The raw animal fats market in Malaysia has seen a fluctuating trend over the past decade, with a notable decline in volume. In 2023, the market volume stood at 21.0 thousand metric tons, marking a 0% year-on-year change. Over the last five years, the market has exhibited a compound annual growth rate (CAGR) of -0.93%. Notably, there was a 12% decline in 2016 and a further 5% drop in 2020, with intermittent periods of slight recovery and stagnation.
Looking forward, the market is projected to continue its downward trend, with forecasts predicting a decline to 19.8 thousand metric tons by 2028. The five-year forecast indicates a CAGR of -0.89%, amounting to an overall decline of 4.35% in this period.
Future trends to watch for include:
- The impact of increasing consumer awareness and preference for alternative fats and plant-based products, which may contribute to the declining demand for raw animal fats.
- Regulatory changes and environmental considerations influencing the production and usage of animal fats.
- Technological advancements in the food industry that could either mitigate or accelerate the decline.
