The demand for palm oil in Saudi Arabia has seen fluctuations from 2014 to 2023, starting at 448.0 thousand metric tons in 2014 and increasing modestly to 463.0 thousand metric tons by 2023. The year-on-year variations highlight significant changes, such as a steep decrease in 2020 and a strong recovery in 2021. Over the last two years, the demand stabilized with a very minimal increase, as evidenced by a year-on-year variation of 0.22% for 2023. The compound annual growth rate (CAGR) over the last five years is 0.48%, indicating a slightly positive but slow growth trend.
Looking at the forecasted data from 2024 to 2028, the demand is expected to grow at an even slower pace with a five-year CAGR of 0.14% and a total growth rate of 0.69% by 2028. This indicates a period of minimal growth and a stable market.
Future trends to watch for include environmental regulations affecting palm oil production, shifts in consumer preferences toward sustainable products, and potential economic factors influencing demand in the food and industrial sectors.
