The non-food uses of palm oil in Vietnam have shown an uneven trend over the past decade. In 2023, the volume stood at 799.0 thousand metric tons. From the significant dip in 2017 to remarkable growth in 2018, the market has experienced fluctuating year-on-year variations. The 2023 year-on-year variation was 1.01%, pointing to a stable but slow growth. The five-year CAGR from 2018 to 2023 was -0.44%, indicating a slight decline over this period but with signs of stabilization towards the end.
Forecasting shows a steady increase, with the volume anticipated to reach 839.0 thousand metric tons by 2028, implying a five-year CAGR of 0.76%. Future trends to watch for include potential impacts from sustainability initiatives, price volatility in global markets, and shifts in industrial demand patterns.
