The production of soybean oil in Malaysia stood at 111.0 thousand metric tons in 2023. Over the past decade, the production has experienced fluctuations with significant growth between 2014 and 2016, followed by slight declines and moderate recoveries. The year-on-year variation in 2023 was 0.91%, with a five-year CAGR of 2.11%. Notably, there was a marked increase of 24.74% in 2016 and a subsequent drop by 9.09% in 2017 and 2018. From 2019 onwards, the year-on-year variations have generally stabilized, indicating a more mature market with a CAGR of around 0.96% forecasted over the next five years, suggesting a more stable growth rate of approximately 4.89% by 2028.
Future trends to watch for include potential impacts from technological innovations, government policy changes, and external market conditions. Increased focus on sustainability and use of alternative bio-oils could also influence production dynamics. Keep an eye on global supply chain shifts and economic policies that could affect the agriculture and production sectors in Malaysia.
