From 2014 to 2023, Indonesia's soybean oil demand demonstrated moderate annual growth, reaching 510 thousand metric tons in 2023. Analyzing year-on-year variations, significant fluctuations are observed, notably a plunge in 2020 due to a 16.5% drop, likely influenced by the COVID-19 pandemic. The highest rebound occurred in 2021 with a 21.2% increase. The CAGR over the last five years stands at 0.52%, indicating a steady recovery and consistent growth trajectory.

Future trends to watch for:

Despite low growth projections with a forecast 5-year CAGR of 0.5%, continuous moderate increases in demand are expected.
Potential impacts of global oil prices and domestic biodiesel policies on soybean oil consumption in Indonesia.
Emerging dietary and health trends influencing consumer preferences towards soybean oil.