Analysis of vegetable oil demand trends in Malaysia highlights a fluctuating but overall increasing pattern from 2014 to 2023. In 2023, the value stood at 9.66 million metric tons, marking a year-on-year growth of 1.63%. Historical data reveals dramatic shifts such as a 52.22% jump in 2015 followed by a 48.29% drop in 2016, and another significant rise in 2017. Over the last two years (2022-2023), the average growth rate remained positive at 1.63%, and the 5-year compound annual growth rate (CAGR) settled at 2.13%.
Future forecasts predict a steady increase in demand, reaching 10.47 million metric tons by 2028. The 5-year forecasted CAGR up to 2028 is 1.27%, indicating a sustained but moderate growth rate of 6.49% over this period. Key trends to watch for include the impact of changing dietary preferences, economic shifts, and potential environmental policies influencing agricultural practices and oil production.
