The demand for vegetable oils in Chile has exhibited fluctuating yet generally positive trends from 2014 to 2023, with actual consumption standing at 605 thousand metric tons in 2023. Analyzing year-on-year variations, we note some significant shifts, such as a 21.72% spike in 2021 following a substantial 16% drop in 2020, reflecting market adjustments during the pandemic era. The overall Compound Annual Growth Rate (CAGR) over the last five years is 0.74%, indicating modest but steady growth.
Looking forward, forecasts suggest a continued increase in vegetable oils demand, with an annual growth rate approximated at 0.84%, leading to a total consumption of 638.16 thousand metric tons by 2028. This translates to an overall growth of 4.27% over the next five years.
Future trends to watch for include:
- The impact of economic recovery post-pandemic on consumer demand and purchasing power.
- Shifts towards healthier, sustainable, and alternative oil sources amidst rising health consciousness.
- Potential changes in agricultural policies and international trade agreements affecting supply chains.
- The influence of technological advancements in agricultural practices boosting domestic production efficiency.
