% | -3.46% | View data |
| 8 | 8 Mexico | 480 | 2023 | +2.13% | +1.76% | View data |
| 9 | 9 South Korea | 425 | 2023 | +8.97% | +2.81% | View data |
| 10 | 10 United States | 275 | 2023 | 0% | 0% | View data |
