From 2014 to 2023, Indonesia's animal fats market volume showcased a fluctuating trend with notable spikes and drops. Starting at 67.0 thousand metric tons in 2014, it reached as high as 89.0 thousand metric tons in 2017 before experiencing a decline to 63.91 thousand metric tons in 2020. By 2023, the market volume remained stable at 79.0 thousand metric tons, indicating no change from the previous year.
The compound annual growth rate (CAGR) from 2019 to 2023 was approximately 1.87%, signifying moderate growth. Looking ahead to the forecasted period of 2024 to 2028, the CAGR is expected to slow to 0.62%, projecting a total growth rate of 3.14% over these five years.
- Year-on-year variation in 2022: +1.28%
- Year-on-year variation in 2023: 0%
- Last 5 years CAGR (2019-2023): 1.87%
- Forecasted 5-year CAGR (2024-2028): 0.62%
Future trends to watch include potential impacts of changing consumer preferences towards plant-based alternatives, regulatory policies on animal farming, and advancements in animal fat processing technologies. Monitoring these factors could reveal significant shifts in market dynamics.
