The demand for rapeseed oil and mustard oil in Vietnam has remained relatively stable from 2014 to 2023, fluctuating around 3.0 thousand metric tons annually. Notable deviations occurred in 2016 with a 33.33% reduction and a slight 5% decrease in 2020. These fluctuations were balanced by a recovery in the subsequent years. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) stabilized at 0%.
Forecasts indicate a marginal increase in demand, with values rising from 3.01 in 2024 to 3.04 thousand metric tons in 2028. The five-year forecasted CAGR suggests a minor 0.19% annual growth, accumulating to a nearly 1% increase over this period.
Future trends to watch for:
- Potential impacts of economic growth and dietary shifts on oil consumption patterns.
- Emergence of alternative oils and changes in consumer preferences.
- Government policies affecting the agricultural and food sectors.
- Global market trends and trade agreements influencing import and export dynamics.
